Tennessee Code 66-29-139 – Disposition of property having no substantial value
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Terms Used In Tennessee Code 66-29-139
- 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
- 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
If the treasurer takes custody of property delivered under this part and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the treasurer may return the property to the holder or destroy or otherwise dispose of the property. No action or proceeding may be brought or maintained against the state or any officer thereof for or on account of any action taken by the treasurer pursuant to this part with respect to such property.