7-7-42 - Limitation of time for payment of warrants.
§ 7-7-42. Limitation of time for payment of warrants.
Any State of Mississippi warrant issued by the State Fiscal Officer against any fund in the State Treasury which has not been presented to the State Treasurer for payment within one (1) year after the last day of the month in which it was originally issued, shall be null and void, the obligation thereafter shall be unenforceable and the State Fiscal Officer shall not issue an additional warrant.
The State Fiscal Officer is authorized and directed to cancel all outstanding warrants over one (1) year old at the end of each month and shall notify the State Treasurer who shall remove such warrants from his list of outstanding warrants.
The State Fiscal Officer shall transfer the funds reflected by the cancellation of the warrant to the Abandoned Property Fund authorized by Section 89-12-37 of the Unclaimed Property Division of the State Treasury where the funds shall remain for five (5) years. After five (5) years, if the funds are unclaimed, the State Treasurer shall transfer the funds back to the original source of funds.
This section is applicable to warrants issued on and after January 1, 2000.
Sources: Laws, 1974, ch. 409; Laws, 1984, ch. 488, § 111; Laws, 1989, ch. 532, § 20; Laws, 2000, ch. 501, § 1, eff from and after passage (approved Apr. 27, 2000.)