§ 44-12-218 - Disposition of funds received under article; authorized deductions - Georgia Statutes

O.C.G.A. 44-12-218 (2010)
44-12-218. Disposition of funds received under article; authorized deductions

(a) All funds received under this article, including the proceeds from the sale of abandoned property under Code Section 44-12-217, shall forthwith be deposited by the commissioner in the general fund, except that the commissioner shall retain in a separate trust fund a sum sufficient from which he shall make prompt payment of claims duly allowed by him as provided in Code Section 44-12-220. Before making a deposit he shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant and, with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due.

(b) Before making any deposit to the credit of the general fund the commissioner may deduct:

(1) Any costs in connection with sale of abandoned property;

(2) Any costs of mailing and publication in connection with any abandoned property;

(3) Operating expenses;

(4) Amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements; and

(5) Expenses for consulting services.