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2018 Georgia Code 44-12-203 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 44-12-203 Case Law from Google Scholar Amendments to OCGA 44-12-203

TITLE 44 PROPERTY

Section 12. Rights in Personalty, 44-12-1 through 44-12-322.

ARTICLE 5 DISPOSITION OF UNCLAIMED PROPERTY

44-12-203. When intangible property held in fiduciary capacity for benefit of another, and income derived therefrom, presumed abandoned.

  1. Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within five years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.
  2. Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the internal revenue laws of the United States are not payable or distributable within the meaning of subsection (a) of this Code section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
  3. For the purpose of this Code section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for a business association alone, unless the agreement between him and the business association provides otherwise.
  4. For the purposes of this article, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.

(Code 1981, §44-12-203, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 9.)

OPINIONS OF THE ATTORNEY GENERAL

Bank reporting requirements.

- See 1973 Op. Att'y Gen. No. 73-11.

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. 71-68.

RESEARCH REFERENCES

Am. Jur. 2d.

- 1 Am. Jur. 2d, Abandoned, Lost and Unclaimed Property, § 2 et seq. 27 Am. Jur. 2d, Escheat, § 6.

C.J.S.

- 1 C.J.S., Abandonment, § 8 et seq. 1 C.J.S., Absentees, § 5 et seq.

U.L.A.

- Uniform Disposition of Unclaimed Property Act (U.L.A.) § 7.

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