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AL SB199
Bill
Status
2/18/2020
Primary Sponsor
Greg Albritton
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AI Summary
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Amends Section 43-6-7 of the Code of Alabama 1975 to modify distribution of funds from estates without heirs.
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Requires the first $250,000 from such estates to be paid to the State Treasurer as under current law.
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Allocates one-half of all proceeds exceeding $250,000 to the county where the estate was probated.
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Directs the remaining proceeds over $250,000 to the State Treasurer for education purposes.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Estates, without heirs, escheats to state, judge of probate to pay one-half of amount over $250,000 to county where prohibited, remainder to State Treasurer, funds used for education purposes, Sec. 43-6-7 am'd.
Estates
Last Action
Pending third reading on day 9 Favorable from Finance and Taxation General Fund
2/27/2020