Section 10-3A-156 Deposits with State Treasurer. - Alabama Statutes

Section 10-3A-156

Deposits with State Treasurer.

Upon the voluntary or involuntary dissolution of a corporation, the portion of the assets distributable to any person who is unknown or cannot be found, or who is under disability and there is no person legally competent to receive such distributive portion, shall be reduced to cash and deposited with the State Treasurer and shall be paid over to such person or to his legal representative upon satisfactory proof to the State Treasurer of his right thereto. Such cash shall be held for the owner by the State Treasurer for three years and any such cash which remains unclaimed by the owner after three years shall be presumed abandoned and subject to the provisions of the Uniform Disposition of Unclaimed Property Act.

(Acts 1984, No. 84-290, p. 502, §64.)