Section 35-12-34

Payment or delivery of abandoned property — Relief from liability; rights become obligations of state; reimbursement.

Upon the payment or delivery of abandoned property to the Treasurer, the state shall assume custody and shall be responsible for the safekeeping thereof. Except as otherwise provided in this section, any person who pays or delivers abandoned property to the Treasurer under this article is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property. Except as otherwise provided in this section, the payment or delivery of abandoned property to the Treasurer shall operate as a full, absolute and unconditional release and discharge of the person making the payment or delivery from any and all claims or demands of or liability to any person entitled thereto, or to any other claimant or state, and the payment or delivery may be pleaded as an absolute bar to any action brought against the person making the payment or delivery by any other person entitled thereto, or by any other claimant or state. Except as otherwise provided by this section, the person making the payment or delivery shall immediately and thereafter be relieved of and held harmless by the State of Alabama from any and all liabilities for any claim or claims which exist at the time with reference to the abandoned property or which may thereafter be made or may come into existence on account of or in respect to any such abandoned property. This section does not relieve any person from any fine or civil penalty imposed pursuant to Section 35-12-45. Any right to the abandoned property which any other person entitled thereto or any claimant or state may have against the person making the payment or delivery to the Treasurer shall thereby become the obligation of the State of Alabama. Any holder who has paid moneys to the Treasurer pursuant to this article may make payment to any person appearing to the holder to be entitled thereto; and, upon proof of the payment, proof that the payee was entitled thereto, and unless the Treasurer has already paid a claim for the property, the Treasurer shall forthwith reimburse the holder for the payment. In the event a holder pays a claim before confirming with the Treasurer the Treasurer's receipt of the holder's notice of intent to pay a claim for the property, the holder's payment of the claim shall be at the holder's risk, and the Treasurer shall not be required to reimburse the holder for the payment of the claim.

(Acts 1971, No. 63, p. 101, §14; Acts 1996, No. 96-724, p. 1197, §1.)