(a) Property is not presumed abandoned if the apparent owner indicates an interest in the property during the applicable periods under this part.
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Terms Used In Tennessee Code 66-29-113

  • Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Tennessee Code 66-29-102
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Business association: means a for-profit or nonprofit corporation, joint stock company, investment company other than an investment company registered under the Investment Company Act of 1940 ( 15 U. See Tennessee Code 66-29-102
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Tennessee Code 66-29-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Financial organization: means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, or credit union. See Tennessee Code 66-29-102
  • 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
  • Owner: includes :
    (A) A depositor, for a deposit. See Tennessee Code 66-29-102
  • Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Tennessee Code 66-29-102
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Tennessee Code 66-29-102
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Security: means :
    (A) A security interest, as that term is defined in §. See Tennessee Code 66-29-102
(b) Under this part, an indication of an apparent owner‘s interest in property includes:

(1) A record communicated by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held;
(2) An oral communication by the apparent owner to the holder or agent of the holder concerning the property or the account in which the property is held if the holder or its agent contemporaneously makes and preserves a record of the fact of the apparent owner’s communication;
(3) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution, or evidence of receipt of a distribution made by electronic or similar means, with respect to:

(A) An account;
(B) An underlying security; or
(C) An interest in a business association;
(4) Activity directed by an apparent owner in the account in which the property is held, including accessing the account or information concerning the account, or instruction by the apparent owner to increase, decrease, or otherwise change the amount or type of property held in the account;
(5) Making a deposit into or withdrawal from an account at a financial organization, including an automatic deposit or withdrawal previously authorized by the apparent owner, other than an automatic reinvestment of dividends or interest;
(6) Except as otherwise provided in subsection (e), payment of a premium on an insurance policy;
(7) Any other action by the apparent owner which reasonably demonstrates to the holder that the apparent owner is aware that the property exists; and
(8) The apparent owner has another property with the holder to which § 66-29-105(a)(5) applies, for which the name and address on file with the holder for the apparent owner is the same, and for which the apparent owner has:

(A) Communicated in writing with the holder; or
(B) Otherwise indicated an interest under this section and if the holder communicates in writing with the apparent owner with regard to the property that would otherwise be abandoned at the address to which communications regarding the other property regularly are sent.
(c) An action by an agent or other representative of an apparent owner, other than the holder acting as the apparent owner’s agent, is presumed to be an action on behalf of the apparent owner.
(d) A communication with an apparent owner by a person other than the holder or the holder’s representative is not an indication of interest in the property by the apparent owner unless a record of the communication evidences the apparent owner’s knowledge of a right to the property.
(e) The application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy is not an indication of interest in the policy and does not prevent the policy from maturing or terminating if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds before depletion of the cash surrender value of the policy by application of the provision.
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