99G.28 - PROCEEDS HELD IN TRUST.
99G.28 PROCEEDS HELD IN TRUST.
All proceeds from the sale of the lottery tickets or shares shall
constitute a trust fund until paid to the authority directly, through
electronic funds transfer to the authority, or through the
authority's authorized collection representative. A lottery retailer
and officers of a lottery retailer's business shall have a fiduciary
duty to preserve and account for lottery proceeds and lottery
retailers shall be personally liable for all proceeds. Proceeds
shall include unsold products received but not paid for by a lottery
retailer and cash proceeds of the sale of any lottery products net of
allowable sales commissions and credit for lottery prizes paid to
winners by lottery retailers. Sales proceeds of pull-tab tickets
shall include the sales price of the lottery product net of allowable
sales commission and prizes contained in the product. Sales proceeds
and unused instant tickets shall be delivered to the authority or its
authorized collection representative upon demand. Section History: Recent Form
2003 Acts, ch 178, §81, 121; 2003 Acts, ch 179, §142