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18-28-213. Deposit of funds. — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-213. Deposit of funds. — Definition.
(a)(1) The funds received under this subchapter, including the proceeds from the sale of abandoned property, shall be deposited by the administrator into a special trust fund to be known as the “Unclaimed Property Proceeds Trust Fund”, from which he or she shall make prompt payment of claims allowed by him or her as provided under this subchapter.
(2) The funds shall be deposited into accounts in one (1) or more financial institutions authorized to do business in this state and may then be transferred into the State Treasury Money Management Trust to be administered in accordance with the laws of this state.
(3)(A) Before making the deposit, the administrator shall record:
(i) The name and last known address of each person appearing from the holder's reports to be entitled to the abandoned property;
(ii) The name and last known address of each insured or annuitant; and
(iii) The policy or contract number, the name of the life insurance corporation, and the amount due under each policy or contract listed in the report of a life insurance corporation.
(B) The record shall be available for public inspection at all reasonable business hours.
(b) At the end of each fiscal year, the administrator shall withdraw from the Unclaimed Property Proceeds Trust Fund an amount necessary to reimburse the State Central Services Fund, or its successor fund or fund account, for moneys expended for personal services and operating expenses of administering and enforcing this subchapter.
(c)(1)(A)(i) At least one (1) time each fiscal year, the administrator shall transfer to the treasurer of the reporting county all funds collected from that county that have not been claimed and that have been held for a full three (3) years.
(ii)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-213
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:18-28-213
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 80e385d89eecb44450db276e6c36a342b816b39a99c1a11eaf49a100cea7c29a
Source location: content.xml paragraph 6859
Stored source content
18-28-213. Deposit of funds. — Definition.
(a)(1) The funds received under this subchapter, including the proceeds from the sale of abandoned property, shall be deposited by the administrator into a special trust fund to be known as the “Unclaimed Property Proceeds Trust Fund”, from which he or she shall make prompt payment of claims allowed by him or her as provided under this subchapter.
(2) The funds shall be deposited into accounts in one (1) or more financial institutions authorized to do business in this state and may then be transferred into the State Treasury Money Management Trust to be administered in accordance with the laws of this state.
(3)(A) Before making the deposit, the administrator shall record:
(i) The name and last known address of each person appearing from the holder's reports to be entitled to the abandoned property;
(ii) The name and last known address of each insured or annuitant; and
(iii) The policy or contract number, the name of the life insurance corporation, and the amount due under each policy or contract listed in the report of a life insurance corporation.
(B) The record shall be available for public inspection at all reasonable business hours.
(b) At the end of each fiscal year, the administrator shall withdraw from the Unclaimed Property Proceeds Trust Fund an amount necessary to reimburse the State Central Services Fund, or its successor fund or fund account, for moneys expended for personal services and operating expenses of administering and enforcing this subchapter.
(c)(1)(A)(i) At least one (1) time each fiscal year, the administrator shall transfer to the treasurer of the reporting county all funds collected from that county that have not been claimed and that have been held for a full three (3) years.
(ii) The funds received by the treasurer shall be deposited into the general fund of the reporting county.
(iii) The reporting county may use the funds for any purpose for which it may use general revenues.
(B)(i) After the administrator returns funds to the county, the state is released from its indemnity of the county under § 18-28-210(b) and (f).
(ii) The county receiving the funds shall maintain an accounting of the funds in perpetuity, unless payment upon a valid claim is made.
(iii) If the rightful owner or the owner's heirs or assigns ever appear and petition the county for the return of the funds after providing proof of ownership, the county shall pay the funds to the rightful owner from the general fund of the county.
(iv) For purposes of this section, “proof of ownership” means a finding by a court of competent jurisdiction that the person petitioning the county is, in fact, the rightful owner, heir, or assignee.
(2) At least one (1) time each fiscal year, the administrator shall transfer to the general revenues of the state all remaining funds that have been collected and held for a full three (3) years, less the amount transferred to the State Central Services Fund, or its successor fund or fund account, as required by this subchapter.
(d) Each bank depository of unclaimed property funds shall secure the funds to the extent of the amount of the balance of the funds any time on hand and in such manner as the administrator shall require.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-210. Custody by state — Recovery by holder — Defense of holder.
(a) In this section, payment or delivery is made in “good faith” if:
(1) payment or delivery was made in a reasonable attempt to comply with this subchapter;
(2) the holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for believing, based on the facts then known, that the property was presumed abandoned; and
(3) there is no showing that the records under which the payment or delivery was made did not meet reasonable commercial standards of practice.
(b) Upon payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A holder who pays or delivers property to the administrator in good faith is relieved of all liability arising thereafter with respect to the property.
(c) A holder who has paid money to the administrator pursuant to this subchapter may subsequently make payment to a person reasonably appearing to the holder to be entitled to payment. Upon a filing by the holder of proof of payment and proof that the payee was entitled to the payment, the administrator shall promptly reimburse the holder for the payment without imposing a fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a traveler's check or money order, the holder must be reimbursed upon filing proof that the instrument was duly presented and that payment was made to a person who reasonably appeared to be entitled to payment. The holder must be reimbursed for payment made even if the payment was made to a person whose claim was barred under § 18-28-219(a).
(d) A holder who has delivered property other than money to the administrator pu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-210
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 18-28-210. This identifies an authority to review, not proof of applicability.