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HB104 ENROLLED
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HB104
7B94TVV-2
By Representatives Blackshear, Whitt
RFD: Financial Services
First Read: 13-Jan-26
PFD: 06-Jan-26
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PFD: 06-Jan-26
Enrolled, An Act,
Relating to unclaimed property; to amend Sections
35-12-71, 35-12-72, 35-12-76, 35-12-80, and 35-12-93, Code of
Alabama 1975; to establish guidelines for abandoned digital
assets; to authorize the liquidation of certain abandoned
digital assets; and to clarify the requirements of an
enforceable agreement to locate, recover, or assist in the
recovery of unclaimed property held by the State Treasurer.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Sections 35-12-71, 35-12-72, 35-12-76,
35-12-80, and 35-12-93, Code of Alabama 1975, are amended to
read as follows:
"§35-12-71
As used in this article, unless the context otherwise
requires, the following terms shall have the meanings
respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the
records of a holder as the person entitled to property held,
issued, or owing by the holder.
(2) BUSINESS ASSOCIATION. A corporation, joint stock
company, investment company, partnership, unincorporated
association, joint venture, limited liability company,
business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or
other business entity consisting of one or more persons,
whether or not for profit.
(3) DIGITAL ASSET. Any digital representation used as a
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(3) DIGITAL ASSET. Any digital representation used as a
medium of exchange or storage of value which is not fiat
currency and is recorded in a cryptographically secured,
distributed ledger, or any similar technology, regardless of
whether each individual transaction is recorded in that
ledger. The term does not include any software or protocols
governing the transfer of digital representation of value,
video game-related digital content, or loyalty or gift cards.
(3)(4) DOMICILE. The state of incorporation of a
corporation and the state of the principal place of business
of a holder other than a corporation.
(5) ESTABLISHED EXCHANGE. An exchange licensed pursuant
to Chapter 7A of Title 8.
(4)(6) FINANCIAL ORGANIZATION. A savings and loan
association, building and loan association, industrial loan
organization, credit union, cooperative bank, bank, or banking
organization.
(7) FINDER. Any person engaged or assisting in the
location, recovery, purchase, or assignment of property held
by the State Treasurer for a fee, compensation, commission, or
other remuneration paid by the owner or apparent owner of the
property.
(5)(8) HOLDER. A person in possession of property
belonging to another, or who is a trustee in case of a trust,
obligated to hold for the account of, or deliver to, or pay
to, the owner or apparent owner as applicable, property that
is subject to this article.
(6)(9) INSURANCE COMPANY. An association, corporation,
or fraternal or mutual benefit organization, whether or not
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or fraternal or mutual benefit organization, whether or not
for profit, engaged in the business of providing life
endowments, annuities, or insurance, including, but not
limited to, accidental, burial, casualty, credit life,
contract performance, dental, disability, fidelity, fire,
health, hospitalization, illness, life, malpractice, marine,
mortgage, surety, wage protection, and workers' compensation
insurance.
(10) LAST KNOWN ADDRESS. Any address, description, or
other indication of the location of the apparent owner. The
address, description, or other indication, at a minimum, shall
identify the state that the apparent owner was located in, and
does not need to be sufficient to direct the delivery of first
class U.S. mail to the apparent owner.
(7)(11) MINERAL. Gas; oil; coal; other gaseous, liquid,
and solid hydrocarbons; oil shale; cement material; sand and
gravel; road material; building stone; chemical raw material;
gemstone; fissionable and nonfissionable ores; colloidal and
other clay; steam and other geothermal resource; or any other
substance defined as a mineral by the law of this state.
(8)(12) MINERAL PROCEEDS. Amounts payable for the
extraction, production, or sale of minerals, or, upon the
abandonment of those payments, all payments that become
payable thereafter. The term includes the following amounts
payable:
a. For the acquisition and retention of a mineral
lease, including bonuses, royalties, compensatory royalties,
shut-in royalties, minimum royalties, and delay rentals.
b. For the extraction, production, or sale of minerals,
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b. For the extraction, production, or sale of minerals,
including net revenue interests, royalties, overriding
royalties, extraction payments, and production payments.
c. Under an agreement or option, including a joint
operating agreement, unit agreement, pooling agreement, and
farm-out agreement.
