66-29-118 - Periods of limitation not a bar Actions maintained by the treasurer.
66-29-118. Periods of limitation not a bar Actions maintained by the treasurer.
(a) The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, shall not prevent the money or property from being presumed abandoned property, nor affect any duty to file a report required by this part or to pay or deliver abandoned property to the treasurer.
(b) An action or proceeding may not be maintained by the treasurer to enforce this part in regard to the reporting, delivery, or payment of property more than ten (10) years after the holder either files a report for the period in which the property was reportable or gave express notice to the treasurer of a dispute regarding the property. Notwithstanding this subsection (b), the period of limitation shall be tolled under the following circumstances:
(1) The holder failed to file such a report or other express notice with the treasurer;
(2) The holder failed or refused to allow the treasurer to examine the holder's books and records pursuant to § 66-29-127;
(3) The treasurer or an agent of the treasurer has initiated an audit of the report; or
(4) The report was fraudulent.
[Acts 1978, ch. 561, § 18; T.C.A., § 64-2918; 2001, ch. 231, § 4.]