§ 44-12-237. Unclaimed United States Savings Bond
Notwithstanding the provisions of subsection (a) of Code Section 44-12-216, United States savings bonds which are unclaimed property and subject to the provisions of Code Section 44-12-190, et seq., the “Disposition of Unclaimed Property Act,” shall escheat to the State of Georgia three years after becoming unclaimed property and subject to the provisions of Code […]
§ 44-12-238. Claim for United States Savings Bonds Escheated to State
Any person making a claim for the United States savings bonds escheated to the state under Code Section 44-12-237, or for the proceeds from such bonds, may file a claim in accordance with the provisions of Code Section 44-12-190, et seq., the “Disposition of Unclaimed Property Act.” Upon providing sufficient proof of the validity of […]
§ 44-12-226. Expiration of Limitation Specified by Contract, Statute, or Court Order Not to Affect Duties Required by This Article
The expiration, before or after July 1, 1990, of any period of time specified by contract, statute, or court order during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, […]
§ 44-12-227. Penalties
A person, firm, or corporation who willfully fails to render any report or perform other duties required under this article shall pay a civil penalty of $100.00 for each day the report is withheld or the duty is not performed, but not more than $5,000.00. A person, firm, or corporation who willfully fails to pay […]
§ 44-12-228. Maintenance and Retention of Records
Every financial institution, banking organization, and business association and all other holders required to file a report under Code Section 44-12-214 shall retain all books, records, and documents necessary to establish the accuracy and compliance of such report for ten years after the property becomes reportable, except to the extent that shorter time is provided […]
§ 44-12-229. Commissioner May Compel Filing of Report and May Examine Records; Failure to Maintain Records
The commissioner may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this article. The commissioner may at reasonable times and upon reasonable notice examine the records of any person to determine whether the person […]
§ 44-12-230. Employment of Independent Consultant
The commissioner may employ the services of such independent consultants, and other persons possessing specialized skills or knowledge as he shall deem necessary or appropriate for the administration of this article, including, but not limited to, valuation, maintenance, upkeep, management, sale and conveyance of property, and determination of sources of unreported abandoned property. History. Code […]
§ 44-12-231. Enforcement of Article; Properties Not Paid Over on a Timely Basis
The commissioner may bring an action in a court of competent jurisdiction to enforce this article. Notwithstanding the provisions of Code Section 44-12-214, the commissioner shall commence enforcement for the reporting, payment, or delivery of property presumed abandoned under this article, with the exception of property held in a fiduciary capacity, not later than seven […]
§ 44-12-232. Article Does Not Relieve Holder of Duty That Arose Before July 1, 1990
This article does not relieve the holder of a duty that arose before July 1, 1990, to report, pay, or deliver property. A holder who did not comply with the law in effect before July 1, 1990, is subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect […]
§ 44-12-233. Receipt of Securities Under This Article
Whenever the commissioner shall receive securities under this article in the name of the owner, he shall forthwith take appropriate action to transfer the record of ownership of said securities into the name of the commissioner. History. Code 1981, § 44-12-233 , enacted by Ga. L. 1990, p. 1506, § 1.