Ask Reggi Your Question Now
Can you summarize 781 IAAC 9.24?
UNCLAIMED PROPERTY > Disposition of safe deposit box contents.
Short Summary
This legal document, found in the Iowa Administrative Code, pertains to the disposition of safe deposit box contents and other tangible property received by the division of the Iowa treasurer of state. The contents of safe deposit boxes and tangible property are to be held by the division for a minimum of one year. After this period, the property may be sold, held, or destroyed. There are certain restrictions on bidding for safe deposit box contents or other tangible property offered for sale by the division. Employees, individuals related to employees, and contractors providing appraisal services are prohibited from directly or indirectly bidding on such property. However, medals awarded for military service in the armed forces of the United States are exempt from auction. Additionally, if the treasurer determines that the probable cost of sale exceeds the value of the property, the treasurer may destroy or dispose of the property at any time. This rule is implemented to comply with Iowa Code section 556.17.
Whom does it apply to?
The division of the Iowa treasurer of state
What does it govern?
Disposition of safe deposit box contents
What are exemptions?
Medals awarded for military service in the armed forces of the United States shall not be auctioned
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Iowa