2023 CODE OF GEORGIA › Title 44 - PROPERTY (§§ 44-1-1 — 44-17-7) › Chapter 12 - RIGHTS IN PERSONALTY (§§ 44-12-1 — 44-12-322) › Article 5 - DISPOSITION OF UNCLAIMED PROPERTY (§§ 44-12-190 — 44-12-239.2) › Section 44-12-220 - Claims for property paid or delivered to commissioner; procedure; destruction of records after seven years

(a)
A person, other than a state, but including a registered claimant's designated representative, who claims an interest in any property paid or delivered to the commissioner may file with the commissioner a claim on a form prescribed by the commissioner and verified by the claimant or the claimant's designated representative. Except as provided in subsection (g) of Code Section
44-12-224
, failure to use the claim form prescribed by the commissioner shall void the claim. The claim form shall require information the commissioner believes to be reasonably necessary to administer the requirements of this article, including, but not limited to:
(1)
A legible copy of the claimant's valid driver's license;
(2)
If the claimant has not been issued a valid driver's license at the time of the original claim form is filed, a legible copy of a photographic identification of the claimant issued by the United States or a state or territory of the United States, a valid passport or national identification card issued by a foreign nation, or other evidence deemed acceptable by the commissioner; and
(3)
For claims submitted by a registered claimant's designated representative, a duly executed copy of the Unclaimed Property Recovery Agreement or the Unclaimed Property Purchase Agreement, as applicable, and as further described in this Code section.
(b)
The commissioner shall consider each claim within 90 days after it is filed and give written notice to the claimant and, if the person is utilizing the services of a designated representative, to the claimant's designated representative if the claim is denied in whole or in part. The notice may be given by mailing it to the claimant's designated representative, if any, and to the claimant's last address, if any, as stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant, or if the claim is deemed void pursuant to subsection (a) of this Code section.
(c)
If a claim submitted by the claimant is approved, the commissioner shall pay over or deliver to the claimant the property or the amount the commissioner actually received or the net proceeds if it has been sold by the commissioner.
(d)
(1)
If a claim submitted by a claimant's designated representative is approved, the commissioner shall pay over or deliver to the claimant the balance remaining after deduction and payment of the amount due to the claimant's designated representative by the commissioner; provided, however, that any payments made directly to the claimant's designated representative shall be made only pursuant to the terms of the Unclaimed Property Recovery Agreement or Unclaimed Property Purchase Agreement, including those permitted by subsection (g) of Code Section
44-12-224
, that have been submitted with the claim and only if the claimant's designated representative is registered pursuant to Code Section
44-12-239
.
(2)
The commissioner is authorized to make distribution of the property or money in accordance with the Unclaimed Property Recovery Agreement or Unclaimed Property Purchase Agreement. The Unclaimed Property Recovery Agreement or Unclaimed Property Purchase Agreement shall be executed by the claimant or selling claimant and shall be filed with the commissioner along with the claim.
(3)
Payments of fees and costs to the claimant and the claimant's designated representative authorized under an Unclaimed Property Recovery Agreement for approved claims shall be made by paper check or other means approved by the commissioner on such periodic schedule as the department may define; provided, however, payment for approved claims shall be made to both the claimant and the claimant's representative within 60 days of approval.
(4)
This Code section shall not apply to actions that are subject to Code Section
44-12-211.1
and subsection (c) of Code Section
48-4-5
.
(e)
The contents of safe-deposit boxes shall be delivered directly to the claimant and not to the claimant's designated representative. Any lien owed to the lessor of the safe-deposit box shall be deducted from the value of the contents of the safe-deposit box pursuant to Code Section
44-12-216
.
(f)
The owner of any property delivered to the commissioner pursuant to this article shall not be entitled to receive income or other increments on account of such property that accrues after such property is delivered to the commissioner.
(g)
When the department receives conflicting claims for the same unclaimed property account or accounts, the property shall be remitted in accordance with the following, notwithstanding the withdrawal of a claim:
(1)
Preference shall be given to the person submitting the first claim received by the Unclaimed Property Division that is complete or made complete. A claim is complete when entitlement to the unclaimed property has been established;
(2)
When a claimant's claim and a claimant's designated representative's claim are received by the Unclaimed Property Division on the same day and both claims are complete, the claimant shall be given preference;
(3)
If a buyer's claim and a claimant's claim or a claimant's designated representative's claim are received by the Unclaimed Property Division on the same day and all claims are complete, the buyer shall be given preference;
(4)
If more than one buyer's claim received by the Unclaimed Property Division is complete or made complete on the same day, the buyer that demonstrates that its agreement complies with this article and was executed first shall receive preference;
(5)
If more than one claim by a claimant's designated representative received by the Unclaimed Property Division is complete or made complete the same day, the claimant's designated representative that has agreed to receive the lowest fee shall be given preference. If two or more such claimant's designated representatives are charging the same lowest fee, the claimant's designated representative that demonstrates its agreement complies with this article and was executed first shall be given preference; and
(6)
Nothing in this subsection shall extinguish, impair, or affect any private right of action that one person may have against another for breach of contract, tort, or other statutory or common-law cause of action; provided, however the department shall not be liable to any person for acting in conformance with this article and its rules and regulations.
(h)
The commissioner shall maintain an electronic copy of all records related to the property received by the commissioner. Each certified electronic copy of a document that is stored pursuant to this subsection shall be deemed an original pursuant to Chapter 10 of Title 24. Such records shall be retained pursuant to the departmental retention schedules, which shall provide for a retention period of no less than ten years.
Amended by 2023 Ga. Laws 81,§ 5, eff. 7/1/2024.