As used in the Uniform Unclaimed Property Act (1995): (1) “administrator” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department who exercises authority lawfully delegated to him by the secretary; (2) “apparent owner” means a person whose name appears on the records of a holder as […]
(a) In this section, payment or delivery is made in “good faith” if: (1) payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act (1995); (2) the holder was not then in breach of a fiduciary obligation with respect to the property and had a reasonable basis for […]
A. Notwithstanding any other provisions of the Uniform Unclaimed Property Act (1995), the holder of unclaimed intangible property in the form of checks in payment of royalty interests, working interests or other interests payable out of oil and gas production with a value of fifty dollars ($50.00) or more who fails to exercise due diligence […]
If property other than money is delivered to the administrator under the Uniform Unclaimed Property Act (1995), the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money. If the property was an interest-bearing demand, savings, […]
A. Except as otherwise provided in this section, the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in this state or by any reasonable method, which in the judgment of the administrator affords the most favorable market for the property. […]
A. Except as otherwise provided by this section, the administrator shall promptly deposit in the tax administration suspense fund for distribution pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] all money received under the Uniform Unclaimed Property Act (1995), including the proceeds from the sale of abandoned property […]
(a) After property has been paid or delivered to the administrator under the Uniform Unclaimed Property Act (1995), another state may recover the property if: (1) the property was paid or delivered to the custody of this state because the records of the holder did not reflect a last known location of the apparent owner […]
(a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. (b) Within ninety days after a claim is filed, the administrator shall allow or deny the claim and give written notice of the decision to […]
A. A person aggrieved by a decision of the administrator may file an appeal pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. A person whose claim has not been acted upon within ninety days after its filing may maintain an original action to establish the claim in the district court for the first […]
(a) The administrator may decline to receive property reported under the Uniform Unclaimed Property Act (1995) which the administrator considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver […]
If the administrator determines after investigation that property delivered under the Uniform Unclaimed Property Act (1995) has no substantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding may not be maintained against the state or any officer or against the holder for or on […]
(a) The expiration, before or after the effective date of the Uniform Unclaimed Property Act (1995), of a period of limitation on the owner’s right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report […]
A. Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property: (1) traveler’s check, fifteen years after issuance; (2) money order, seven years after issuance; (3) stock or other equity interest in a business association or financial organization, including a security entitlement under […]
(a) The administrator may require a person who has not filed a report, or a person whom the administrator believes has filed an inaccurate, incomplete or false report, to file a verified report in a form specified by the administrator. The report must state whether the person is holding property reportable under the Uniform Unclaimed […]
(a) Except as otherwise provided in Subsection (b) of this section, a holder required to file a report under Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995) shall maintain the records containing the information required to be included in the report for ten years after the holder files the report, unless […]
The administrator may maintain an action in this or another state to enforce the Uniform Unclaimed Property Act (1995). The court may award reasonable attorney’s fees to the prevailing party. History: Laws 1997, ch. 25, § 22. ANNOTATIONS Effective dates. — Laws 1997, ch. 25, § 34 made Laws 1997, ch. 25, § 22 effective […]
(a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in Section 20 [7-8A-20 NMSA 1978] of the Uniform Unclaimed Property Act […]
(a) A holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995) shall pay to the administrator interest at the annual rate set forth in Section 7-1-67 NMSA 1978 on the property or value thereof from the date the property should have been reported, paid […]
A. An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is […]
The Uniform Unclaimed Property Act (1995) does not apply to: (1) property held, due and owing in a foreign country and arising out of a foreign transaction; (2) funds in a member’s share account in a credit union if the bylaws of the credit union provide for unclaimed funds to be used for educational or […]
