(a) Not later than thirty (30) days after a claim is approved by the treasurer under § 66-29-153, the treasurer shall pay or deliver to the owner the property or the net proceeds from a sale of the property, together with dividends, interest, or other increments to which the owner is entitled under § 66-29-137. On request of the owner, the treasurer may sell or liquidate a security and pay the net proceeds to the owner, regardless of whether the security has been held by the treasurer for less than thirty-two (32) months or the treasurer has not complied with the notice requirements under § 66-29-142.
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Terms Used In Tennessee Code 66-29-154

  • 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
  • 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
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Security: means :
    (A) A security interest, as that term is defined 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
(b) Property held by the treasurer is subject to a claim for the payment of an enforceable debt that the owner owes in this state for:

(1) Child support arrearages, including child support collection costs and child support arrearages that are combined with amounts for maintenance;
(2) A civil or criminal fine or penalty, court costs, a surcharge, or restitution imposed by a final order of an administrative agency or court; or
(3) State and local taxes, penalties, and interest that have been determined to be delinquent, or for which notice has been recorded with the applicable taxing authority.
(c) The treasurer may make periodic inquiries with state and local agencies in the absence of a claim filed under § 66-29-152 to determine whether apparent owners included in the unclaimed property records of this state have enforceable debts described in subsection (b). The treasurer shall apply the property or net proceeds from a sale of property held by the treasurer to a debt under subsection (b) of an apparent owner who appears in the records of the treasurer and deliver the amount to the appropriate state or local agency. The treasurer shall notify the apparent owner of the payment.
(d) Before delivery or payment to an owner under subsection (a) of property or net proceeds from a sale of property, the treasurer shall apply the property or net proceeds to a debt under subsection (b) that the treasurer has determined is owed by the owner. The treasurer shall pay the amount to the appropriate state or local agency and notify the owner of the payment.
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