70-9-827. Transitional provisions. (1) An initial report filed under this part for property that was not required to be reported before July 1, 1997, but that is subject to this part must include all items of property that would have been presumed abandoned during the 10-year period next preceding July 1, 1997, as if this part had been in effect during that period.

(2) This part does not relieve a holder of a duty that arose before July 1, 1997, to report, pay, or deliver property. Except as otherwise provided in 70-9-819(2), a holder that did not comply with the law in effect before July 1, 1997, is subject to the applicable provisions for enforcement and penalties that then existed, which are continued in effect for the purpose of this section.