44-314. Federal deposit insurance corporation trust fund; temporary custody; interest
153 words·~1 min read·
/az/title-44/44-314A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The federal deposit insurance corporation trust fund is established consisting of monies the department receives from the federal deposit insurance corporation under the unclaimed deposits amendments act of 1993 (P.L. 103-44; 107 Stat. 220; 12 United States Code section 1822(e)). The department shall administer the fund. Monies in the fund are continuously appropriated.
B. If the monies deposited in the federal deposit insurance corporation trust fund are not claimed by the owner within ten years after being surrendered to the department, the department shall return the monies to the federal deposit insurance corporation.
C. This state retains all interest earned on the monies in the federal deposit insurance corporation trust fund. The interest earned on the monies in the federal deposit insurance corporation trust fund shall be credited as follows:
1. Sixty-five per cent in the state general fund.
2. Thirty-five per cent in the housing trust fund established by section 41-3955.