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Article 13 – Unclaimed Property Act

determine if such business holds any property presumed abandoned under this article. The presumption of good faith compliance may be rebutted by the administrator upon a showing by a preponderance of evidence that such a business association's actions were knowingly false, deliberately misleading, or made for a malicious purpose.

(b) The administrator shall explain what constitutes good faith compliance with regard to the reporting and payment or delivery requirements of this article in any document, manual, or request distributed by the administrator to such a business association in connection with this article.

Source: L. 87: Entire article added, p. 1331, § 1, effective July 1. L. 93: (5) added, p. 1077, § 8, effective July 1.

38-13-128. Agreements to locate reported property.

(1) All agreements to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into within twenty-four months after the date payment or delivery is made under section 38-13-112 are unenforceable.

(2) Any agreement to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into more than twenty-four months, but less than thirty-six months, after the date payment or delivery is made under section 38-13-112 is enforceable if:

  • (a)

    The agreement is in writing and signed by the owner of the property;

  • (b)

    The agreement describes the property to be recovered;

  • (c)

    The agreement sets forth the nature of the services to be provided; and

  • (d)

    The compensation to be paid under the terms of the agreement is not in excess of twenty

percent of the market value of the recoverable property.

(3) Any agreement to pay compensation to recover or assist in the recovery of property reported under section 38-13-110 entered into thirty-six months or more after the date payment or delivery is made under section 38-13-112 is enforceable if:

  • (a)

    The agreement is in writing and signed by the owner of the property;

  • (b)

    The agreement describes the property to be recovered;

  • (c)

    The agreement sets forth the nature of the services to be provided; and

  • (d)

    The compensation to be paid under the terms of the agreement is not in excess of thirty

percent of the market value of the recoverable property.

(4) Nothing in subsections (2) and (3) of this section shall be construed to prohibit an owner from asserting, at any time, that a written, signed agreement to recover or assist in the recovery of property is based on excessive or unjust consideration.

(5) The restrictions on agreements to pay compensation to recover or assist in the recovery of

December 2005

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