O.C.G.A.
O.C.G.A.

O.C.G.A. § 44-12-202 (2019)

When unclaimed property distributed in course of dissolution or liquidation of a person 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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All property distributable in the course of a voluntary or involuntary dissolution or liquidation of a person that remains unclaimed by the person entitled thereto, within one year after the date of final distribution or liquidation, shall be presumed abandoned.

History

Code 1981, § 44-12-202, enacted by Ga.

L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 8.

Annotations

OPINIONS OF THE ATTORNEY GENERAL Editor’s notes. - In light of the similarity of the statutory provisions, opinions rendered under Ga. L. 1972, p. 762, §§ 1 through 31 and § 33 are included in the annotations for this Code section. Bank reporting requirements. - See 1973 Op. Att’y Gen. No. 73-11 (decided under former Ga. L. 1972, p. 762, §§ 1 through 31 and § 33). If any particular bank were doing business both in Georgia and another state and the last known address of the person owning the abandoned property was in the other state, the bank should report to the Commissioner of Revenue of the other state, but if the last known address of the owner of the abandoned property was in Georgia, the bank should report to the Commissioner of Banking and Finance in

Georgia; if the last known address of the depositor is in neither state the answer would have to depend on the particular state involved and its laws as to unclaimed and abandoned property. 1974 Op. Att’y Gen. No. 74-68 (decided under former Ga. L. 1972, p. 762, §§ 1 through 31 and § 33). Proceeds of accounts not claimed during voluntary liquidation of a financial institution pass to the custody of the Department of Banking and Finance for ultimate disbursement pursuant to the Disposition of Unclaimed Property Act, O.C.G.A. § 44-12-190 et seq. 1975 Op. Att’y Gen. No. 75-135 (decided under former Ga. L. 1972, p. 762, §§ 1 through 31 and § 33).

RESEARCH REFERENCES Am. Jur. 2d. 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property, § 37. 27 Am. Jur. 2d, Escheat, § 5 et seq. C.J.S. 1 C.J.S., Abandonment, § 8 et seq. 7

C.J.S., Associations, §§ 9, 10. 9 C.J.S., Banks and Banking, §§ 201, 226. U.L.A. Uniform Disposition of Unclaimed Property Act (U.L.A.) § 6.