The commissioner, after receiving reports of property deemed abandoned pursuant to this article, may decline to receive any property reported which he deems to have a value less than the cost of giving notice and holding sale, or he may, if he deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates.Unless the holder of the property is notified to the contrary within 120 days after filing the report required under Code Section 44-12-214, the commissioner shall be deemed to have elected to receive the custody of the property.
(Code 1981, §44-12-219, enacted by Ga. L. 1990, p. 1506, § 1.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property, §§ 30, 34. 27 Am. Jur. 2d, Escheat, § 46 et seq.
C.J.S.- 1 C.J.S., Abandonment, § 12. 30A C.J.S., Escheat, § 9 et seq.
U.L.A.- Uniform Disposition of Unclaimed Property Act (U.L.A.) § 22.