When Funds Held or Owing by Utility Presumed Abandoned

1. Law
2. Georgia Code
3. Property
4. Rights in Personalty
5. Disposition of Unclaimed Property
6. When Funds Held or Owing by Utility Presumed Abandoned

The following funds held or owing by any utility are presumed abandoned:

1. Any deposit made by a subscriber with a utility to secure payment for or any sum paid in advance for utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than five years after the termination of the services for which the deposit or advance payment was made; and
2. Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than five years after the date it became payable in accordance with the final determination or order providing for the refund unless the regulatory body having jurisdiction over the utility has provided by order for a different disposition of such unclaimed funds.

(Code 1981, §44-12-199, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 5.)

OPINIONS OF THE ATTORNEY GENERAL

Intangible property held or owing is included.

- In light of the broad scope of the omnibus section (O.C.G.A. § 44-12-200) and the uniform nature of the interpretation of the 1972 and 1990 Disposition of Unclaimed Property Acts, O.C.G.A. § 44-12-190 et seq., the omnibus section of each respective Act includes intangible property held or owing in the ordinary course of the holder's business. 1993 Op. Att'y Gen. No. 93-2.

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