Section 10-2B-14.40 Deposit with Commissioner of Revenue. - Alabama Statutes

Section 10-2B-14.40

Deposit with Commissioner of Revenue.

Assets of a dissolved corporation that should be transferred to a creditor, claimant, or shareholder of the corporation who cannot be found or who is not competent to receive them shall be reduced to cash and deposited with the Commissioner of Revenue for safekeeping. When the creditor, claimant, or shareholder furnishes satisfactory proof of entitlement to the amount deposited, the Commissioner of Revenue shall pay him or her or his or her representative that amount.

(Acts 1994, No. 94-245, p. 343, §1.)