Section 35-12-24

Deposits and refunds held by utilities.

The following funds held or owing by any utility are presumed abandoned:

(1) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than two years after the termination of the services for which the deposit or advance payment was made; provided, that any such deposit made by a subscriber with a utility to secure payment for, or any sum payable in advance for, utility services to be furnished in this state shall not be deemed unclaimed so long as the subscriber remains a subscriber of such utility and such deposit or payment continues to secure the payment or an advance payment for utility services to be furnished in this state.

(2) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than two years after the date it became payable in accordance with the final determination or order providing for the refund.

(Acts 1971, No. 63, p. 101, §4.)