(a) A holder of property presumed abandoned and subject to the custody of the treasurer shall report in a record to the treasurer concerning the property. The report must be filed through an electronic medium in a manner prescribed by the treasurer. The treasurer may waive the requirement to file the report through an electronic medium if the holder demonstrates in writing that strict compliance would be too costly or oppressive to the holder. In such event, the holder shall file the report in such alternate medium as the treasurer deems acceptable.

Terms Used In Tennessee Code 66-29-123

  • Contract: A legal written agreement that becomes binding when signed.
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. 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
  • Property: means tangible property described in §. See Tennessee Code 66-29-102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Tennessee Code 66-29-102
  • Treasurer: means the state treasurer. See Tennessee Code 66-29-102
(b) A holder may contract with a third party to create the report required under subsection (a).
(c) Regardless of whether a holder contracts with a third party under subsection (b), the holder is responsible:

(1) To the treasurer for the complete, accurate, and timely reporting of property presumed abandoned; and
(2) For paying or delivering to the treasurer property described in the report filed under this section.
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