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Article 13 – Unclaimed Property Act - page 21 / 35

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Article 13 – Unclaimed Property Act

(b) (I) A holder may voluntarily, prior to payment or delivery of said abandoned property, deduct and retain two percent of the value of the property or twenty-five dollars whichever is more per item.

(II) Holders that are banking or financial organizations and holders of dividends, royalties, or other items that are backed by an underlying share, interest, insurance policy, or annuity contract may voluntarily, prior to payment or delivery of said abandoned property, deduct and retain two percent of the value of the property or twenty-five dollars, whichever is more per item; except that, if the abandoned property is a demand, savings, or matured time deposit or funds held or owing under an insurance policy or annuity contract, the holder may deduct and retain two percent of the value of the property or twenty-five dollars, whichever is less.

(c) A holder may also deduct any sum due and owing from the value of the property prior to delivery.

(2) (a) If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or if it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the administrator, and the property will no longer be presumed abandoned. In that case, the holder shall file with the administrator a written explanation of the proof of claim or of the error in the presumption of abandonment.

(b) The provisions of subsection (1) of this section shall apply to any payment or delivery of abandoned property by the public employees' retirement association if such property was included in a report required to be filed by the public employees' retirement association on or before November 1, 1993, or on or before November 1 of any succeeding year.

Source: L. 87: Entire article added, p. 1324, § 1, effective July 1. L. 89: (1) amended, p. 1646, § 26, effective June 5. L. 92: (2) amended, p. 2112, § 8, effective March 4; (1) amended, p. 2120, § 7, effective July 1. L. 95: Entire section amended, p. 525, § 5, effective May 16.

38-13-112.5. Public employees' retirement association - initial report of abandoned property - payment of moneys. (Repealed)

Source: L. 92: Entire section added, p. 2110, § 4, effective March 4. L. 95: Entire section repealed, p. 526, § 6, effective May 16.

38-13-113. Custody by state - holder relieved from liability - waiver of rights by owner - reimbursement of holder paying claim - reclaiming for owner - defense of holder - payment of safe deposit box or repository charges.

(1) (a) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.

(b) Any person appearing to be an owner of property paid or delivered to the administrator pursuant to this article may notify the administrator on a form prescribed by the administrator that the person waives the right to claim the property. Upon receipt of such notice, the administrator shall transfer the property to the CoverColorado cash fund created in section 10-8-530 (2), C.R.S. After the property is transferred to the fund, the state shall no longer be responsible for the safekeeping of the property and shall be relieved of all liability to the extent of the value of the property for any claim that

December 2005

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