Section 35-12-36

Disposition of property by Treasurer.

The Treasurer may destroy or otherwise dispose of property which in the Treasurer's opinion has insubstantial commercial value, but in no instance shall such destruction or other disposition occur before the expiration of one calendar year from the date on which the later of the mailing or publishing notice pursuant to Section 35-12-32 occurs. Except as otherwise provided by this article, the destruction or disposition of property under this section is excepted from all requirements in this article relating to the sale or disposition of abandoned property. Any proceeds received by the Treasurer upon sale or disposition of property under this section shall be deposited according to the requirements set forth in Section 35-15-39.

(Acts 1971, No. 63, p. 101, §22; Acts 1996, No. 96-724, p. 1197, §1.)