All intangible property held for the owner by any state or federal court, government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
(Code 1981, §44-12-204, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 10.)
Cross references.- Escheat of property to state generally, Art. 5, Ch. 2, T. 53.
OPINIONS OF THE ATTORNEY GENERAL
Bank reporting requirements.
- See 1973 Op. Att'y Gen. No. 73-11.
Disposition of restitution payments when victim cannot be located.- Restitution payments should not be returned to the probationer when the intended recipient cannot be located: instead, the funds should be retained for the benefit of the victim until the completion of the seven-year [now five-year] holding period, and at that point, the account should be reported and subsequently delivered to the State Revenue Commissioner in accordance with the laws of this state concerning disposition of unclaimed property. 1987 Op. Att'y Gen. No. U87-17.