(9)(13) OWNER. A person who has a legal or equitable
interest in property subject to this article or the person's
legal representative. The term includes a depositor in the
case of a deposit, a beneficiary in the case of a trust other
than a deposit in trust, and a creditor, claimant, or payee in
the case of other property.
(10)(14) PERSON. An individual, business association,
financial organization, estate, trust, government,
governmental subdivision, agency, or instrumentality, or any
other legal or commercial entity.
(15) PRIVATE KEY. The secret part of an asymmetric key
pair which is used to digitally sign or decrypt data.
(11)(16) PROPERTY. Tangible property held in a safe
deposit box or other safekeeping depository in this state, and
fixed and certain interest in intangible property that is
held, issued, or owed in the course of a holder's business, or
by a government, governmental subdivision, agency, or
instrumentality, and all income or increments therefrom. The
term includes, but is not limited to, property that is
referred to as or evidenced by any of the following:
a. Money, a check, draft, deposit, interest, or
dividend.
b. Credit balance, customer's overpayment, gift
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b. Credit balance, customer's overpayment, gift
certificate, security deposit, refund, credit memorandum,
unpaid wage, unused ticket, mineral proceeds, or unidentified
remittance.
c. Stock or other evidence of ownership of an interest
in a business association or financial organization.
d. A bond, debenture, note, or other evidence of
indebtedness.
e. Money deposited to redeem stocks, bonds, coupons, or
other securities or to make distributions.
f. An amount due and payable under the terms of an
annuity or insurance policy, including, but not limited to,
policies providing life insurance, property and casualty
insurance, workers' compensation insurance, or health and
disability insurance.
g. An amount distributable from a trust or custodial
fund established under a plan to provide health, welfare,
pension, vacation, severance, retirement, death, stock
purchase, profit sharing, employee savings, supplemental
unemployment insurance, or similar benefits.
(12)(17) RECORD. Information that is inscribed on a
tangible medium or that is stored in an electronic or other
medium and is retrievable in perceivable form.
(13)(18) RULES. Rules necessary to carry out this
article adopted pursuant to the Administrative Procedure Act.
(14)(19) STATE. A state of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, the
United States Virgin Islands, or any territory or insular
possession subject to the jurisdiction of the United States.
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possession subject to the jurisdiction of the United States.
(15)(20) STATE TREASURER. The Treasurer of the State of
Alabama, or the designee of the State Treasurer.
(16)(21) UTILITY. Any person who owns or operates, for
public use, any plant, equipment, real property, franchise, or
license for the transmission of communications or the
production, storage, transmission, sale, delivery, or
furnishing of electricity, water, steam, or gas."
"§35-12-72
(a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the
following types of particular property:
(1) Traveler's checks, 15 years after issuance.
(2) Money order, five years after issuance.
(3) A demand, savings, or time deposit including a
deposit that is automatically renewable, three years after the
earlier of maturity, as extended from time to time, or the
date of the last indication by the apparent owner of interest
in the property.
(4) Tangible and intangible property held in a safe
deposit box or other safekeeping depository in this state in
the ordinary course of the holder's business and proceeds
resulting from the sale of the property permitted by other
law, three years after expiration of the lease or rental
period on the box or other depository.
(5) Money or credits owed to a customer as a result of
a retail business transaction, one year after the obligation
accrued.
(6) Property in an individual retirement account,
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(6) Property in an individual retirement account,
defined benefit plan, or other account or plan that is
qualified for tax deferral under the income tax laws of the
United States, three years after the earlier of : a.(i) the
date of the distribution or attempted distribution of the
property; b.(ii) the date of the required distribution as
stated in the plan or trust agreement governing the plan; or
c.(iii) the date, if determinable by the holder, specified in
the income tax laws of the United States by which distribution
of the property must begin in order to avoid a tax penalty.
