Section 375.1224

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1992   

  375.1224.  Unclaimed funds, deemed unclaimed property — effect. — 1.  All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be deposited with the director of the department of economic development to be held and disposed of as provided by laws for unclaimed property.

  2.  All funds withheld under section 375.1212 which are not distributed shall upon discharge of the liquidator be deposited with the director of the department of economic development as provided by laws for unclaimed property and distributed by him in accordance with section 375.1218.  Any sums remaining which under section 375.1218 would revert to the undistributed assets of the insurer shall be converted to cash and paid to the state treasurer for deposit to the general revenue fund of the state.

  3.  This section shall be applicable to proceedings instituted before and after August 28, 1991.

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(L. 1991 H.B. 385, et al. § 94, A.L. 1992 H.B. 1574)

CROSS REFERENCE:

Dissolution of business, unclaimed intangible personal property presumed abandoned, when, 447.527