(a) Property held by the treasurer under this part is subject to the right of another state to take custody of the property if:

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Terms Used In Tennessee Code 66-29-151

  • 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
  • Domicile: means :
    (A) For a corporation, the state of its incorporation. 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
  • Money order: means a payment order for a specified amount of money and includes, but is not limited to, an express money order and a personal money order on which the remitter is the purchaser. 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
  • 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) The property was paid or delivered to the treasurer because the records of the holder did not reflect a last known address of the apparent owner in another state, and:

(A) That state establishes that the last known address of the apparent owner or other person entitled to the property was in that state; or
(B) Under the law of that state, the property has become subject to a claim of abandonment by that state;
(2) The records of the holder did not accurately identify the apparent owner of the property, the last known address of the owner was in another state, and, under the law of that state, the property has become subject to a claim of abandonment in that state;
(3) The property was subject to the custody of the treasurer of this state under § 66-29-119 and, under the law of the state of domicile of the holder, the property has become subject to a claim of abandonment by the state of domicile of the holder; or
(4) The property:

(A) Is a sum payable on a traveler’s check, money order, or similar instrument that was purchased in another state and delivered to the treasurer under § 66-29-120; and
(B) Under the law of that state, has become subject to a claim of abandonment in that state.
(b) A claim by another state to recover property under this section must be presented in a form prescribed by the treasurer unless the treasurer waives presentation of the form.
(c) The treasurer shall decide whether a claim under this section is valid not later than ninety (90) days after it is presented. If the treasurer determines that another state is entitled under subsection (a) to custody of the property, the treasurer shall approve the claim and pay or deliver the property to that state.
(d) The treasurer may require another state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim to property.
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