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Article 13 – Unclaimed Property Act - page 14 / 35

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Article 13 – Unclaimed Property Act

(1) Except as provided in subsection (3) of this section, a gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.

(2) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.

(3) The provisions of this section shall apply to any gift certificate issued by a business that is redeemable in cash and not to any gift certificate issued for food, products, goods, or services.

Source: L. 92: Entire section added, p. 2118, § 4, effective July 1. L. 93: (1) amended and (3) added, p. 1075, § 4, effective July 1.

38-13-108.5. Moneys held by the public employees' retirement association.

  • (1)

    For the purposes of this section, unless the context otherwise requires:

    • (a)

      "Account left inactive" means the contributions of any nonvested member who has terminated

employment with an employer if such member's member contribution account with the association has been left inactive.

(b) "Association" means the public employees' retirement association created pursuant to section 24-51-201, C.R.S.

    • (c)

      "Benefit" shall have the same meaning as that provided for such term in section 24-51-101

  • (7)

    , C.R.S.

    • (d)

      "Benefit recipient" shall have the same meaning as that provided for such term in section 24-

51-101 (8), C.R.S.

    • (e)

      "Employer" shall have the same meaning as that provided for such term in section 24-51-101

  • (20)

    , C.R.S.

    • (f)

      "Member" shall have the same meaning as that provided for such term in section 24-51-101

  • (29)

    , C.R.S.

(g) "Unclaimed benefit" means a benefit owed to any benefit recipient if such benefit remains unpaid.

(h) "Unclaimed member refund" means the contributions of a member who has terminated employment with an employer and who has requested a refund of such contributions if such refund remains unpaid.

(2) Any moneys and any accrued interest which are held by the association for accounts left inactive, unclaimed benefits, or unclaimed member refunds shall be presumed to be abandoned if such moneys remain unclaimed for more than five years after such moneys become payable or distributable pursuant to the provisions of article 51 of title 24, C.R.S., unless the owner of such moneys, within five years, has:

December 2005

Page 10

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