(a) Except as otherwise provided in § 66-29-113, and except for property held in a governmental plan, as that term is defined in 26 U.S.C. § 414, property held in a pension account or retirement account that qualifies for tax deferral under the income tax laws of the United States, or property held in a Roth IRA, as that term is defined in 26 U.S.C. § 408A, is presumed abandoned if it is unclaimed by the apparent owner three (3) years after the later of:
Terms Used In Tennessee Code 66-29-106
Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Tennessee Code 66-29-102
Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Tennessee Code 66-29-102
Electronic mail: means any communication of information by electronic means that is automatically retained and stored and may be readily accessed or retrieved. See Tennessee Code 66-29-102
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner of property that is subject to this part. See Tennessee Code 66-29-102
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.
United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) The date a second consecutive communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States postal service, or, if the second communication is sent later than thirty (30) days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States postal service; or(2) The earlier of:
(A) The date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty; provided, however, that for the purpose of determining a holder’s reporting obligation pursuant to this section, Roth IRAs are treated like tax deferred retirement accounts; or(B) If the Internal Revenue Code (26 U.S.C. § 1 et seq.) requires distribution, two (2) years after the date the holder in the ordinary course of its business receives confirmation of the death of the apparent owner.(b) If a holder in the ordinary course of its business receives notice or an indication of the death of an apparent owner and subdivision (a)(2) applies, the holder shall attempt, not later than ninety (90) days after receipt of the notice or indication, to confirm whether the apparent owner is deceased.(c) If the apparent owner of an account described in subsection (a) does not receive communications from the holder by first-class United States mail, the holder shall attempt to confirm the apparent owner’s interest in the property by sending the apparent owner an electronic mail communication not later than two (2) years after the apparent owner’s last indication of interest in the property. If the holder receives notification that the electronic mail communication was not received, or if the apparent owner does not respond to the electronic mail communication within thirty (30) days after the communication was sent, the holder shall promptly attempt to contact the apparent owner by first-class United States mail. If the mail is returned to the holder undelivered by the United States postal service, the property is presumed abandoned three (3) years after the later of:
(1) The date a second consecutive communication to contact the apparent owner sent by first-class United States mail is returned to the holder undelivered by the United States postal service, or, if the second communication is sent later than thirty (30) days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States postal service; or(2) The date established by subdivision (a)(2).
