(a)  The administrator may decline to receive any property reported under this chapter which he or she considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified within one hundred and twenty (120) days after filing the report required under § 33-21.1-17.

Terms Used In Rhode Island General Laws 33-21.1-27

  • Administrator: means the general treasurer or his or her designee, including agents hired for the express purpose of auditing, assessing and collecting unclaimed property. See Rhode Island General Laws 33-21.1-1
  • Holder: means a person, wherever organized or domiciled, who is:

    (i)  In possession of property belonging to another,

    (ii)  A trustee, or

    (iii)  Indebted to another on an obligation. See Rhode Island General Laws 33-21.1-1

(b)  A holder, with the written consent of the administrator and upon conditions and terms prescribed by him or her, may report and deliver property before the property is presumed abandoned. Property delivered under this subsection must be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this chapter.

History of Section.
P.L. 1986, ch. 500, § 3.