(a) If the treasurer knows that property held by the treasurer under this part is subject to a superior claim of another state, the treasurer shall:

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Terms Used In Tennessee Code 66-29-150

  • Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner of property that is subject to this part. See Tennessee Code 66-29-102
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(1) Report, and pay or deliver, the property to the other state; or
(2) Return the property to the holder so that the holder may pay or deliver the property to the other state.
(b) The treasurer is not required to enter into a formal agreement to transfer the property to another state under subsection (a).
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