The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
12-885 - Seizure and sale of escheated property; disposal of proceeds; exception
12-885. Seizure and sale of escheated property; disposal of proceeds; exception
A. A writ shall be issued to the sheriff or a constable of the county where the property is situated, commanding the sheriff or constable to seize the property vested in the state.
B. Except for personal property transferred to the Arizona state library, archives and public records under section 41-151.21, the officer shall dispose of the property at public auction in the manner provided by law for sale of property under execution. The proceeds of the sale shall be paid to the department of revenue and deposited, pursuant to sections 35-146 and 35-147, into a clearing account from which payment of claims for the proceeds may be made. The proceeds shall remain in the clearing account for twelve months and then shall be credited to the permanent state school fund.
C. The director of the department of revenue shall keep accounts and records of all such proceeds paid into the clearing account and of all such lands vested in the state.