O.C.G.A.

O.C.G.A. § 44-12-193 (2019)

When property held, issued, or owing in ordinary course of holder’s business presumed abandoned

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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Except as provided in Article 17B of Title 10, all tangible and intangible property, including any income or increment thereon, less any lawful charges, that is held, issued, or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned, except as otherwise provided by this article. Property is payable or distributable for the purpose of this article notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.

History

Code 1981, § 44-12-193, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 1; Ga. L. 2006, p. 720, § 3/SB 195.

Annotations

Cross references. Disposition of property in safe-deposit vault or held for safekeeping, § 7-1-172.

JUDICIAL DECISIONS “Lawful charges” against dormant checks, money order, and drafts. - O.C.G.A. § 7-1-358 and a related regulation do not allow assessment of service charges only against dormant deposit accounts; thus, charges against dormant checks, money orders, and drafts qualified as “lawful charges” and were properly withheld from the Department of Revenue

when funds were remitted under the Unclaimed Property Act, O.C.G.A. § 44-12190 et seq. First Union Nat’l Bank v. Collins, 221 Ga. App. 442, 471 S.E.2d 892, 1996 Ga. App. LEXIS 389 (1996), cert. denied, No. S96C1460, 1996 Ga. LEXIS 958 (Ga. Sept. 5, 1996). Gift certificates not presumed abandoned. - Assessment of dormancy

fees on gift cards and certificates and refusal to honor them after one year did not violate O.C.G.A. § 44-12-205 of the Georgia Disposition of Unclaimed Property Act (DUPA), O.C.G.A. § 44-12-190 et seq; as the cards and certificates had not been unclaimed by the plaintiffs for more

than five years when the complaint was filed, they were not presumed abandoned, and DUPA did not apply. Simon Prop. Group, Inc. v. Benson, 278 Ga. App. 277, 628 S.E.2d 697, 2006 Ga. App. LEXIS 312 (2006), aff’d, 281 Ga. 744, 642 S.E.2d 687, 2007 Ga. LEXIS 238 (2007).

Notes of Decisions

Cited in 3 cases, 1996–2007 · leading case: Simon Prop. Grp., Inc. v. Benson, 628 S.E.2d 697 (Ga. Ct. App. 2006).

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Simon Prop. Grp., Inc. v. Benson, 628 S.E.2d 697 (Ga. Ct. App. 2006). · cites it 6× “13 OCGA§ 44-12-193. 14 Id. The DUPAspecifies differing dormancy periods for other categories of property, which are not at issue here.”

First Union Nat. Bank of Ga v. Collins, 471 S.E.2d 892 (Ga. Ct. App. 1996). · cites it 4× “4 Because the relevant portion of the UPA requires banks to remit abandoned funds “less any lawful charges,” OCGA § 44-12-193, the banks allege the Revenue Department is not entitled to receive those amounts.”

Benson v. Simon Prop. Grp., Inc., 642 S.E.2d 687 (Ga. 2007). · cites it 2× “OCGA §§ 44-12-193, 44-12-205, 44-12-220. Whenever the owner asserts a claim, the applicability of any statutory or contractual periods of limitation, and the legality of any expiration dates or service charges, can then be determined.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.