70-9-307. Period of limitations not to prevent presumption or affect duties -- limitation on department action. (1) The expiration of any period of time specified by statute or court order during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property does not:
     (a) prevent the money or property from being presumed abandoned property or affect any duty to file a report required by parts 1 through 3 or to pay or deliver abandoned property to the department; or
     (b) constitute a defense in an action or proceeding brought by or on behalf of the department against the federal government, a state government, a local government, or an officer or employee of the federal, state, or local government for the payment or delivery of abandoned property to the department pursuant to this chapter or to enforce or collect a penalty imposed by this chapter.
     (2) Except as provided in subsection (1)(b), an action or proceeding may not be commenced by the department with respect to a duty of a holder under parts 1 through 3 more than 10 years after the duty arose.

     History: En. Sec. 16, Ch. 244, L. 1963; amd. Sec. 6, Ch. 216, L. 1971; amd. Sec. 29, Ch. 391, L. 1973; R.C.M. 1947, 67-2216; amd. Sec. 8, Ch. 269, L. 1983; amd. Sec. 5, Ch. 654, L. 1991.