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Article 13 – Unclaimed Property Act

totaling one million dollars or more annually and that holds property, tangible or intangible, acquired during the immediately preceding five-year period of an aggregate value under three thousand five hundred dollars shall not be subject to the requirements of paragraph (a) of this subsection (4) and section 38-13-112 until such time as the aggregate value of such property acquired during the immediately preceding five-year period exceeds three thousand five hundred dollars; except that, if any such organization holds an item of property of any one apparent owner acquired during such period of an aggregate value over two hundred fifty dollars, such organization shall report and pay or deliver such property to the administrator in accordance with paragraph (a) of this subsection (4) and section 38-13-112.

(III) Any organization exempt from taxation under section 501 (c) (3) of the federal "Internal Revenue Code of 1986", 26 U.S.C. 501 (c) (3), or its successor statute, that receives contributions totaling less than one million dollars annually shall not be subject to the requirements of paragraph (a) of this subsection (4) and section 38-13-112.

(5) Except as provided in subsection (6) of this section, not more than one hundred twenty days before filing the report and, pursuant to section 38-13-112, paying or delivering the abandoned property required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this article shall send written notice to the apparent owner's last-known address, informing such owner that the holder is in possession of property subject to this article if:

(a) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;

  • (b)

    The claim of the apparent owner is not barred by the statute of limitations; and

  • (c)

    The property has a value of fifty dollars or more.

    • (6)

      (a) (Deleted by amendment, L. 95, p. 523, § 3, effective May 16, 1995.)

  • (b)

    The public employees' retirement association shall comply with the requirements of

subsection (5) of this section with regard to reports filed by the public employees' retirement association on or before November 1, 1993, and on or before November 1 of each year thereafter.

Source: L. 87: Entire article added, p. 1322, § 1, effective July 1; (4) amended, p. 1335, § 1, effective July 1. L. 90: (2)(a.5) added and (4) amended, p. 1634, §§ 5, 6, effective April 27. L. 92: (4)(a) and IP(5) amended and (4)(d) and (6) added, pp. 2110, 2111, §§ 5, 6, effective March 4; (4) and IP(5) amended, p. 2118, § 5, effective July 1. L. 93: (4)(a) amended and (4)(e) added, p. 1075, § 5, effective July 1. L. 95: (1), IP(2), (4)(d), (4)(e), and (6)(a) amended, p. 523, § 3, effective May 16.

Editor's note: Amendments to subsections (4) and (5) by House Bill 92-1092 and House Bill 92- 1152 were harmonized.

38-13-111. Electronic notice of abandoned property.

(1) The administrator shall maintain an electronic, alphabetical list of the owners of unclaimed property and shall make such list available to the public on the world wide web. The administrator shall provide to each county treasurer and public library in the state a written copy of the list of owners of unclaimed property in that county. The office of the treasurer shall also maintain a written copy of the list of unclaimed property owners.

December 2005

Page 15

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