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35-12-93
Section 35-12-93 Agreement to locate property. (a) An agreement by an owner, the primary purpose
of which is to locate, deliver, recover, or assist in the recovery of property that is presumed
abandoned, is void and unenforceable if it was entered into during the period commencing on
the date the property was presumed abandoned and extending to a time that is 24 months after
the date the property is paid or delivered to the Treasurer. This subsection does not apply
to an owner's agreement with an attorney to file a claim as to identified property or contest
the Treasurer's denial of a claim. (b) An agreement by an owner, the primary purpose of which
is to locate, deliver, recover, or assist in the recovery of property, is enforceable only
if the agreement is in writing, clearly sets forth the nature of the property and the services
to be rendered, states that the property is in custody of the State of Alabama Treasurer's
Office, is signed by the apparent owner, states the compensation...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular property: (1) Traveler's
checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand,
savings, or time deposit including a deposit that is automatically renewable, three years
after the earlier of maturity, as extended from time to time, or the date of the last indication
by the apparent owner of interest in the property. (4) Tangible and intangible property held
in a safe deposit box or other safekeeping depository in this state in the ordinary course
of the holder's business and proceeds resulting from the sale of the property permitted by
other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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35-12-76
Section 35-12-76 Report of abandoned property. (a) A holder of property presumed abandoned
shall make a report to the Treasurer concerning the property. The report shall be filed electronically
and the monies remitted electronically. The Treasurer may grant an exception upon written
request as established by rule. A report should contain only tangible property or intangible
property. If a holder possesses both property types, two reports shall be filed. (b) The report
must be verified, balanced, and must contain, at a minimum, all of the following: (1) A description
of the property. (2) The date, if any, on which the property became payable, demandable, or
returnable, and the date of the last transaction with the apparent owner with respect to the
property. (3) Other information that the Treasurer by rule prescribes as necessary for the
administration of this article. (4) Except with respect to a traveler's check, money order,
or State of Alabama issued payment instruments, the name,...
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35-12-91
Section 35-12-91 Interstate agreements. (a) The Treasurer may enter into an agreement with
another state to exchange information relating to abandoned property or its possible existence.
The agreement may permit the other state, or another person acting on behalf of a state, to
examine records as authorized in Section 35-12-89. The Treasurer, by rule, may require the
reporting of information needed to enable compliance with an agreement made under this section
and prescribe the form. (b) The Treasurer may join with another state to seek enforcement
of this article against any person who is or may be holding property reportable under this
article. (c) At the request of another state, the Attorney General of this state may maintain
an action on behalf of the other state to enforce, in this state, the unclaimed property laws
of the other state against a holder of property subject to escheat or a claim of abandonment
by the other state, if the other state has agreed to pay expenses...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject additions
to the trust property from a settlor or any other person, including, but not being limited
to, the authority to receive, collect, hold, and retain common or preferred stock or other
interests in the trustee or any related party; (2) acquire or sell property, for cash or on
credit, at public or private sale; (3) exchange, partition, or otherwise change the character
of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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8-20-4
Section 8-20-4 Unfair and deceptive trade practices. Notwithstanding the terms, provisions,
or conditions of any dealer agreement or franchise or the terms or provisions of any waiver,
prior to the termination, cancellation, or nonrenewal of any dealer agreement or franchise,
the following acts or conduct shall constitute unfair and deceptive trade practices: (1) For
any manufacturer, factory branch, factory representative, distributor, or wholesaler, distributor
branch, or distributor representative to coerce or attempt to coerce any motor vehicle dealer
to do any of the following: a. To accept, buy, or order any motor vehicle or vehicles, appliances,
equipment, parts, or accessories therefor, or any other commodity or commodities or service
or services which such motor vehicle dealer has not voluntarily ordered or requested except
items required by applicable local, state, or federal law; or to require a motor vehicle dealer
to accept, buy, order, or purchase such items in order to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-20-4.htm - 34K - Match Info - Similar pages
35-12-82
Section 35-12-82 Claim of another state to recover property. (a) After property has been paid
or delivered to the Treasurer under this article, another state may recover the property if
any of the following apply: (1) The property was paid or delivered to the custody of this
state because the records of the holder did not reflect a last known location of the apparent
owner within the borders of the other state and the other state establishes that the apparent
owner or other person entitled to the property was last known to be located within the borders
of that state and under the laws of that state the property has escheated or become subject
to a claim of abandonment by that state. (2) The property was paid or delivered to the custody
of this state because the laws of the other state did not provide for the escheat or custodial
taking of the property, and under the laws of that state subsequently enacted the property
has escheated or become subject to a claim of abandonment by that...
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35-12-77
Section 35-12-77 Payment or delivery of abandoned property. (a) Except for property held in
a safe deposit box or other safekeeping depository, upon filing the report required in Section
35-12-76, the holder of property presumed abandoned shall pay, deliver, or cause to be paid
or delivered to the Treasurer the property described in the report as unclaimed, but if the
property is an automatically renewable deposit, and a penalty or forfeiture in the payment
of interest would result, the time for compliance is extended until a penalty or forfeiture
would no longer result. (b) Tangible property held in a safe deposit box or other safekeeping
depository shall be delivered to the Treasurer within 120 days after filing the report required
in Section 35-12-76. (c) If the property reported to the Treasurer is a security or security
entitlement under Article 8 of Title 7, the Uniform Commercial Code, the Treasurer is an appropriate
person to make an indorsement, instruction, or entitlement...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-77.htm - 2K - Match Info - Similar pages
35-12-78
Section 35-12-78 Notification of abandoned property. (a) It is specifically recognized that
the state has an obligation to make an effort to notify apparent owners of abandoned property
in a cost-effective manner. (b) The Treasurer shall make at least one active attempt to notify
apparent owners of the existence of abandoned property held by the office of the Treasurer.
Within 12 months of the receipt of the property, the Treasurer shall mail a postcard notification
to the apparent owner containing all of the following information set forth in the report
filed by the holder: (1) The name of each person appearing to be the owner of the property.
(2) The last known address or location of each person appearing to be the owner of the property.
(3) A statement explaining that the property of the apparent owner is presumed to be abandoned
and has been delivered into the protective custody of the Treasurer. (4) A statement that
information about the property and its return to the owner is...
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35-12-75
Section 35-12-75 Dormancy charges. (a) Any person engaged primarily in the business of selling
tangible personal property at retail, by contract with the customer may, charge, and deduct
from the property otherwise subject to this article, a reasonable administrative and restocking
fee of not more than twenty-five dollars ($25) with respect to items purchased under a layaway
or similar agreement the terms of which are not fulfilled by the customer and the items are
returned to inventory. (b) A holder may deduct from property presumed abandoned a charge imposed
by reason of the apparent owner's failure to claim the property within a specified time only
if there is a valid and enforceable written contract between the holder and the apparent owner
under which the holder may impose the charge and the holder regularly imposes the charge.
The amount of the deduction is limited to an amount that is not unconscionable. (Act 2004-440,
p. 755, ยง1.)...
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