(a) Any person aggrieved by a finding of the treasurer under § 66-29-123 or upon whose claim the treasurer has failed to act upon ninety (90) days after the filing thereof, may file a complaint to establish such claim in the chancery court for Davidson County, naming the treasurer as a defendant and joining any other persons who may have an interest in the subject property. The suit shall be brought within ninety (90) days after the decision of the treasurer, or within one hundred eighty (180) days from the date of the filing of the claim, if the treasurer fails to act within such ninety (90) days. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. If a decree is rendered against the treasurer, the treasurer shall make payment in accordance therewith as provided in § 66-29-123. Any aggrieved party may appeal the decision.
(b) (1) Any person who has been determined by the treasurer to be the holder of abandoned property which the treasurer asserts should have been paid or delivered to the treasurer pursuant to this part may file a complaint challenging such determination in the chancery court for Davidson County, naming the treasurer as the defendant and asking the court for a determination of whether the treasurer's determination is valid and correct. The suit must be brought within six (6) months from the date the treasurer issued to the holder a final determination of the amount owed and demand for payment. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. Either aggrieved party may appeal to the court of appeals.
(2) As a condition precedent to the maintenance of any such suit, the person shall either:
(A) Pay to the treasurer at the time of the person's suit the amount determined by the treasurer to be owed, including any penalties assessed under § 66-29-129; or
(B) File with the court at the time of the person's suit a corporate surety bond or an irrevocable letter of credit issued by a qualified surety company or bank in a principal amount equal to one hundred fifty percent (150%) of the amount demanded or portion thereof which is challenged by the suit. Any unchallenged amount shall be paid to the treasurer in the manner prescribed in this part. The bond or letter of credit shall be in such form as shall be prescribed by regulations promulgated by the treasurer. For purposes of this subdivision (b)(2)(B), a corporate surety bond company or bank shall be qualified if it meets the requirements of § 67-1-1801(c)(2)(B).
(3) In the event the suit is withdrawn or dismissed, or final judgment thereon is rendered in favor of the treasurer as to all of the challenged amount:
(A) The treasurer shall be entitled to retain the amount paid pursuant to subdivision (b)(2)(A) and the court shall order the person who filed the suit to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the challenged amount and any penalty assessed against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The court shall also order such person to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(4) In the event final judgment is rendered declaring that the treasurer's determination is invalid in whole, the court shall require the treasurer to:
(A) Refund to the person any amount paid pursuant to subdivision (b)(2)(A) together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121 and reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the court shall order the treasurer to pay to the person reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(5) If the court declares that the treasurer's determination is valid in part, the court shall require each party to bear its own attorneys' fees and expenses and to further require:
(A) The treasurer to refund to the person such part of the property paid pursuant to subdivision (b)(2)(A) as the court declared to be invalid together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The treasurer shall be entitled to retain the remaining amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the amount owed and any penalty assessed thereon against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121.
(a) Any person aggrieved by a finding of the treasurer under § 66-29-123 or upon whose claim the treasurer has failed to act upon ninety (90) days after the filing thereof, may file a complaint to establish such claim in the chancery court for Davidson County, naming the treasurer as a defendant and joining any other persons who may have an interest in the subject property. The suit shall be brought within ninety (90) days after the decision of the treasurer, or within one hundred eighty (180) days from the date of the filing of the claim, if the treasurer fails to act within such ninety (90) days. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. If a decree is rendered against the treasurer, the treasurer shall make payment in accordance therewith as provided in § 66-29-123. Any aggrieved party may appeal the decision.
(b) (1) Any person who has been determined by the treasurer to be the holder of abandoned property which the treasurer asserts should have been paid or delivered to the treasurer pursuant to this part may file a complaint challenging such determination in the chancery court for Davidson County, naming the treasurer as the defendant and asking the court for a determination of whether the treasurer's determination is valid and correct. The suit must be brought within six (6) months from the date the treasurer issued to the holder a final determination of the amount owed and demand for payment. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. Either aggrieved party may appeal to the court of appeals.
(2) As a condition precedent to the maintenance of any such suit, the person shall either:
(A) Pay to the treasurer at the time of the person's suit the amount determined by the treasurer to be owed, including any penalties assessed under § 66-29-129; or
(B) File with the court at the time of the person's suit a corporate surety bond or an irrevocable letter of credit issued by a qualified surety company or bank in a principal amount equal to one hundred fifty percent (150%) of the amount demanded or portion thereof which is challenged by the suit. Any unchallenged amount shall be paid to the treasurer in the manner prescribed in this part. The bond or letter of credit shall be in such form as shall be prescribed by regulations promulgated by the treasurer. For purposes of this subdivision (b)(2)(B), a corporate surety bond company or bank shall be qualified if it meets the requirements of § 67-1-1801(c)(2)(B).