(7) Stock or other equity interest in a business
association or financial organization, including a security
entitlement under Article 8 of Title 7, the Uniform Commercial
Code, three years after the earlier of : a.(i) the date of the
most recent dividend, stock split, or other distribution
unclaimed by the apparent owner; or b.(ii) the date of the
second mailing of a statement of account or other notification
or communication that was returned as undeliverable or after
the holder discontinued mailings, notifications, or
communications to the apparent owner.
(8) Debt of a business association or financial
organization, other than a bearer bond or an original issue
discount bond covered under subdivision (18)(19), three years
after the date of the most recent interest payment unclaimed
by the apparent owner.
(9) Property distributable by a business association or
financial organization in a course of dissolution, one year
after the property becomes distributable.
(10) Amount owed by an insurer on a life or endowment
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(10) Amount owed by an insurer on a life or endowment
insurance policy or an annuity that has matured or terminated,
three years after the obligation to pay arose or, in the case
of a policy or annuity payable upon proof of death, three
years after the insured has attained, or would have attained
if living, the limiting age under the mortality table on which
the reserve is based.
(11) Property distributable in the course of a
demutualization or related reorganization of an insurance
company shall be deemed abandoned as follows:
a. Any funds, two years after the date of the
demutualization or reorganization, if the funds remain
unclaimed, and the owner has not otherwise communicated with
the holder or its agent regarding the property as evidenced by
a memorandum or other record on file with the holder or its
agent.
b. Any stock or other equity interest, two years after
the date of the demutualization or reorganization if
instruments or statements reflecting the distribution are
either mailed to the owner and returned by the post office as
undeliverable, or not mailed to the owner because of an
address on the books and records of the holder that is known
to be incorrect and the owner has not otherwise communicated
with the holder or its agent regarding the property as
evidenced by a memorandum or other record on file with the
holder or its agent.
c. Property not subject to paragraphs a. or b. within
two years of the distribution shall remain reportable under
other sections of this article.
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other sections of this article.
(12) Property received by a court as proceeds of a
class action, and not distributed pursuant to the judgment,
one year after the distribution date.
(13) Property held by a court, government, governmental
subdivision, agency, or instrumentality, one year after the
property becomes distributable.
(14) Wages or other compensation for personal services,
one year after the compensation becomes payable.
(15) Deposit or refund owed to a subscriber by a
utility, one year after the deposit or refund becomes payable.
(16) Any check, warrant, debit card, or other payment
instrument drawn on or issued by the State of Alabama,
outstanding and unpaid within the time frame allowed under
Section 41-4-60.
(17) Gift certificate, other than those exempt under
Section 35-12-73, three years after June 30 of the year in
which the certificate was sold, but if redeemable in
merchandise only, the amount abandoned is deemed to be 60
percent of the certificate's face value.
(18) Property held within a digital asset account where
the last known address of the apparent owner is located in
this state, three years after the last activity by the
apparent owner.
a. For purposes of this subdivision, "activity"
includes, but is not limited to, the following actions:
1. Accessing a password-protected account.
2. Responding to outreach by the holder regarding the
property.
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property.
3. Conducting a transaction regarding the property or
account in which the property is held, including deposits into
or withdrawals from the account.
4. Any other action that reasonably demonstrates to the
holder that the apparent owner is aware the property exists.
b. For purposes of this subdivision, "activity" does
not include any automated, recurring, or prescheduled debit or
credit transaction.
(18)(19) All other property, three years after the
owner's right to demand the property or after the obligation
to pay or distribute the property arises, whichever first
occurs.
(b) At the time that an interest is presumed abandoned
under subsection (a), any other property right accrued or
accruing to the owner as a result of the interest, and not
previously presumed abandoned, is also presumed abandoned.
