[§523A-23.5] Unclaimed property trust fund. (a) There is established in the state treasury the unclaimed property trust fund, which shall be administered by the director.

(b) The proceeds of the fund shall be used to pay claims for return of abandoned property to their rightful owners and to other states' unclaimed property programs for owners whose last known address was in that other state.

(c) All moneys collected by the unclaimed property program from holders of property presumed abandoned and proceeds from the sale of unclaimed property, less costs in connection with the sale of the abandoned property, shall be deposited into the unclaimed property trust fund.

(d) All funds in the unclaimed property trust fund in excess of $1,000,000 remaining on balance on June 30 of each year shall lapse to the credit of the state general fund. [L 2000, c 172, §1]