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Article 13 – Unclaimed Property Act

organizations.

(1) Any sum payable on a check, draft, or similar instrument, except those subject to section 38- 13-105, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than five years after it was payable or after its issuance if payable on demand is presumed abandoned unless the owner, within five years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.

(2) On or after July 1, 1987, a holder may not deduct from the amount of any instrument subject to this section any service fee or other charge imposed solely by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.

Source: L. 87: Entire article added, p. 1320, § 1, effective July 1; (2) amended, p. 1334, § 2, effective July 1.

Editor's note: Section 7 of chapter 275, Session Laws of Colorado 1987, provided that the act set out in that chapter amending subsection (2) was effective July 1, 1987, but the governor did not approve the act until July 10, 1987.

38-13-107. Bank deposits and funds in financial organizations.

(1) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner, within five years, has:

(a) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;

  • (b)

    Communicated in writing with the banking or financial organization concerning the property;

  • (c)

    Otherwise indicated an interest in the property as evidenced by a memorandum or other

record on file prepared by an employee of the banking or financial organization;

(d) Owned other property to which paragraph (a), (b), or (c) of this subsection (1) applies and unless the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection (1) at the address to which communications regarding the other property regularly are sent; or

(e) Had another relationship with the banking or financial organization concerning which the owner has:

  • (I)

    Communicated in writing with the banking or financial organization; or

  • (II)

    Otherwise indicated an interest as evidenced by a memorandum or other record on file

prepared by an employee of the banking or financial organization and unless the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise

December 2005

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