(c) Property is unclaimed if, for the applicable period
set forth in subsection (a), the apparent owner has not
communicated in writing, or by other means reflected in a
contemporaneous record prepared by or on behalf of the holder,
with the holder concerning the property or the account in
which the property is held, and has not otherwise indicated an
interest in the property. A communication with an owner by a
person other than the holder or its representative who has not
in writing identified the property to the owner is not an
indication of interest in the property by the owner.
(d) An indication of an owner's or apparent owner's
interest in property includes any of the following:
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interest in property includes any of the following:
(1) The presentment of a check or other instrument of
payment of a dividend or other distribution made with respect
to an account or underlying stock or other interest in a
business association or financial organization or, in the case
of a distribution made by electronic or similar means,
evidence that the distribution has been received.
(2) Owner-directed activity in the account in which the
property is held, including a direction by the owner to
increase, decrease, or change the amount or type of property
held in the account.
(3) The making of a deposit to or withdrawal from a
bank account. Any correspondence in writing from the holder to
the apparent owner, such as the mailing of a statement, report
of interest paid or credited, renewal of a deposit or other
written information relating to the deposit shall be construed
to mean that the apparent owner has indicated an interest in
the deposit if the correspondence in writing is not returned
to the holder for nondelivery thereof. Any activity or
indication of interest by an apparent owner in the deposit or
in any other deposits in a holder shall be construed to be
activity and indication of interest in all other deposits of
the apparent owner in the holder.
(4) The payment of a premium with respect to a property
interest in an insurance policy; but the application of an
automatic premium loan provision or other nonforfeiture
provision contained in an insurance policy does not prevent a
policy from maturing or terminating if the insured has died or
the insured or the beneficiary of the policy has otherwise
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the insured or the beneficiary of the policy has otherwise
become entitled to the proceeds before the depletion of the
cash surrender value of a policy by the application of those
provisions.
(e) Property is payable or distributable for purposes
of this article notwithstanding the failure of the owner or
apparent owner to make demand or present an instrument or
document otherwise required to obtain payment."
"§35-12-76
(a) A holder of property presumed abandoned shall make
a report to the State Treasurer concerning the property. The
report shall be filed electronically and the monies remitted
electronically. The State Treasurer may grant an exception
upon written request as established by rule. A report should
contain only tangible property or intangible property. If a
holder possesses both property types, two reports shall be
filed.
(b) The report must be verified, balanced, and must
contain, at a minimum, all of the following:
(1) A description of the property.
(2) The date, if any, on which the property became
payable, demandable, or returnable, and the date of the last
transaction with the apparent owner with respect to the
property.
(3) Other information that the State Treasurer by rule
prescribes as necessary for the administration of this
article.
(4) Except with respect to a traveler's check, money
order, or State of Alabama issued payment instruments, the
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order, or State of Alabama issued payment instruments, the
name, if known, the last known address, if any, and the Social
Security number or taxpayer identification number, if readily
ascertainable, of the apparent owner of property in an amount
greater than the aggregate amount established by rule.
(5) In the case of property held or owing under an
annuity or a life or endowment insurance policy, the policy
number, the full name, Social Security number, if known, date
of birth, if known, and last known address, of the annuitant
or insured and of the beneficiary.
(6) In the case of expired State of Alabama issued
warrants or other payment instruments, the full name of the
owner/payee, warrant or account number, date of issuance,
owner address, and Social Security number, if known.
(7) In the case of property held in a safe deposit box
or other safekeeping depository, an indication of the place
where it was held, the full name and last known address of the
apparent owner, and any amounts owing to the holder.
(8) In the case of individual items valued under fifty
dollars ($50), or a greater amount if established by rule, an
aggregated amount.
(c) The report shall be filed before November 1 of each
year and cover the 12 months next preceding July 1 of that
year.
(d) The holder shall send written notice to the
apparent owner, not less than 60 days before filing the
report, stating that the holder is in possession of property
subject to this article, if all of the following requirements
are met:
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are met:
(1) The holder has in its records an address for the
apparent owner which the holder's records do not disclose to
be inaccurate.
