(a) Except as otherwise provided in subsection (b), § 66-29-117, or § 66-29-118, the treasurer may take custody of property presumed abandoned, whether located in this state, another state, or a foreign country, if the holder is domiciled in this state, or is the state or a governmental subdivision, agency, or instrumentality of this state, and:

Terms Used In Tennessee Code 66-29-119

  • 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
  • Domicile: means :
    (A) For a corporation, the state of its incorporation. 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
  • Owner: includes :
    (A) A depositor, for a deposit. See Tennessee Code 66-29-102
  • Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Tennessee Code 66-29-102
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • State: means 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 Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(1) Another state or foreign country is not entitled to the property because there is no last known address of the apparent owner or other person entitled to the property in the records of the holder; or
(2) The state or foreign country in which the last known address of the apparent owner or other person entitled to the property is located does not provide for custodial taking of the property.
(b) The property is not subject to the custody of the treasurer under subsection (a) if:

(1) The property is specifically exempt from custodial taking under the law of the state or foreign country in which the last known address of the apparent owner or other person entitled to the property is located; or
(2) The property is specifically exempt from custodial taking under the law of this state.
(c) For the purposes of this section, if the holder’s state of domicile has changed since the time the property was presumed abandoned, the holder’s state of domicile is deemed to be the state where the holder was domiciled at the time the property was presumed abandoned.
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