SB72 Alabama 2013 Session

Summary

Primary Sponsor

J.T. WaggonerSenator

Republican

Session

Regular Session 2013

Title

Unclaimed property, holders of abandoned property required to file reports with State Treasurer electronically, exceptions, parent of deceased child authorized to claim property, consumer protection measures for property claimed through third party, Secs. 35-12-72, 35-12-76, 35-12-77, 35-12-79, 35-12-84, 35-12-86, 35-12-93 am'd.

Summary

SB72 updates Alabama's unclaimed property law to standardize abandonment rules, require electronic reporting, and expand who can claim abandoned property while strengthening protections for both the state and property holders.

What This Bill Does

It would let banks treat all deposit products the same when determining abandonment and would require all state-issued payment instruments to be remitted to unclaimed property for the payee after expiration. Holders must report electronically (with some exceptions) and provide necessary information to identify owners; the state and holders receive protections when property is received or remitted. The bill also lets a surviving parent of a child who died intestate claim abandoned property, and it clarifies rules for property received through early reporting; it adds protections for consumers who claim property through third-party sources.

Who It Affects

• Banks and other holders of unclaimed property, who must electronically report and remit property and will gain protections for good-faith remittances.
• The State Treasurer and the Unclaimed Property program, which administers the reporting and claiming process under the amended law.
• Family members such as spouses, surviving children, or surviving parents of a deceased owner who died intestate, who may be able to claim abandoned property under certain value limits and documented procedures.
• Consumers who claim property through third-party sources, who receive added protections against improper practices.

Key Provisions

• Amends sections to treat all deposit products equally for abandonment purposes.
• Requires holders to electronically report and electronically remit abandoned property, with limited exceptions.
• Establishes protections for the state when receiving property and for holders when remitting property (including good-faith standards and liability relief).
• Allows a surviving spouse or, if none, surviving child or children or surviving parents of an owner who died intestate to claim abandoned property within defined value limits and with specified documentation.
• Clarifies property received through early reporting.
• Provides protections for consumers claiming property through third-party sources.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Abandoned Property