(2) The claim of the apparent owner is not barred by a
statute of limitations.
(3) The value of the property is fifty dollars ($50) or
a greater amount as established by rule.
(e) If the property presumed to be abandoned is a
security, a digital asset, or the contents of a safe deposit
box, the notice shall advise the apparent owner that the
property may be liquidated if the apparent owner does not
provide a timely response to the holder.
(e)(f) State of Alabama issued warrants or other
payment instruments outstanding and unpaid are void and
transferred to the Unclaimed Property Reserve Fund pursuant to
Section 41-4-60. Therefore, subsection (d) does not apply.
(f)(g) Before the date for filing the report, the
holder may request the State Treasurer to extend the time for
filing the report. The State Treasurer may grant the extension
for good cause. The holder, upon receipt of the extension, may
make an interim payment on the amount the holder estimates
will ultimately be due, which terminates the accrual of
penalties, if any, on the amount paid."
"§35-12-80
(a) Except as otherwise provided in this section, the
State Treasurer, within three years after the receipt of
abandoned property, shall sell it to the highest bidder at
public sale. The State Treasurer may decline the highest bid
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public sale. The State Treasurer may decline the highest bid
and reoffer the property for sale if the State Treasurer
considers the bid to be insufficient. The State Treasurer need
not offer the property for sale, if the State Treasurer
considers that the probable cost of sale will exceed the
proceeds of the sale. A sale held under this section shall be
preceded by a minimum of a single publication of notice , at
least three weeks before sale , in a newspaper of general
circulation in the county in which the property is to be sold .
(b) Securities listed on an established stock exchange
must be sold at prices prevailing on the exchange at the time
of sale. Other securities may be sold over the counter at
prices prevailing at the time of sale or by any reasonable
method selected by the State Treasurer. All securities
delivered to the State Treasurer may be sold upon receipt.
(c)(1) Digital assets listed on an established exchange
must be sold at prices prevailing on the exchange at the time
of sale. Other digital assets may be sold over the counter at
prices prevailing at the time of sale or by any reasonable
method selected by the State Treasurer. All digital assets
delivered to the State Treasurer may be sold upon receipt.
(2) If the holder has a private key, credential, or
other information necessary to effectuate the transfer of
digital assets presumed abandoned, the holder shall report the
digital asset and, within 30 days after filing the report,
deliver the digital asset, in native form, into the custody of
the State Treasurer. The holder shall comply with any delivery
instructions given by the State Treasurer. Within 30 days
after delivery of the digital asset, the holder shall provide
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after delivery of the digital asset, the holder shall provide
the State Treasurer with reconciliation of the delivered asset
with respect to the report filed.
(3) If the holder does not have sufficient information
to effectuate a transfer of a digital asset, the holder shall
maintain possession of the digital asset until the holder
acquires the information necessary to effectuate the transfer.
(4) The State Treasurer may decline to accept a digital
asset presumed abandoned if the State Treasurer determines
that the digital asset is not freely transferable, is of
nominal value, or has value of less than the estimated
expenses of maintenance, notice, and sale of the digital
asset. The State Treasurer may also identify classes or types
of digital assets that are exempt from reporting or
liquidation.
(5) The State Treasurer may direct a holder of a
digital asset presumed abandoned to liquidate the digital
asset. The order to liquidate may be provided in the reporting
instructions for the year that a report is due. The holder
shall liquidate the digital asset within 30 days after the
filing of a report.
(6)a. Beginning no later than January 1, 2028, the
State Treasurer shall annually issue a report to the
Legislature which summarizes all digital asset activity
pursuant to this chapter for the previous year.
b. The initial annual report shall address the
feasibility of contracting with a qualified custodian for the
purpose of holding digital assets in the assets' native form
and any costs that may be associated with contracting with a
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and any costs that may be associated with contracting with a
custodian for this purpose.
c. Paragraph b. shall not be construed to require the
State Treasurer to contract with a qualified custodian for the
purpose of the state holding unclaimed digital assets in the
assets' native form.
