Assets of a dissolved corporation that should be transferred to a creditor, claimant, or member of the corporation who cannot be found or who is not competent to receive them shall be reduced to cash and deposited with the Office of the State Treasurer for safekeeping. When the creditor, claimant, or member furnishes satisfactory proof of entitlement to the amount deposited, the Office of the State Treasurer shall pay him or her or his or her representative that amount. After the Office of the State Treasurer has held the unclaimed cash for six months, the Office of the State Treasurer shall pay such cash to the Board of Regents of the University System of Georgia, to be held without liability for profit or interest until a claim for such cash shall be filed with the Office of the State Treasurer by the parties entitled thereto. No such claim shall be made more than six years after such cash is deposited with the Office of the State Treasurer.
(Code 1981, §14-3-1440, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2001, p. 796, § 6; Ga. L. 2010, p. 863, § 2/SB 296.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 19 Am. Jur. 2d, Corporations, § 2343.
C.J.S.- 19 C.J.S., Corporations, § 965.
ARTICLE 15 FOREIGN CORPORATIONS
RESEARCH REFERENCES
ALR.
- Right of resident creditors of foreign corporation to preference over nonresident creditors, 1 A.L.R. 648.
Right of foreign corporation to plead statute of limitations, 122 A.L.R. 1194.
Effect of domestication of foreign corporations, 126 A.L.R. 1503.
PART 1 CERTIFICATE OF AUTHORITY