66-29-109 - Property held by fiduciaries. - Tennessee Statutes

66-29-109. Property held by fiduciaries.

All property and any income or increment on the property or income held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within five (5) years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. The property, without regard to any activity or inactivity within the past five (5) years, shall also be presumed abandoned if the owner of the property 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, § 8; T.C.A., §§ 64-2908, 66-29-108; Acts 1984, ch. 544, § 5; 1986, ch. 539, § 15; 1993, ch. 195, § 6.]