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Article 13 – Unclaimed Property Act

course of a holder's business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned.

(2) Property is payable or distributable for the purpose of this article notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.

Source: L. 87: Entire article added, p. 1318, § 1, effective July 1.

38-13-104. General rules for taking custody of intangible unclaimed property.

(1) Unless otherwise provided in this article or by other statute or local law, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under section 38-13-103 or sections 38-13-105 to 38-13-109.7 are satisfied and:

(a) The last-known address, as shown on records of the holder, of the apparent owner is in this

state;

(b) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state;

(c) The records of the holder do not reflect the last-known address of the apparent owner and it is established that:

  • (I)

    The last-known address of the person entitled to the property is in this state; or

  • (II)

    The holder is a domiciliary of this state and has not previously paid or delivered the property

to the state of the last-known address of the apparent owner or other person entitled to the property;

(d) The last-known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary of this state;

(e) The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary of this state; or

  • (f)

    The transaction out of which the property arose occurred in this state and:

  • (I)

    (A) The last-known address of the apparent owner or other person entitled to the property is

unknown; or

(B) The last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and

(II) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.

Source: L. 87: Entire article added, p. 1319, § 1, effective July 1. L. 90: IP(1) amended, p. 1633, § 3, effective April 27. L. 92: IP(1) amended, p. 2116, § 3, effective July 1. L. 2001: IP(1) amended, p.

December 2005

Page 4

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