(a)A holder of property presumed abandoned shall make a report to the administrator concerning the property.
(b)The report must be verified and must contain:
(1)a description of the property;
(2)except with respect to a traveler's check or money order, the name, if known, and last known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property of the value of fifty dollars ($50.00) or more;
(3)an aggregated amount of items valued under fifty dollars ($50.00) each;
(4)in the case of an amount of fifty dollars ($50.00) or more held or owing under an annuity or a life or endowment insurance policy, the full name and last known address of the annuitant or insured and of the beneficiary;
Free access — add to your briefcase to read the full text and ask questions with AI
(a) A holder of property presumed abandoned shall make a report to the administrator concerning the property. (b) The report must be verified and must contain: (1) a description of the property; (2) except with respect to a traveler's check or money order, the name, if known, and last known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property of the value of fifty dollars ($50.00) or more; (3) an aggregated amount of items valued under fifty dollars ($50.00) each; (4) in the case of an amount of fifty dollars ($50.00) or more held or owing under an annuity or a life or endowment insurance policy, the full name and last known address of the annuitant or insured and of the beneficiary; (5) in the case of property held in a safe deposit box or other safekeeping depository, an indication of the place where it is held and where it may be inspected by the administrator, and any amounts owing to the holder; (6) the date, if any, on which the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property; and (7) other information that the administrator by rule prescribes as necessary for the administration of this subchapter. (c) If a holder of property presumed abandoned is a successor to another person who previously held the property for the apparent owner or the holder has changed its name while holding the property, the holder shall file with the report its former names, if any, and the known names and addresses of all previous holders of the property. (d) The report must be filed before November 1 of each year and cover the twelve (12) months next preceding July 1 of that year, but a report with respect to a life insurance company, including the report and remittance of unclaimed insurance company demutualization proceeds made under § 18-28-202(a)(15) , must be filed before May 1 of each year for the calendar year next preceding. (e) (1) The holder of property presumed abandoned shall send written notice to the apparent owner, not more than one hundred eighty (180) days or less than ninety (90) days before filing the report, stating that the holder is in possession of property subject to this subchapter, 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 a statute of limitations; and (C) the value of the property is fifty dollars ($50.00) or more. (2) If the property presumed abandoned is a security or security entitlement under the Uniform Commercial Code - Investment Securities, § 4-8-101 et seq., or tangible property held in a safe deposit box or other safekeeping depository in this state, the holder shall send the notice required under subdivision (e)(1) of this section by letter. (f) Before the date for filing the report, the holder of property presumed abandoned may request the administrator to extend the time for filing the report. The administrator may grant the extension for good cause. The holder, upon receipt of the extension, may make an interim payment on the amount the holder estimates will ultimately be due, which terminates the accrual of additional interest on the amount paid. (g) The holder of property presumed abandoned shall file with the report an affidavit stating that the holder has complied with subsection (e).