Arkansas Code of 1987 (2023) › Title 18 - PROPERTY (§§ 18-1-101 — 18-61-106) › Subtitle 3 - PERSONAL PROPERTY (§§ 18-27-101 — 18-29-204) › Chapter 28 - UNCLAIMED PROPERTY (§§ 18-28-101 — 18-28-404) › Subchapter 2 - UNCLAIMED PROPERTY ACT (§§ 18-28-201 — 18-28-231) › Section 18-28-213 - Deposit of funds. - Definition

(a)
(1)
The funds received under this subchapter, including the proceeds from the sale of abandoned property, shall be deposited by the administrator into a special trust fund to be known as the "Unclaimed Property Proceeds Trust Fund", from which he or she shall make prompt payment of claims allowed by him or her as provided under this subchapter.
(2)
The funds shall be deposited into accounts in one (1) or more financial institutions authorized to do business in this state and may then be transferred into the State Treasury Money Management Trust to be administered in accordance with the laws of this state.
(3)
(A)
Before making the deposit, the administrator shall record:
(i)
The name and last known address of each person appearing from the holder's reports to be entitled to the abandoned property;
(ii)
The name and last known address of each insured or annuitant; and
(iii)
The policy or contract number, the name of the life insurance corporation, and the amount due under each policy or contract listed in the report of a life insurance corporation.
(B)
The record shall be available for public inspection at all reasonable business hours.
(b)
At the end of each fiscal year, the administrator shall withdraw from the Unclaimed Property Proceeds Trust Fund an amount necessary to reimburse the State Central Services Fund, or its successor fund or fund account, for moneys expended for personal services and operating expenses of administering and enforcing this subchapter.
(c)
(1)
(A)
(i)
At least one (1) time each fiscal year, the administrator shall transfer to the treasurer of the reporting county all funds collected from that county that have not been claimed and that have been held for a full three (3) years.
(ii)
The funds received by the treasurer shall be deposited into the general fund of the reporting county.
(iii)
The reporting county may use the funds for any purpose for which it may use general revenues.
(B)
(i)
After the administrator returns funds to the county, the state is released from its indemnity of the county under §
18-28-210(b) and (f)
.
(ii)
The county receiving the funds shall maintain an accounting of the funds in perpetuity, unless payment upon a valid claim is made.
(iii)
If the rightful owner or the owner's heirs or assigns ever appear and petition the county for the return of the funds after providing proof of ownership, the county shall pay the funds to the rightful owner from the general fund of the county.
(iv)
For purposes of this section, "proof of ownership" means a finding by a court of competent jurisdiction that the person petitioning the county is, in fact, the rightful owner, heir, or assignee.
(2)
At least one (1) time each fiscal year, the administrator shall transfer to the general revenues of the state eighteen million dollars ($18,000,000) from the remaining funds that have been collected and held for a full three (3) years, less the amount transferred to the State Central Services Fund, or its successor fund or fund account, as required by this subchapter.
(d)
Each bank depository of unclaimed property funds shall secure the funds to the extent of the amount of the balance of the funds any time on hand and in such manner as the administrator shall require.
Amended by Act 2021, No. 86,§ 1, eff. 7/28/2021.
Amended by Act 2019, No. 325,§ 1, eff. 3/6/2019.
Acts 1999, No. 850, § 13; 2001, No. 1261, § 2; 2003, No. 1033, § 1; 2011, No. 616, § 1.