A. The department may decline to receive property that is reported under this chapter and that the department considers to have a value of less than the costs of notice and sale.

Terms Used In Arizona Laws 44-319

  • Department: means the department of revenue. See Arizona Laws 44-301
  • Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
  • Property: means tangible property pursuant to section 44-303 or a 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 from that property. See Arizona Laws 44-301

B. With the written consent of the department and on terms prescribed by the department, a holder may report and deliver property before the property is presumed abandoned. The department shall hold that property, and that property is not presumed abandoned until it otherwise would be presumed abandoned pursuant to this chapter.

 

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