Ala. Admin. Code r. 892-2-1-.10

Current through Register Vol. 42, No. 12, September 30, 2024

Section 892-2-1-.10 - Disposition Of Property

(1) Marketable securities delivered to the Treasurer's Office will be sold upon receipt at prices prevailing at the time of sale.

(2) At the Treasurer's discretion, the sale of stock may be suspended in the event of a significant economic downturn and decline in economic activity that results in a nationwide recession. Upon receipt of the Bureau of Economic Analysis of the US Department of Commerce ("Bureau") report showing two consecutive quarters of decline in the real gross domestic product (GDP), stock sales may be suspended. Upon receipt of the Bureau's report showing two quarters of positive growth in GDP, the Treasurer's Office may resume the sale of stock.

(3) Prior to public auction, Contents will be held for a minimum of one year from the date of the attempted notification by the Treasurer's Office to the reported owner.

(4) The Treasurer may allow property not available for public auction to be displayed by the Alabama Historical Commission, Department of Archives and History, or similar state organization, if the request is made in writing by the organization and in its opinion, the property has historical, artistic or literary value worthy of preservation.

(5) If the Treasurer determines that property delivered to the Unclaimed Property Division has no substantial commercial value, the property may be destroyed or otherwise disposed of at any time.

Ala. Admin. Code r. 892-2-1-.10

Adopted by Alabama Administrative Monthly Volume XXXIII, Issue No. 04, January 30, 2015, eff. 2/3/2015.

Author: Ralph Ainsworth, Unclaimed Property Division, Office of State Treasurer

Statutory Authority:Code of Ala. 1975, § 35-12-20, et seq.