Section 35-12-81 Deposit of funds. - Alabama Statutes

Section 35-12-81

Deposit of funds.

(a) The Treasurer shall promptly deposit in the Unclaimed Property Reserve Fund, created within the Treasury, all funds received under this article, including but not limited to, the proceeds from the sale of abandoned property under Section 35-12-80, from which the Treasurer shall pay claims duly allowed and shall transfer funds to the Unclaimed Property Administrative Fund. The Treasurer shall record the name and last known address of each person appearing from the holder's reports to be entitled to the property, and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company, and the amount due.

(b) All costs and expenses of administering the program under this article shall be paid from the Unclaimed Property Administrative Fund, created within the Treasury. On a quarterly basis, the Treasurer shall transfer from the Unclaimed Property Reserve Fund to the Unclaimed Property Administrative Fund an amount sufficient to meet all administrative costs and expenses of the program.

(c) On a quarterly basis, the Treasurer shall deposit in the State General Fund any surplus monies remaining in the Unclaimed Property Reserve Fund, after the requirements of this section have been met.

(Act 2004-440, p. 755, §1.)