Tennessee Enacts New Rules on Unclaimed Property

Tennessee has adopted the Revised Uniform Unclaimed Property Act (RUUPA). It became effective on July 1, and is codified at T.C.A. § 66-29-101, et seq. It replaces the Uniform Disposition of Unclaimed (Personal) Property Act.

RUUPA was crafted last year by the National Conference of Commissioners on Uniform State Laws (NCCUSL). NCCUSL describes the Act as follows:

The ULC first drafted uniform state legislation on unclaimed property in 1954. Since then, revisions have been promulgated in 1981 and again in 1995. Many technological developments in recent years as well as new types of potential unclaimed property, such as gift cards, are not addressed in the most current uniform act. The Revised Uniform Unclaimed Property Act updates provisions on numerous issues, including escheat of gift cards and other stored-value cards, life insurance benefits, securities, dormancy periods, and use of contract auditors.

RUUPA has passed in only three other states: Delaware, Illinois, and Utah. However, it is under consideration in Maine, Minnesota, and Nebraska. 

More to come…

Source: Public Chapter 457 (HB 420) (pdf)

Posted by Joel D. Roettger, JD, LLM, EPLS

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