# Tenn. Code Ann. § 66-29-109: Presumption of abandonment of contents of safe deposit boxes > Tennessee · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-109 ## Section - **Citation:** Tenn. Code Ann. § 66-29-109 - **Heading:** Presumption of abandonment of contents of safe deposit boxes - **Jurisdiction:** Tennessee - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** TN Code / Title 66 / Chapter 29 / Section 66-29-109 ## Text (a) The following property related to safe deposit boxes is presumed abandoned: (1) Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and (2) For any person, other than a bank, savings and loan association, or savings bank, any funds or personal property removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as the result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, and that have been unclaimed by the owner for more than two (2) years from the date on which the lease or rental period expired or terminated, including any surplus amount arising from the sale thereof, pursuant to law, that has been unclaimed by the owner for one (1) year. (b) Notwithstanding any other provision of law to the contrary, any military medal that is removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as a result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, must not be sold or otherwise disposed of, and must be retained by the holder for the lessee of the box. If the military medal remains unclaimed by the lessee for more than one (1) year from the date the box is opened, the holder shall report such property to the state treasurer by November 1 of the subsequent calendar year. The report must comply with § 66-29-123 . The holder shall deliver, with the report, the military medal to the state treasurer for safekeeping in accordance with § 66-29-145 . Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 8; T.C.A., §§ 64-2908, 66-29-108; Acts 1984, ch. 544, § 5; 1986, ch. 539, § 15; 1993, ch. 195, § 6. (a) The following property related to safe deposit boxes is presumed abandoned: (1) Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and (2) For any person, other than a bank, savings and loan association, or savings bank, any funds or personal property removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as the result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, and that have been unclaimed by the owner for more than two (2) years from the date on which the lease or rental period expired or terminated, including any surplus amount arising from the sale thereof, pursuant to law, that has been unclaimed by the owner for one (1) year. (1) Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and law, that has been unclaimed by the owner for one (1) year. (1) Any surplus amount resulting from the sale or disposal of safe deposit contents by banking institutions under § 45-2-907 , if the proceeds cannot be credited to an existing customer account upon sale, and any unsold contents. Any credit of such proceeds to a customer account is not deemed to be account activity under § 66-29-113 ; and (2) For any person, other than a bank, savings and loan association, or savings bank, any funds or personal property removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as the result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, and that have been unclaimed by the owner for more than two (2) years from the date on which the lease or rental period expired or terminated, including any surplus amount arising from the sale thereof, pursuant to law, that has been unclaimed by the owner for one (1) year. (b) Notwithstanding any other provision of law to the contrary, any military medal that is removed from a safe deposit box, a safekeeping repository or agency, or a collateral deposit box as a result of the expiration or termination of a lease or rental period due to nonpayment of rental charges or for any other reason, must not be sold or otherwise disposed of, and must be retained by the holder for the lessee of the box. If the military medal remains unclaimed by the lessee for more than one (1) year from the date the box is opened, the holder shall report such property to the state treasurer by November 1 of the subsequent calendar year. The report must comply with § 66-29-123 . The holder shall deliver, with the report, the military medal to the state treasurer for safekeeping in accordance with § 66-29-145 . Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 8; T.C.A., §§ 64-2908, 66-29-108; Acts 1984, ch. 544, § 5; 1986, ch. 539, § 15; 1993, ch. 195, § 6. ## Nearby sections - [Tenn. Code Ann. § 66-29-101 Short title](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-101.md) - [Tenn. Code Ann. § 66-29-102 Part definitions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-102.md) - [Tenn. Code Ann. § 66-29-103 Inapplicability to foreign transactions](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-103.md) - [Tenn. Code Ann. § 66-29-104 Promulgation of rules](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-104.md) - [Tenn. Code Ann. § 66-29-105 Presumption of abandonment of various types of property](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-105.md) - [Tenn. Code Ann. § 66-29-106 Presumption of abandonment of tax-deferred retirement account](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-106.md) - [Tenn. Code Ann. § 66-29-107 Presumption of abandonment of other tax-deferred accounts](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-107.md) - [Tenn. Code Ann. § 66-29-108 Presumption of abandonment of custodial account for minor](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-108.md) - [Tenn. Code Ann. § 66-29-109 Presumption of abandonment of contents of safe deposit boxes](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-109.md) - [Tenn. Code Ann. § 66-29-110 Presumption of abandonment of stored-value card](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-110.md) - [Tenn. Code Ann. § 66-29-111 Presumption of abandonment of security](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-111.md) - [Tenn. Code Ann. § 66-29-112 Presumption of abandonment of related property](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-112.md) - [Tenn. Code Ann. § 66-29-113 Indication of apparent owner's interest in property](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-113.md) - [Tenn. Code Ann. § 66-29-114 Knowledge of death of insured or annuitant](https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-114.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_TN_T66_C29_S66-29-109. Check the current official text before relying on it. Not legal advice.