Section 1700-02-01-.19 - DUTIES OF HOLDERS(1) Before filing the annual report of property presumed abandoned, the holder shall exercise due diligence to ascertain the whereabouts of the owner to prevent abandonment from being presumed. "Due diligence" is defined herein as the degree of care which a reasonably prudent man would exercise in the normal course of business operations.(a) Evidence that the location of the owner cannot be ascertained may be the return of a first-class or superior mailing sent to the owner's last known address.(b) First-class or superior mailings to owners in the ordinary course of the holder's business which are not returned as "undeliverable" shall constitute contact with the owner, and shall constitute an indication of interest in the property in accordance with the Act. Examples of such mailings include, but are not limited to, computerized statements of account and statements of interest earnings required by the Internal Revenue Service.Tenn. Comp. R. & Regs. 1700-02-01-.19
Original rule filed October 26, 1978; effective January 29, 1979. Amendment filed September 4, 1996; effective January 28, 1997.Authority: T.C.A. §§ 66-29-104(1)(C), 66-29-104(2)(C), 66-29-104(3)(A), 66-29-109, 66-29-113(e), and 66-29-130.