(3) In the event the suit is withdrawn or dismissed, or final judgment thereon is rendered in favor of the treasurer as to all of the challenged amount:
(A) The treasurer shall be entitled to retain the amount paid pursuant to subdivision (b)(2)(A) and the court shall order the person who filed the suit to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the challenged amount and any penalty assessed against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The court shall also order such person to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(4) In the event final judgment is rendered declaring that the treasurer's determination is invalid in whole, the court shall require the treasurer to:
(A) Refund to the person any amount paid pursuant to subdivision (b)(2)(A) together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121 and reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the court shall order the treasurer to pay to the person reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(5) If the court declares that the treasurer's determination is valid in part, the court shall require each party to bear its own attorneys' fees and expenses and to further require:
(A) The treasurer to refund to the person such part of the property paid pursuant to subdivision (b)(2)(A) as the court declared to be invalid together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The treasurer shall be entitled to retain the remaining amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the amount owed and any penalty assessed thereon against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121.
(a) Any person aggrieved by a finding of the treasurer under § 66-29-123 or upon whose claim the treasurer has failed to act upon ninety (90) days after the filing thereof, may file a complaint to establish such claim in the chancery court for Davidson County, naming the treasurer as a defendant and joining any other persons who may have an interest in the subject property. The suit shall be brought within ninety (90) days after the decision of the treasurer, or within one hundred eighty (180) days from the date of the filing of the claim, if the treasurer fails to act within such ninety (90) days. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. If a decree is rendered against the treasurer, the treasurer shall make payment in accordance therewith as provided in § 66-29-123. Any aggrieved party may appeal the decision.
(b) (1) Any person who has been determined by the treasurer to be the holder of abandoned property which the treasurer asserts should have been paid or delivered to the treasurer pursuant to this part may file a complaint challenging such determination in the chancery court for Davidson County, naming the treasurer as the defendant and asking the court for a determination of whether the treasurer's determination is valid and correct. The suit must be brought within six (6) months from the date the treasurer issued to the holder a final determination of the amount owed and demand for payment. A copy of the complaint shall also be served on the attorney general and reporter. The suit shall be tried without a jury. Either aggrieved party may appeal to the court of appeals.
(2) As a condition precedent to the maintenance of any such suit, the person shall either:
(A) Pay to the treasurer at the time of the person's suit the amount determined by the treasurer to be owed, including any penalties assessed under § 66-29-129; or
(B) File with the court at the time of the person's suit a corporate surety bond or an irrevocable letter of credit issued by a qualified surety company or bank in a principal amount equal to one hundred fifty percent (150%) of the amount demanded or portion thereof which is challenged by the suit. Any unchallenged amount shall be paid to the treasurer in the manner prescribed in this part. The bond or letter of credit shall be in such form as shall be prescribed by regulations promulgated by the treasurer. For purposes of this subdivision (b)(2)(B), a corporate surety bond company or bank shall be qualified if it meets the requirements of § 67-1-1801(c)(2)(B).
(3) In the event the suit is withdrawn or dismissed, or final judgment thereon is rendered in favor of the treasurer as to all of the challenged amount:
(A) The treasurer shall be entitled to retain the amount paid pursuant to subdivision (b)(2)(A) and the court shall order the person who filed the suit to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the challenged amount and any penalty assessed against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The court shall also order such person to pay to the state reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(4) In the event final judgment is rendered declaring that the treasurer's determination is invalid in whole, the court shall require the treasurer to:
(A) Refund to the person any amount paid pursuant to subdivision (b)(2)(A) together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121 and reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the court shall order the treasurer to pay to the person reasonable attorneys' fees and expenses of litigation up to twenty percent (20%) of the challenged amount.
(5) If the court declares that the treasurer's determination is valid in part, the court shall require each party to bear its own attorneys' fees and expenses and to further require:
(A) The treasurer to refund to the person such part of the property paid pursuant to subdivision (b)(2)(A) as the court declared to be invalid together with such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121. The treasurer shall be entitled to retain the remaining amount; or
(B) If the person filed a corporate surety bond or a letter of credit pursuant to subdivision (b)(2)(B), the treasurer shall be entitled to collect the amount owed and any penalty assessed thereon against the person by enforcement of the bond or the letter of credit. In addition, the court shall order the person who filed the suit to pay to the state such interest as the court may determine proper in accordance with the principles of equity at a rate not in excess of the legal rate as provided in § 47-14-121.
