§ 33-21.1-27 - Election to take payment or delivery. - Rhode Island Statutes

SECTION 33-21.1-27

   § 33-21.1-27  Election to take payment ordelivery. – (a) The administrator may decline to receive any property reported under thischapter which he or she considers to have a value less than the expense ofgiving notice and of sale. If the administrator elects not to receive custodyof the property, the holder shall be notified within one hundred and twenty(120) days after filing the report required under § 33-21.1-17.

   (b) A holder, with the written consent of the administratorand upon conditions and terms prescribed by him or her, may report and deliverproperty before the property is presumed abandoned. Property delivered underthis subsection must be held by the administrator and is not presumed abandoneduntil such time as it otherwise would be presumed abandoned under this chapter.