70-9-309. Deposit of money -- record -- deduction of costs. (1) Except for patronage refunds retained under 35-18-316, all money received under parts 1 through 3, including the proceeds from the sale of abandoned property under 70-9-308, must be immediately deposited by the department of revenue with the state treasurer for credit to the public school nonexpendable trust fund of the state, except that the state treasurer shall retain in the expendable trust fund an amount not exceeding $100,000 from which the treasurer shall make prompt payment of claims allowed by the department as provided in this section.
     (2) (a) Before making the deposit, the department shall record:
     (i) the name and last-known address of each person appearing from the holders' reports to be entitled to the abandoned property; and
     (ii) the name and last-known address of each insured person or annuitant and, with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.
     (b) The record must be available for public inspection at all reasonable business hours.
     (3) Before making any deposit to the credit of the public school nonexpendable trust fund, the department may deduct:
     (a) any costs in connection with sale of abandoned property;
     (b) any costs of mailing and publication in connection with any abandoned property; and
     (c) reasonable service charges.

     History: En. Sec. 18, Ch. 244, L. 1963; amd. Sec. 8, Ch. 216, L. 1971; amd. Sec. 31, Ch. 391, L. 1973; R.C.M. 1947, 67-2218; amd. Sec. 30, Ch. 281, L. 1983; amd. Sec. 4, Ch. 263, L. 1993; amd. Sec. 3, Ch. 5, L. 1995.