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Article 13 – Unclaimed Property Act

(b) The unclaimed patronage credits of agricultural marketing and supply cooperatives as defined in subchapter T of the federal "Internal Revenue Code of 1986".

Source: L. 92: Entire section added, p. 2116, § 4, effective July 1.

Editor's note: Subchapter T referenced in paragraph (b) of subsection (5) is contained in 26 U.S.C.S. 1381.

38-13-107.9. Property of business associations held in the course of dissolution.

Intangible property distributable in the course of a dissolution of a business association which remains unclaimed by the owner for more than one year after the date specified for final distribution is presumed abandoned.

Source: L. 92: Entire section added, p. 2118, § 4, effective July 1.

38-13-108. Property held by agents and fiduciaries.

(1) Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within three years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.

(2) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the internal revenue laws of the United States are not payable or distributable within the meaning of subsection (1) of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

(3) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him and the business association provides otherwise.

(4) For the purposes of this article, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.

Source: L. 87: Entire article added, p. 1322, § 1, effective July 1.

38-13-108.2. Property held by courts and public agencies.

Intangible property held for the owner by a court, state or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than one year after becoming payable or distributable is presumed abandoned.

Source: L. 92: Entire section added, p. 2118, § 4, effective July 1.

38-13-108.4. Gift certificates and credit memos.

December 2005

Page 9

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