40.0503 Unknown owner's property to escheat-Exemptions.

Cite as [A.S.C.A. § 40.0503]

Whenever the owner, beneficial owner, or person entitled to any personal property within this Territory, has remained unknown for the period of 14 successive years, or whenever the whereabouts of such owner, beneficial owner or person, has remained unknown for the period of 14 successive years, or whenever any personal property wherever situated has remained unclaimed for the period of 14 successive years, then, in any such event, such personal property shall escheat to the Territory. The provisions of this section are not applicable to sums payable on a money order or travelers check issued or sold in this Territory.

History: 1988, PL 20-64.