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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

previous next Effective - 28 Aug 1998bottom

  447.565.  Hearing on claims by treasurer — payment of claim, amount, no charges authorized — interest — treasurer discharged from liability — claimant accountable to person with superior right. — 1.  The treasurer shall consider any claim filed pursuant to sections 447.500 to 447.595 and may hold a hearing and receive evidence concerning it.  If a hearing is held, the treasurer shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by the treasurer and the reasons for the treasurer's decision.  The decision shall be a public record.

  2.  If the claim is allowed, the treasurer shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges, and any such claim paid shall include interest, if the owner would have been entitled interest had the property not been presumed to be abandoned.  Such interest shall equal the year-to-date annualized average rate of return on all funds invested by the state treasurer for each year of accrual and the previous year's annualized average rate of return for the current fiscal year, but shall not accrue more than seven years after such property has been determined to be abandoned and transferred to the custody of the state.

  3.  The treasurer*, after paying a claim, is discharged and released to the same extent as if the treasurer dealt with a legal representative of the owner.  The treasurer is not required to see to the application of the payment or to inquire into the truth of any statement made in the claim except to the extent that confirmatory information is provided to the treasurer.  Any claimant, attorney in fact, attorney, or anyone representing a claimant to whom payment is made is accountable therefor to any other person having a superior right to the payment.

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(L. 1984 H.B. 1088 § 19 subsecs. 1, 2, A.L. 1989 H.B. 506, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)

*Word "treasure" appears in original rolls.


---- end of effective   28 Aug 1998 ----

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