When unpaid wages presumed abandoned

Unpaid wages, including wages represented by unpresented payroll checks owing in the ordinary course of the holder’s business, that have remained unclaimed by the owner for more than one year after becoming payable are presumed abandoned. History. Code 1981, § 44-12-206, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 12. 44-12-207. When employee benefit trust distributions and income thereon presumed abandoned; exceptions. (a) All employee benefit trust distributions and any income or other increment thereon are abandoned to this state under the provisions of this article if the owner has not, within five years after it becomes payable or distributable, accepted such distribution, corresponded in writing concerning such distribution, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the fiduciary of the trust or custodial fund or administrator of the plan under which such trust or fund is established. (b) An employee benefit trust distribution and any income or other increment thereon shall not be presumed abandoned to this state under the provisions of this article if, at the time such distribution shall become payable to a participant in an employee benefit plan, such plan contains a provision for forfeiture, if the trustees of an employee benefit plan supported wholly or partially from public funds adopt a provision for forfeiture, or if such plan expressly authorizes the trustee to declare a forfeiture of a distribution to a beneficiary thereof who cannot be found after a period of time specified in such plan, and the trust or fund established under the plan has not terminated prior to the date on which such distribution would become forfeitable in accordance with such provision. 278 History. Code 1981, § 44-12-207, enacted by Ga. 44-12-208 L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 13. 44-12-208. When funds held or owing by insurer or hospital, medical, or dental service corporation presumed abandoned; when sums payable on negotiable instrument for payment of claim under insurance contract presumed abandoned. (a) Any funds held or owing by a fire, casualty, or any other insurer or surety as defined in Title 33 or a hospital, medical, or dental service corporation organized under Title 31 that are due and payable, as established from the records of the insurer or surety either to an insured, a principal, or other claimant under any insurance policy or contract shall be presumed abandoned if they have not been claimed or paid within five years after becoming due or payable. Funds payable according to the insurer’s or surety’s records are deemed due and payable although the policy or contract has not been surrendered as required. (b) If a person other than the insured, the principal, or the claimant is entitled to the funds and no address of the person is known to the insurer or surety or if it is not definite and certain from the records of the insurer or surety what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured, the principal, or the claimant according to the records of the insurer or surety. (c) Any sum for the payment of a claim under an insurance policy or contract, which sum is payable on a negotiable instrument on which the insurer is the maker or drawer shall be presumed abandoned if, within five years from the date payable, or from the date of issuance, if payable on demand, the owner has not: (1) Negotiated the instrument; (2) Corresponded in writing with the insurer concerning it; or (3) Otherwise indicated an interest by a writing on file with the insurer. History. Code 1981, § 44-12-208, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 14.