Ask Reggi Your Question Now
Can you summarize 18 ARCO Chapter 28?
Personal Property > Unclaimed Property
Short Summary
The provided legal document content consists of three sections related to unclaimed property in Arkansas. The first section governs the abandonment of property with service or repair shops, such as clothing left at dry cleaners and audio or video equipment left at businesses engaged in servicing or repairing such equipment. If the property is not claimed within a specified time period, it is considered abandoned, and the owner of the property may dispose of it and retain the proceeds from any sale. The second section pertains to jewelry left with a jeweler or merchant. If the jewelry is not claimed within a specified time period, it is considered abandoned, and the jeweler or merchant may dispose of it after providing written notice to the party delivering the jewelry. The jeweler or merchant can apply the proceeds from the sale or disposition of the jewelry to a reasonable handling charge and any indebtedness owed for repairs or services. Any excess proceeds are treated as unclaimed property and reported to the Auditor of State. The third document focuses on the regulation and management of unclaimed mineral proceeds in Arkansas. It establishes the legal framework for handling unclaimed mineral proceeds, defines key terms, and outlines the procedures for the disposition of abandoned mineral proceeds. The Auditor of State receives the abandoned proceeds and deposits them into the Abandoned Mineral Proceeds Trust Fund, which is used to pay claims of rightful owners and administer the program. The document also specifies reporting requirements to the Auditor of State. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
The documents apply to owners of clothing left at dry cleaners, owners of audio or video equipment left at businesses engaged in servicing or repairing such equipment, parties delivering jewelry to jewelers or merchants, holders of unclaimed property, the state of Arkansas, and individuals or entities involved in transactions with unclaimed mineral proceeds.
What does it govern?
The legal documents govern the abandonment of property with service or repair shops, the abandonment of jewelry left with a jeweler or merchant, and the regulation and management of unclaimed mineral proceeds.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Arkansas