66-29-117 - Income accruing after payment or delivery. - Tennessee Statutes

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Statutes > Tennessee > Title-66 > Chapter-29 > Part-1 > 66-29-117

66-29-117. Income accruing after payment or delivery.

(a) When noninterest-bearing property is paid or delivered to the treasurer under this part, the owner is not entitled to receive income or other increments accruing thereafter.

(b) When interest-bearing property is paid or delivered to the treasurer under this part, the owner is entitled to receive interest accruing thereafter under the following conditions:

(1) Interest will be paid at the stated rate the property was earning at the time it was turned over to the treasurer; and

(2) Interest will be computed by the treasurer at the time a valid claim is established by the owner. The interest will be compounded annually.

[Acts 1978, ch. 561, § 17; T.C.A., § 64-2917.]

State Codes and Statutes

Statutes > Tennessee > Title-66 > Chapter-29 > Part-1 > 66-29-117

66-29-117. Income accruing after payment or delivery.

(a) When noninterest-bearing property is paid or delivered to the treasurer under this part, the owner is not entitled to receive income or other increments accruing thereafter.

(b) When interest-bearing property is paid or delivered to the treasurer under this part, the owner is entitled to receive interest accruing thereafter under the following conditions:

(1) Interest will be paid at the stated rate the property was earning at the time it was turned over to the treasurer; and

(2) Interest will be computed by the treasurer at the time a valid claim is established by the owner. The interest will be compounded annually.

[Acts 1978, ch. 561, § 17; T.C.A., § 64-2917.]

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State Codes and Statutes

Statutes > Tennessee > Title-66 > Chapter-29 > Part-1 > 66-29-117

66-29-117. Income accruing after payment or delivery.

(a) When noninterest-bearing property is paid or delivered to the treasurer under this part, the owner is not entitled to receive income or other increments accruing thereafter.

(b) When interest-bearing property is paid or delivered to the treasurer under this part, the owner is entitled to receive interest accruing thereafter under the following conditions:

(1) Interest will be paid at the stated rate the property was earning at the time it was turned over to the treasurer; and

(2) Interest will be computed by the treasurer at the time a valid claim is established by the owner. The interest will be compounded annually.

[Acts 1978, ch. 561, § 17; T.C.A., § 64-2917.]