72-14-403. Deposit of unclaimed property in state treasury -- escheat. (1) All money or other property distributed in the administration of an estate of a decedent or as the subject of a trust and deposited with the county treasurer to the credit of the distributee or beneficiary and any money remaining on deposit to the credit of an estate after final distribution must, within 1 year of receipt by the county treasurer, be delivered into the state treasury for deposit in the private purpose trust fund.

(2) If money or other property deposited in the state treasury is not claimed by the person or persons entitled to the property by bringing an action as provided in part 3 of this chapter, the money or property escheats to the state and must be placed in the public school permanent fund.