Section 35-12-25

Undistributed dividends and distributions of business associations.

Any stock or other certificate of ownership, or any dividend, profit, distribution, royalty, interest, payment on principal, or other sum held or owing by a business association, broker or person for or to a shareholder, certificate holder, member, bondholder, or other security holder, or a participating patron of a cooperative, who has not claimed it or corresponded in writing with the business association, broker or person concerning it within five years after the date prescribed for payment or delivery is presumed abandoned if:

(1) It is held or owing by a business association, broker or person organized under the laws of or created in this state; or

(2) It is held or owing by a business association, broker or person doing business in this state, but not organized under the laws of or created in this state, and the records of the business association, broker or person indicate that the last known address of the person entitled thereto is in this state.

(Acts 1971, No. 63, p. 101, §5; Acts 1991, 1st Ex. Sess., No. 91-788, §3.)