(a) A holder may deduct a dormancy charge from property required to be paid or delivered to the treasurer if:

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Terms Used In Tennessee Code 66-29-133

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(1) A valid and enforceable contract between a holder and an apparent owner authorizes imposition of the charge for the apparent owner‘s failure to claim the property within a specified time; and
(2) The holder regularly imposes the charge and does not regularly reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.
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