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Can you summarize 66 TNCO Chapter 29?
Property > Abandoned or Unclaimed Property
Short Summary
The provided legal document content includes information on the ‘Uniform Unclaimed Property Act’ in Tennessee, which governs the handling of abandoned or unclaimed property. It applies to entities holding unclaimed property and individuals or entities with a legal interest in unclaimed property. The Act establishes civil penalties for non-compliance or violation, including failure to report, pay, or deliver property within the prescribed time, evasion or failure to perform duty, and fraudulent reports. The penalties range from $200 per day up to a cumulative maximum amount of $5,000, to $1,000 per day up to a maximum of $25,000, plus an additional 25% of the amount or value of any property that should have been reported. The document also mentions the ‘Abandoned Cultural Property Act,’ which governs the treatment of abandoned cultural property in Tennessee. It applies to museums, historical societies, art galleries, and not-for-profit institutions. The Act defines ‘abandoned cultural property’ and provides guidelines for its handling and disposition. Additionally, the document discusses the lien on derelict or abandoned aircraft, stating that airport authorities have a lien on such aircraft for unpaid fees and charges. The lien can be perfected by serving a notice on the last registered owner and interested parties, recording a claim of lien, and providing constructive notice to all parties. The document does not mention any specific exemptions.
Whom does it apply to?
Entities holding unclaimed property, individuals or entities with a legal interest in unclaimed property; museums, historical societies, art galleries, and not-for-profit institutions; airport authorities, last registered owner, interested parties
What does it govern?
Handling of abandoned or unclaimed property, civil penalties for evasion or failure to perform duty, making fraudulent reports, agreements between owners of unclaimed property and persons who assist in locating, delivering, recovering, or assisting in the recovery of such property, disclosure and use of confidential information, and maintenance of confidential information in a secure manner; treatment of abandoned cultural property; lien on derelict or abandoned aircraft
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Civil penalties for non-compliance or violation of the Act, including penalties for failure to report, pay, or deliver property within the prescribed time, evasion or failure to perform duty, and fraudulent reports. The penalties range from $200 per day up to a cumulative maximum amount of $5,000, to $1,000 per day up to a maximum of $25,000, plus an additional 25% of the amount or value of any property that should have been reported.
Jurisdiction
Tennessee