70-9-813. Deposit of funds.
184 words·~1 min read·
/mt/title-70/chapter-9/part-8/70-9-813·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
70-9-813 . Deposit of funds.
(1)Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this part, including the proceeds from the sale of abandoned property under 70-9-812 . The administrator shall retain in a separate trust fund at least $100,000 from which the administrator shall pay claims allowed. The administrator shall record the name and last-known address of each person appearing from the holders' reports to be entitled to the property and the name and last-known address of each insured person or annuitant and beneficiary and, with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company, and the amount due.
(2)Before making a deposit to the credit of the general fund, the administrator may deduct:
(a)expenses of sale of abandoned property;
(b)costs of mailing and publication in connection with abandoned property;
(c)reasonable service charges; and
(d)expenses incurred in examining records of holders of property and in collecting the property from those holders.