§ 35-12-70 Short title
§ 35-12-71 Definitions
§ 35-12-72 Presumption of abandonment
§ 35-12-73 Exemptions
§ 35-12-74 Rules for taking custody
§ 35-12-75 Dormancy charges
§ 35-12-76 Report of abandoned property
§ 35-12-77 Payment or delivery of abandoned property
§ 35-12-78 Notification of abandoned property
§ 35-12-79 Custody by state; recovery by holder; defense of holder
§ 35-12-80 Public sale of abandoned property
§ 35-12-81 Deposit of funds
§ 35-12-82 Claim of another state to recover property
§ 35-12-83 Filing and handling of claims
§ 35-12-84 Filing of a claim – intestate and small claims
§ 35-12-85 Action to establish a claim
§ 35-12-86 Election to take payment or delivery
§ 35-12-87 Disposition of property having no substantial commercial value
§ 35-12-88 Periods of limitation
§ 35-12-89 Requests for reports and examination of records
§ 35-12-90 Retention of records
§ 35-12-91 Interstate agreements
§ 35-12-92 Penalties and enforcement
§ 35-12-93 Agreement to locate property
§ 35-12-94 Confidentiality; staff
§ 35-12-95 Transitional provisions
§ 35-12-96 Uniformity of application and construction

Terms Used In Alabama Code > Title 35 > Chapter 12 > Article 2 > Article 2A - Uniform Disposition of Unclaimed Property Act of 2004

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • APPARENT OWNER: A person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder. See Alabama Code 35-12-71
  • asset: Property of a debtor, but the term does not include:

    a. See Alabama Code 8-9A-1

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequeath: To gift property by will.
  • BUSINESS ASSOCIATION: A corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, safe deposit company, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one or more persons, whether or not for profit. See Alabama Code 35-12-71
  • circuit: means judicial circuit. See Alabama Code 1-1-1
  • claim: A right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured, and specifically shall include the nonpayment of child support pursuant to a court order. See Alabama Code 8-9A-1
  • Commercial or nongame fish: as used in this article shall be limited to those freshwater fish designated as such by the Department of Conservation and Natural Resources and all species of saltwater fish. See Alabama Code 9-11-170
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • creditor: A person who has a claim. See Alabama Code 8-9A-1
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • debt: Liability on a claim. See Alabama Code 8-9A-1
  • debtor: A person who is liable on a claim. See Alabama Code 8-9A-1
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • domicile: The state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation. See Alabama Code 35-12-71
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • FINANCIAL ORGANIZATION: A savings and loan association, building and loan association, industrial loan organization, credit union, cooperative bank, bank, or banking organization. See Alabama Code 35-12-71
  • following: means next after. See Alabama Code 1-1-1
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • holder: A person in possession of property belonging to another, or who is a trustee in case of a trust, obligated to hold for the account of, or deliver to, or pay to, the owner or apparent owner as applicable, property that is subject to this article. See Alabama Code 35-12-71
  • includes: Is not a limiting term. See Alabama Code 8-9A-1
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insider: Includes:

    a. See Alabama Code 8-9A-1

  • INSURANCE COMPANY: An association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including, but not limited to, accidental, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and workers' compensation insurance. See Alabama Code 35-12-71
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Intestate: Dying without leaving a will.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • lien: A charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien, or a statutory lien. See Alabama Code 8-9A-1
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • mineral: Gas; oil; coal; other gaseous, liquid, and solid hydrocarbons; oil shale; cement material; sand and gravel; road material; building stone; chemical raw material; gemstone; fissionable and nonfissionable ores; colloidal and other clay; steam and other geothermal resource; or any other substance defined as a mineral by the law of this state. See Alabama Code 35-12-71
  • MINERAL PROCEEDS: Amounts payable for the extraction, production, or sale of minerals, or, upon the abandonment of those payments, all payments that become payable thereafter. See Alabama Code 35-12-71
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • month: means a calendar month. See Alabama Code 1-1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • officer: The term includes every person authorized to enforce the game and fish laws of this state, and whenever the possession, use, importation, transportation, storage, sale, offering, or exposing for sale of game birds, animals, or fish is prohibited or restricted, the prohibition or restriction shall extend to and include every part of the game, bird, animal, or fish, and a violation as to each animal, bird, or fish, or part thereof, shall be a separate offense. See Alabama Code 9-11-1
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • owner: A person who has a legal or equitable interest in property subject to this article or the person's legal representative. See Alabama Code 35-12-71
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • person: An individual, partnership, corporation, association, organization, government, or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity. See Alabama Code 8-9A-1
  • person: An individual, business association, financial organization, estate, trust, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Alabama Code 35-12-71
  • preceding: means next before. See Alabama Code 1-1-1
  • Probate: Proving a will
  • property: Both real and personal property, whether tangible or intangible, and any interest in property whether legal or equitable and includes anything that may be the subject of ownership. See Alabama Code 8-9A-1
  • property: Tangible property held in a safe deposit box or other safekeeping depository in this state, and fixed and certain interest in intangible property that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency, or instrumentality, and all income or increments therefrom. See Alabama Code 35-12-71
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • record: Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Alabama Code 35-12-71
  • relative: An individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Alabama Code 8-9A-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • rules: Rules necessary to carry out this article adopted pursuant to the Administrative Procedure Act. See Alabama Code 35-12-71
  • Spearing: as used in this article shall be limited to the use of a spear or similar instrument that is held in the hand of the person using same and the use of a weapon, other than a firearm, which propels or forces a projectile, arrow or similar device therefrom to which a wire, rope, line, cord or other means of recovering the propelled projectile, arrow or similar device is attached and is secured to the weapon or to the person using the weapon. See Alabama Code 9-11-170
  • state: A state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Alabama Code 35-12-71
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • transfer: Every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Alabama Code 8-9A-1
  • treasurer: The Treasurer of the State of Alabama, or the designee of the Treasurer. See Alabama Code 35-12-71
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • utility: Any person who owns or operates, for public use, any plant, equipment, real property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. See Alabama Code 35-12-71
  • VALID LIEN: A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. See Alabama Code 8-9A-1
  • Venue: The geographical location in which a case is tried.
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1