(c)(d) Any person making a claim pursuant to this
section is entitled to receive either the property delivered
by the holder, if it still remains in custody of the State
Treasurer, or the proceeds received from sale, less any fees
and expenses incurred from the sale if deducted. No person has
any claim under this article against the state, the State
Treasurer, the holder, any transfer agent, any auctioneer, or
any person acting for or on behalf of the holder or State
Treasurer for any appreciation or depreciation in the value of
property occurring after delivery by the holder to the
Treasurer its liquidation .
(d)(e) A purchaser of property at a sale conducted by
the State Treasurer pursuant to this article takes the
property free of all claims of the owner or previous holder
and of all persons claiming through or under them. The State
Treasurer shall execute all documents necessary to complete
the transfer of ownership."
"§35-12-93
(a) An agreement by an owner, the primary purpose of
which is to locate, deliver, recover, or assist in the
recovery of property that is presumed abandoned, is void and
unenforceable if it was entered into during the period
commencing on the date the property was presumed abandoned and
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commencing on the date the property was presumed abandoned and
extending to a time that is 24 months after the date the
property is paid or delivered to the State Treasurer. This
subsection does not apply to an owner's agreement with an
attorney to file a claim as to identified property or contest
the State Treasurer's denial of a claim.
(b) An agreement by an owner or an apparent owner and a
finder , the primary purpose of which is to locate, deliver,
recover, or assist in the location or recovery of property
held by the State Treasurer , is enforceable only if the
agreement:
(1) the agreement is Is in writing ,;
(2) clearly Clearly sets forth the nature of the
property and the services to be rendered ,;
(3) states States that the property is in the custody of
the State of Alabama Treasurer's Office and provides contact
information for recovering the property ,;
(4) States that the property may be recovered from the
State Treasurer without the payment of a fee;
(5) isIs signed by the apparent owner, states the
compensation fee percentage of, compensation, commission, or
other remuneration based on the value of the amount to be
claimed ,; and
(6) states States any other compensation to be deducted.
(c) In conjunction with the filing of any claim
involving an agreement by an owner or apparent owner and a
finder, the State Treasurer shall receive from the claimant a
full and unredacted copy of the agreement signed by the owner
or apparent owner and the finder.
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or apparent owner and the finder.
(c)(d) If an agreement covered by this section applies
to mineral proceeds and the agreement contains a provision to
pay compensation that includes a portion of the underlying
minerals or any mineral proceeds not then presumed abandoned,
the provision is void and unenforceable.
(d)(e) Total compensation in an agreement covered by
this section may not exceed 10 percent of the value of the
amount claimed. The purchase, assignment, or other conveyance
of unclaimed property to a finder, resulting in a net fee,
compensation, commission, remuneration, or other profit to the
finder in excess of 10 percent of the amount collected is
prohibited.
(f) This section shall not apply to asset purchase
agreements involving assets of a business arising out of a
bankruptcy proceeding under Title 11 of the U.S. Code or a
corporate dissolution or similar proceeding under applicable
state law, including receiverships for the benefit of
creditors.
(g) This section shall not limit the ability of the
State Treasurer to request or receive additional documentation
for the determination of whether the claimant is the owner of
the property.
(e)(h) This section does not preclude an apparent owner
or the State Treasurer from asserting that an agreement
covered by this section is invalid on grounds other than
unconscionable compensation. It is the sole responsibility of
the owner to enforce this section it provides for payment of
compensation in excess of the amount authorized in subsection
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compensation in excess of the amount authorized in subsection
(e)."
Section 2. This act shall become effective on June 1,
2026.
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2026.
________________________________________________
Speaker of the House of Representatives
________________________________________________
President and Presiding Officer of the Senate
House of Representatives
I hereby certify that the within Act originated in and
was passed by the House 20-Jan-26, as amended.
John Treadwell
Clerk
Senate 10-Mar-26 Amended and Passed
House 12-Mar-26 Concurred in Senate
Amendment
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