Title 18 — Property

(a) Any item of clothing left at a dry cleaners which is not claimed within six (6) months shall be deemed abandoned property, and the owner may dispose of the clothing and may retain the proceeds from any sale of the clothing. (b) (1) Any audio or video equipment left at a busin…

(a) An item of jewelry left with a jeweler or merchant for service or repair or on consignment that is not claimed within one (1) year or by a later time if the later time is specified in writing shall be deemed abandoned property and may be disposed of under this section without…

(1) In this subchapter:(1) “Administrator” means the Auditor of State.(2) “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder.(3) “Business association” means a corporation, joint st…

(a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time stated below for the particular property:(1) Traveler's check, fifteen (15) years after issuance;(2) Money order, seven (7) years after issuance;(3) Stock or other equity interest in a bus…

Tangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, are presumed abandoned if the property remains unclaimed by the …

(1) Except as otherwise provided in this subchapter or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if:(1) the last known address of the apparent owner, as shown on the recor…

A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the ch…

A record of the issuance of a check, draft, or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator's burden of proof as to the existence and amount of the property and its abandonment is satisfi…

(a) A holder of property presumed abandoned shall make a report to the administrator concerning the property. (b) The report must be verified and must contain:(1) a description of the property;(2) except with respect to a traveler's check or money order, the name, if known, and l…

(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by § 18-28-207, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the re…

(a) The administrator shall publish a notice by November 30 of the next year following the year in which abandoned property has been paid or delivered to the administrator. (b) (1) The notice must be published in a newspaper of general circulation in each county of this state.(2)…

(a) In this section, payment or delivery is made in “good faith” if:(1) payment or delivery was made in a reasonable attempt to comply with this subchapter;(2) the holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for …

If property other than money is delivered to the administrator under this subchapter, the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money. If the property…

(a) (1) Except as otherwise provided in this section, the administrator, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in the state which in the judgment of the administrator affords the most favor…

(a) (1) The funds received under this subchapter, including the proceeds from the sale of abandoned property, shall be deposited by the administrator into a special trust fund to be known as the “Unclaimed Property Proceeds Trust Fund”, from which he or she shall make prompt paym…

(a) After property has been paid or delivered to the administrator under this subchapter, another state may recover the property if:(1) the property was paid or delivered to the custody of this state because the records of the holder did not reflect a last known location of the a…

(a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. (b) Within ninety (90) days after a claim is filed, the administrator shall allow or deny the c…

A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety (90) days after its filing may maintain an original action to establish the claim in the Pulaski County Circuit Court, naming the administrator as a defendant. If the aggrie…

(a) The administrator may decline to receive property reported under this subchapter which the administrator considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the administrator and upon conditions and terms prescribed b…

If the administrator determines after investigation that property delivered under this subchapter has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state o…

(a) The expiration, before or after July 30, 1999, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report…

(a) The administrator may require a person who has not filed a report, or a person who the administrator believes has filed an inaccurate, incomplete, or false report, to file a verified report in a form specified by the administrator. The report must state whether the person is …

(a) Except as otherwise provided in subsection (b), a holder required to file a report under § 18-28-207 shall maintain the records containing the information required to be included in the report for ten (10) years after the holder files the report, unless a shorter period is pr…

The administrator may maintain an action in this or another state to enforce this subchapter. The court may award reasonable attorney's fees to the prevailing party.

(a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in § 18…

(a) A holder who fails to report, pay, or deliver property within the time prescribed by this subchapter shall pay to the administrator interest at the annual rate of two (2) percentage points above the bank prime loan rate as reported from time to time in the Board of Governors …

(a) An agreement by an owner, the primary purpose of which is to locate, deliver, recover, or assist in the recovery of property that is presumed abandoned is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandone…

This subchapter does not apply to property held, due, and owing in a foreign country and arising out of a foreign transaction.

(a) An initial report filed under this subchapter for property that was not required to be reported before July 30, 1999, but which is subject to this subchapter must include all items of property that would have been presumed abandoned during the ten-year period next preceding J…

The administrator may adopt pursuant to the Arkansas Administrative Procedure Act, § 25-15-201 et. seq., rules necessary to carry out this subchapter.

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.

Any statute of limitations that would vest the ownership of property subject to this subchapter in a holder of said property before expiration of a period of presumed abandonment is tolled until a demand is made by a party entitled to possession.

(a) Notwithstanding any law to the contrary, including § 18-28-202(a)(10) and (14) and § 18-28-219(b), a United States savings bond held or owing in this state is presumed abandoned if the savings bond remains unclaimed for five (5) years after the date of maturity of the United …

(1) As used in this subchapter:(1) “Holder” means a person, wherever organized or domiciled, who is:(A) In possession of property that belongs to another;(B) A trustee; or(C) Indebted to another on an obligation;(2) “Mineral” means oil, gas, uranium, sulphur, lignite, coal, and a…

(a) (1) A holder of mineral proceeds shall establish an escrow account for mineral proceeds if the person entitled to the receipt of the mineral proceeds is unknown or has not been located within one (1) year after the funds became payable or distributable.(2) The escrow account …

(a) (1) (A) All mineral proceeds that are held or owing by the holder and that have remained unclaimed by the owner for longer than three (3) years after the mineral proceeds became payable or distributable are presumed abandoned.(B) Abandoned mineral proceeds are subject to the …

A report required to be made to the Auditor of State by a holder of abandoned mineral proceeds under this subchapter shall be submitted to the Auditor of State in an electronic format approved by the Auditor of State.