§2111. Definition of good faith In this subchapter, payment or delivery of property is made in good faith if a holder: [PL 2019, c. 498, §22 (NEW).] 1. Reasonable basis. Had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered […]
§2112. Dormancy charge 1. Deduct dormancy charge. A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: A. A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified […]
§2113. Payment or delivery of property to administrator 1. Payment or delivery. Except as otherwise provided in this section, on filing a report under section 2091, the holder shall pay or deliver to the administrator the property described in the report. [PL 2019, c. 498, §22 (NEW).] 2. Extension of date. If property in […]
§2114. Effect of payment or delivery of property to administrator 1. No liability of holder on payment or delivery. On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the […]
§2115. Recovery of property by holder from administrator 1. Claim for reimbursement. A holder that under this Act pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder: A. Paid the money in error; or [PL 2019, c. 498, §22 (NEW).] B. […]
§2116. Property removed from safe deposit box Property removed from a safe deposit box and delivered under this Act to the administrator is subject to the holder’s right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The […]
§2117. Crediting income or gain to owner’s account 1. Income or gain realized. If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is sold. If the property was an interest-bearing demand, savings or […]
§2118. Administrator’s options as to custody 1. Custody declined. The administrator may decline to take custody of property reported under section 2091 if the administrator determines that: A. The property has a value less than the estimated expenses of notice and sale of the property; or [PL 2019, c. 498, §22 (NEW).] B. […]
§2119. Disposition of property having no substantial value; immunity from liability 1. Return to holder. If the administrator takes custody of property delivered under this Act and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the administrator […]
§2120. Periods of limitation and repose 1. Holder’s duty to pay or deliver. Expiration, before, on or after October 1, 2019, of a period of limitation on an owner’s right to receive or recover property, whether specified by contract, statute or court order, does not prevent the property from being presumed abandoned or affect the […]
