447.571. Custody of property, powers of treasurer to receive or decline--failure to act, effect--postponing delivery, when, limitation. - Missouri Statutes

Custody of property, powers of treasurer to receive ordecline--failure to act, effect--postponing delivery, when,limitation.

447.571. The treasurer, after receiving reports of property deemedabandoned pursuant to sections 447.500 to 447.595, may decline to receiveany property reported which the treasurer deems to have a value less thanthe cost of giving notice and holding sale, or the treasurer may, if thetreasurer deems it desirable because of the small sum involved, postponetaking possession until a sufficient sum accumulates, but in no event shallthe treasurer postpone taking possession for longer than one year. Unlessthe holder of the property is notified to the contrary within one hundredtwenty days after filing the report required pursuant to section 447.539,the treasurer shall be deemed to have elected to receive the custody of theproperty. Nothing in this chapter shall prevent the treasurer fromaccepting property prior to the date it becomes unclaimed or abandoned asdefined in sections 447.500 to 447.595.

(L. 1984 H.B. 1088 § 21, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)