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1996 SESSION

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HB 1078 Escheats law.

Introduced by: Allen W. Dudley | all patrons    ...    notes | add to my profiles

SUMMARY:

Escheats law. Makes several changes to current escheats law as a result of recommendations by the joint subcommittee established pursuant to HJR 592:

1. Changes the appointment of escheators from one for every city and county to one for every judicial circuit.

2. Returns the escheat process to a "true escheat" process. "True escheat" means properties enter the process only when the owner dies intestate or dies testate without disposing of the property by will and without leaving any surviving heirs, kindred or spouse to inherit the property. Current law allows certain abandoned properties to go through the process that would qualify under the judicial sale process for delinquent taxes.

3. Clarifies "last owner of record" to mean as it appears in the tax records of the local treasurer.

4. Reduces the time period from not less than 12 months to not less than 6 months within which the Governor must issue an order of sale.

5. Requires the State Treasurer to file an annual report with the Governor containing the names of any escheators who fail to perform any duty required of them.

The measure has an emergency clause.


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