(a) If the treasurer knows that property held by the treasurer under this part is subject to a superior claim of another state, the treasurer shall:
(1) Report, and pay or deliver, the property to the other state; or
(2) Return the property to the holder so that the holder may pay or deliver the property to the other state.
(b) The treasurer is not required to enter into a formal agreement to transfer the property to another state under subsection (a).
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