Section 6-10-62 - Destruction of documentary evidence of extinguished debt; certificates of destruction; retention.
6-10-62. Destruction of documentary evidence of extinguished debt; certificates of destruction; retention.
A. When a debt in the form of a bond, note, certificate of indebtedness or interest coupon, incurred by the state, a state agency or institution, or by a political subdivision of the state (hereinafter called the "debtor agency"), has been extinguished by the full payment thereof, the documentary evidence of the debt may be destroyed. When the payment has been made by a bank, savings and loan association or other third-party paying agent, the bank, savings and loan association or other third-party paying agent shall forward to the governing authority of the debtor agency a certificate of destruction on which shall be specified:
(1) the number and maturity date of the bond, note, certificate or coupon;
(2) the date paid; and
(3) any other information required by the debtor agency. The debtor agency shall retain all such certificates of destruction for six years.
B. If the debtor agency is the paying agent, the bond, note, certificate of indebtedness or interest coupon shall be retained for a period of two years following payment, at which time the documentary evidence of the debt may be destroyed and a certificate of destruction prepared containing the same information as that required in Subsection A of this section. The certificate of destruction shall be retained by the debtor agency for six years.