Tennessee Code 66-29-121 – Custody of traveler’s check, money order, or similar instrument presumed abandoned
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Terms Used In Tennessee Code 66-29-121
- 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.
- 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
- Money order: means a payment order for a specified amount of money and includes, but is not limited to, an express money order and a personal money order on which the remitter is the purchaser. See Tennessee Code 66-29-102
- Treasurer: means the state treasurer. See Tennessee Code 66-29-102
The treasurer may take custody of sums payable on a traveler’s check, money order, or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. §§ 2501– entitlement to escheat or custody” class=”unlinked-ref” datatype=”S” statecd=”US” title=”12″>2503.