66-29-107 - Undistributed dividends and distributions of business associations. - Tennessee Statutes

66-29-107. Undistributed dividends and distributions of business associations.

Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder, or other security holder, or a participating patron of a cooperative, who has not claimed it, or corresponded in writing with the business association concerning it, within three (3) years after the date prescribed for payment or delivery is presumed abandoned. Property described above, without regard to any activity or inactivity within the past three (3) years, shall also be presumed abandoned if the owner thereof is known to the holder to have died and left no one to take the property by will and no one to take the property by intestate succession.

[Acts 1978, ch. 561, § 6; T.C.A., §§ 64-2906, 66-29-106; Acts 1984, ch. 544, § 3; 1986, ch. 539, § 14; 1996, ch. 642, § 1; 2006, ch. 611, § 1.]