Iowa Code 556.18 – Deposit of funds
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Terms Used In Iowa Code 556.18
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
556.18 Deposit of funds.
1. Except as provided in subsection 3, all funds received under this chapter, including the proceeds from the sale of abandoned property under § 556.17, shall be deposited quarterly by the treasurer of state in the general fund of the state. However, the treasurer of state shall retain in a separate trust fund a sufficient amount from which the treasurer of state shall make prompt payment of claims duly allowed under § 556.20. Before making the deposit, the treasurer of state shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the abandoned property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection at all reasonable business hours.
2. Before making any deposit to the credit of the general funds, the state treasurer may deduct:
a. Any costs in connection with sale of abandoned property.
b. Any costs of mailing and publication in connection with any abandoned property.
c. Reasonable service charges.
d. Any costs in connection with information on outstanding state warrants addressed pursuant to § 556.2C.
3. The treasurer of state shall annually credit all moneys received under § 556.4 to the general fund of the state. Moneys credited to the general fund of the state pursuant to this subsection are subject to the requirements of subsections 1 and 2 and § 8.60.
[C71, 73, 75, 77, 79, 81, §556.18]
83 Acts, ch 191, §13, 14, 27; 84 Acts, ch 1295, §20; 88 Acts, ch 1175, §4; 89 Acts, ch 287, §6;
91 Acts, ch 253, §24; 91 Acts, ch 260, §1248; 93 Acts, ch 131, §26, 27; 94 Acts, ch 1107, §96,
97, 100; 94 Acts, ch 1188, §38; 2006 Acts, ch 1185, §103
Referred to in §524.1305, 524.1310, 556.9B, 556.17
1. Except as provided in subsection 3, all funds received under this chapter, including the proceeds from the sale of abandoned property under § 556.17, shall be deposited quarterly by the treasurer of state in the general fund of the state. However, the treasurer of state shall retain in a separate trust fund a sufficient amount from which the treasurer of state shall make prompt payment of claims duly allowed under § 556.20. Before making the deposit, the treasurer of state shall record the name and last known address of each person appearing from the holders’ reports to be entitled to the abandoned property and the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection at all reasonable business hours.
2. Before making any deposit to the credit of the general funds, the state treasurer may deduct:
a. Any costs in connection with sale of abandoned property.
b. Any costs of mailing and publication in connection with any abandoned property.
c. Reasonable service charges.
d. Any costs in connection with information on outstanding state warrants addressed pursuant to § 556.2C.
3. The treasurer of state shall annually credit all moneys received under § 556.4 to the general fund of the state. Moneys credited to the general fund of the state pursuant to this subsection are subject to the requirements of subsections 1 and 2 and § 8.60.
[C71, 73, 75, 77, 79, 81, §556.18]
83 Acts, ch 191, §13, 14, 27; 84 Acts, ch 1295, §20; 88 Acts, ch 1175, §4; 89 Acts, ch 287, §6;
91 Acts, ch 253, §24; 91 Acts, ch 260, §1248; 93 Acts, ch 131, §26, 27; 94 Acts, ch 1107, §96,
97, 100; 94 Acts, ch 1188, §38; 2006 Acts, ch 1185, §103
Referred to in §524.1305, 524.1310, 556.9B, 556.17