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18-28-102. Abandonment of jewelry with jeweler or merchant for service, repair, or on consignment — Disposition.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-102. Abandonment of jewelry with jeweler or merchant for service, repair, or on consignment — Disposition.
(a) An item of jewelry left with a jeweler or merchant for service or repair or on consignment that is not claimed within one (1) year or by a later time if the later time is specified in writing shall be deemed abandoned property and may be disposed of under this section without recourse by or liability to the party delivering the jewelry, the owner of the jewelry, or any other party.
(b) The jeweler or merchant may dispose of the jewelry if at the time of receiving the jewelry:
(1) The jeweler or merchant gives the party delivering the jewelry notice in writing that:
(A) The jeweler or merchant may dispose of the jewelry without any liability or accountability to the party delivering the jewelry, the owner of the jewelry, or any other party unless the jewelry is reclaimed within one (1) year or by a later time if the later time is specified by the parties in writing; and
(B) The party delivering the jewelry, the owner of the jewelry, or any other interested party must supply to the jeweler or merchant a current mailing address in order to receive notice of a sale or other disposition of the property after one (1) year or by a later time if the later time is specified by the parties in writing; and
(2) The jeweler or merchant receives a current mailing address from the party delivering the jewelry and, if different, the owner of the jewelry.
(c)(1) Notice that the jewelry is deemed abandoned under this section shall be sent by certified mail to each current mailing address that has been supplied to the jeweler or merchant at least fifteen (15) days prior to the sale or other disposition of the jewelry, or a different time period if agreed to by
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-28-102
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b02583cf4efce677d8f8bf0101a469ad422b49f301420b3c87537559c0bcdb3e
Source location: content.xml paragraph 6533
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18-28-102. Abandonment of jewelry with jeweler or merchant for service, repair, or on consignment — Disposition.
(a) An item of jewelry left with a jeweler or merchant for service or repair or on consignment that is not claimed within one (1) year or by a later time if the later time is specified in writing shall be deemed abandoned property and may be disposed of under this section without recourse by or liability to the party delivering the jewelry, the owner of the jewelry, or any other party.
(b) The jeweler or merchant may dispose of the jewelry if at the time of receiving the jewelry:
(1) The jeweler or merchant gives the party delivering the jewelry notice in writing that:
(A) The jeweler or merchant may dispose of the jewelry without any liability or accountability to the party delivering the jewelry, the owner of the jewelry, or any other party unless the jewelry is reclaimed within one (1) year or by a later time if the later time is specified by the parties in writing; and
(B) The party delivering the jewelry, the owner of the jewelry, or any other interested party must supply to the jeweler or merchant a current mailing address in order to receive notice of a sale or other disposition of the property after one (1) year or by a later time if the later time is specified by the parties in writing; and
(2) The jeweler or merchant receives a current mailing address from the party delivering the jewelry and, if different, the owner of the jewelry.
(c)(1) Notice that the jewelry is deemed abandoned under this section shall be sent by certified mail to each current mailing address that has been supplied to the jeweler or merchant at least fifteen (15) days prior to the sale or other disposition of the jewelry, or a different time period if agreed to by the parties in writing.
(2) The failure of the party delivering the jewelry, the owner of the jewelry, or any other interested party to supply a current mailing address in order to receive notice of the sale or other disposition of the jewelry is a waiver of any right, claim, or interest in the jewelry.
(d)(1) A jeweler or merchant that disposes of jewelry under this section shall apply the proceeds from the sale or other disposition of the jewelry to:
(A) A reasonable handling charge of the jeweler or merchant, not to exceed fifty dollars ($50.00); and
(B) The indebtedness owed to the jeweler or merchant for repairs or services performed in connection with the jewelry.
(2) Any proceeds that exceed the amount necessary to make the jeweler or merchant whole under subdivision (d)(1) of this section shall be treated as unclaimed property and reported and paid to the Auditor of State under the Unclaimed Property Act, § 18-28-201 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-201. Definitions.
In this subchapter:
(1) “Administrator” means the Auditor of State.
(2) “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder.
(3) “Business association” means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one (1) or more persons, whether or not for profit.
(4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation.
(5) “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, or credit union.
(6) “Holder” means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this subchapter.
(7) “Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and workers' compensation insurance.
(8) “Mineral” means gas; oil; coal; other gaseous, liquid, and solid hydrocarbons; oil shale; cement material; sand and gravel; road material; building stone; chemical raw material; gemstone; fission
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-201. This identifies an authority to review, not proof of applicability.