40.0510 Delivery of escheated property-Proceeds deposited.

Cite as [A.S.C.A. § 40.0510]

(a) Upon the filing of a final judgment escheating personal property, the person having such property in his possession shall forthwith deliver the same to the Treasurer. If such personal property be in the form of money, the Treasurer shall deposit the same into the general fund of the Territory; if in the form of negotiable securities or personal property, he must give public notice thereof and sell the property at public or private sales, as he may deem to be in the best interest of the Territory, and must deposit the proceeds thereof in the general fund.

(b) Before depositing the escheated property or the proceeds in the general fund, the Treasurer must deduct 5% of the money received and pay it to the escheator as a reward for having supplied the information and evidence upon which the escheat was successfully prosecuted and must pay such other fees and costs as the judgment directs.

History: 1988, PL 20-64.