Section 35-12-39

Deposit of funds.

(a) The following funds shall be, and are hereby, created within the State Treasury:

(1) The Unclaimed Property Claims Fund, the purpose of which shall be to pay any and all allowed claims, as that term is defined in this article.

(2) The Unclaimed Property Administrative Fund, the purpose of which shall be to serve as a source of payment of all costs and expenses of administering the unclaimed property program under this article, including without limitation, any costs or expenses for which holders are due to be reimbursed pursuant to Section 35-12-22(4)(a) of this article.

(3) The Unclaimed Property Reserve Fund, the purpose of which shall be to indemnify the Unclaimed Property Claims Fund and the Unclaimed Property Administrative Fund.

(b) An amount sufficient to meet all administrative costs and expenses of the Treasurer in fulfilling the requirements of this article shall be appropriated from the General Fund.

(c) Except as otherwise provided by this section, all funds received under this article, including proceeds from the sale of abandoned property under Section 35-12-38, shall be deposited as follows:

(1) First, into the Unclaimed Property Administrative Fund an amount sufficient to meet the administrative costs and expenses incurred by the Treasurer in meeting the requirements of this article.

(2) Second, into the Unclaimed Property Claims Fund an amount sufficient to pay allowed claims or maintain a minimum balance of five hundred thousand dollars ($500,000), whichever is greater, up to a maximum balance of one million dollars ($1,000,000).

(3) Third, all monies remaining shall be deposited into the Unclaimed Property Reserve Fund. Surpluses in this fund shall be deposited into the State General Fund on a quarterly schedule.

(d) The Treasurer may at the Treasurer's discretion use any funds in the Unclaimed Property Reserve Fund to satisfy any requirement of this article, including, by way of example, maintaining balances required by this section to be maintained in the Unclaimed Property Administrative Fund and Unclaimed Property Claims Fund.

(e) Any funds remaining in the Unclaimed Property Reserve Fund after the requirements of this section have been met as to the Unclaimed Property Claims Fund and Unclaimed Property Administrative Fund shall be deposited into the State General Fund on a quarterly basis.

(f) Funds derived under this article from all estates of deceased persons who die without leaving a will or heir shall be used or applied to the furtherance of education in accordance with the provisions of Section 258 of the Constitution of Alabama of 1901, as amended by Amendment No. 3, and shall be deposited in the Public School Fund. All other funds recovered under this article shall be deposited in accordance with the requirements of this section.

(Acts 1971, No. 63, p. 101, §18; Acts 1991, 1st Ex. Sess., No. 91-788, §7; Acts 1996, No. 96-724, p. 1197, §1.)