Section 35-12-27

Intangible property held by fiduciaries.

All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person, is presumed abandoned unless the owner has, within five years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary:

(1) If the property is held by a banking organization or a financial organization or by a business association organized under the laws of or created in this state; or

(2) If it is held by a business association, a banking organization or a financial organization doing business in this state, but not organized under the laws of or created in this state, and the records of the business association, a banking organization or a financial organization indicate that the last known address of the person entitled thereto is in this state; or

(3) If it is held in this state by another person.

(Acts 1971, No. 63, p. 101, §7; Acts 1991, 1st Ex. Sess., No. 91-788, §4.)