Tennessee joins a handful of states that have introduced or enacted measures to update their unclaimed property laws to conform generally to the Revised Uniform Unclaimed Property Act drafted by the National Conference of Commissioners on Uniform State Laws. The final amended version replaces Tennessee’s former “Uniform Disposition of Unclaimed Property Act.”
The new act, entitled “Uniform Unclaimed Property Act,” contains definitions and adopts most, but not all, of the provisions from the model act. It continues to exempt gift cards and property obtained in the course of a business-to-business relationship from the definition of “property” subject to the act. However, the new act made several changes , including:
- decreasing most dormancy periods from 5 to 3 years
- reporting and due diligence requirements, and abandoned life insurance provisions
- revises sections relating to unclaimed life insurance requirements, as well as to holder filing provisions
- requires the treasurer to sell or liquidate securities between eight months and one year after receiving the security
For more detailed information, contact the staff at UPCR.