Effective 5/9/2017 67-4a-601. Definition of good faith. In this chapter, payment or delivery of property is made in good faith if a holder: (1) had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to the administrator under this chapter; or […]
Effective 5/9/2017 67-4a-602. Dormancy charge. (1) 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 time; and […]
Effective 5/9/2017 67-4a-603. Payment or delivery of property to administrator. (1) (a) Except as otherwise provided in this section, on filing a report under Section 67-4a-401 the holder shall pay or deliver to the administrator the property described in the report. (b) If property in a report under Section 67-4a-401 is an automatically renewable deposit […]
Effective 5/9/2017 67-4a-604. Effect of payment or delivery of property to administrator. (1) On payment or delivery of property to the administrator under this chapter, the administrator as agent for the state assumes custody and responsibility for safekeeping the property. (2) A holder that pays or delivers property to the administrator in good faith and […]
Effective 5/9/2017 67-4a-605. Recovery of property by holder from administrator. (1) A holder that under this chapter 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 (b) after paying the money to the administrator, paid money […]
Effective 5/9/2017 67-4a-606. Property removed from safe-deposit box. (1) Property removed from a safe-deposit box and delivered to the administrator under this chapter is subject to: (a) the holder’s right to reimbursement for the cost of opening the box; and (b) a lien or contract providing reimbursement to the holder for unpaid rent charges for […]
Effective 5/9/2017 67-4a-607. Crediting income or gain to owner’s account. (1) 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. (2) Interest on money, including interest on interest bearing property, is […]
Effective 5/9/2017 67-4a-608. Administrator’s options as to custody. (1) The administrator may decline to take custody of property reported under Section 67-4a-401 if the administrator determines that: (a) the property has a value less than the estimated expenses of notice and sale of the property; or (b) taking custody of the property would be unlawful. […]
Effective 5/9/2017 67-4a-609. Disposition of property having no substantial value — Immunity from liability. (1) If the administrator takes custody of property delivered under this chapter 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 […]
Effective 5/9/2017 67-4a-610. Periods of limitation and repose. (1) Expiration, before, on, or after the effective date of this chapter, 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 duty […]
