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Can you summarize ALAC Chapter 892-2-1?
State Treasurer's Office > UNCLAIMED PROPERTY DIVISION
Short Summary
The provided legal document content consists of multiple documents related to the Alabama Unclaimed Property Program. The main document is the State of Alabama Uniform Disposition of Unclaimed Property Act of 2004, which governs the treatment of abandoned or unclaimed property in the state. It establishes provisions for reporting and recovery of unclaimed property, including the requirement for holders to report and remit such property to the Treasurer’s Office. The Act defines terms such as apparent owner or claimant, contents of safe deposit boxes, and dormancy. The Treasurer’s Office is responsible for administering the Act. The document also includes other rules and guidelines related to holder reporting, reporting of safe deposit box contents, public auction of unclaimed property, confidentiality of reports and records, claim process for abandoned property, responsibilities of claimants, and disposition of property. The statutory authority for these documents is the Code of Alabama 1975, Sections 35-12-20 through 35-12-96, as amended. The initial filing date of these documents was January 29, 1997, and they became effective on March 5, 1997. They were later repealed and replaced by a new rule, which was filed on December 30, 2014, and became effective on February 3, 2015.
Whom does it apply to?
The Act applies to persons or entities referred to as holders, who are in possession of property that is presumed abandoned. It also applies to the general public who may have a claim to the abandoned property.
What does it govern?
The State of Alabama Uniform Disposition of Unclaimed Property Act of 2004 governs the treatment of abandoned or unclaimed property in the state of Alabama. The document outlines the reporting and recovery of unclaimed property, as well as the responsibilities of holders and the procedures for public auctions.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Alabama