O.C.G.A. § 44-12-204 (2019)
When intangible property held for owner by state or federal entity presumed abandoned
All intangible property held for the owner by any state or federal court, government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
History
Code 1981, § 44-12-204, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 10.
Annotations
Cross references. Escheat of property to state generally, O.C.G.A. § 53-2-50 et seq.
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). Disposition of restitution payments when victim cannot be located. - Restitution payments should not be returned
to the probationer when the intended recipient cannot be located: instead, the funds should be retained for the benefit of the victim until the completion of the seven-year [now five-year] holding period, and at that point, the account should be reported and subsequently delivered to the State Revenue Commissioner in accordance with the laws of this state concerning disposition of unclaimed property. 1987 Op. Att’y Gen. No. U87-17.
RESEARCH REFERENCES Am. Jur. 2d. 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property, § 40. C.J.S. 1 C.J.S., Abandonment, § 8 et seq.
U.L.A. Uniform Disposition of Property Act (U.L.A.) § 8.
Unclaimed