§ 8-45-118 — Treasurer custodian of fund - disbursements

(1) The state
treasurer shall be the custodian of the Pinnacol Assurance fund, and all
disbursements therefrom shall be paid either by the state treasurer upon warrants
drawn in accordance with law upon vouchers issued by the board upon order of the
chief executive officer, or by or under the direction of the chief executive officer in
such other manner as the state treasurer may approve. In every case occurring in
which a warrant has been drawn in accordance with law against the state treasurer
upon vouchers issued by the board for payment of any sum of money from the
Pinnacol Assurance fund, or when another form of payment has been made from
such fund by or under the direction of the chief executive officer, and the time
within which said warrant or other form of payment shall be presented for payment
in order to be valid has not been stamped, printed, or written across the face
thereof, or otherwise specified, and a period of six months has elapsed since the
issuance of such warrant or other form of payment, during which no person entitled
thereto, or the proceeds thereof, has presented the same to the state treasurer for
payment, or appeared to claim the funds so authorized to be paid from the hands of
the state treasurer or the chief executive officer, such warrant or other form of
payment may in the discretion of the chief executive officer be posted for
cancellation, and thereafter canceled and set aside.

(2) In every such case in which it is proposed to cancel any such warrant, the
chief executive officer shall cause a notice to be drawn in duplicate, with a
description of said warrant containing the amount, number, date of issuance, and
name of payee, and shall cause one copy of said notice to be posted in a
conspicuous place that is open to the public in the office of said board and one copy
to be delivered to the state treasurer. If, at the end of one month after the posting
of such notice and the delivery of a copy to the state treasurer, such warrant is not
presented for payment and no person entitled to the proceeds thereof appears to
claim the funds so authorized to be paid in said warrant, said warrant may be
canceled as provided in this section.

(3) (a) The state treasurer shall, upon the request of the chief executive
officer, transfer any such funds held to the credit of or for the payment of such
warrant back to the credit of the Pinnacol Assurance fund. Except as otherwise
provided in paragraph (b) of this subsection (3), if at any time thereafter application
shall be made for the reissuance of such warrant, the same may be reissued, if the
claim that it represents appears to be valid and still outstanding. Such reissued
warrant shall be made payable from the moneys on deposit in the Pinnacol
Assurance fund and shall be made payable to the person entitled to the proceeds
thereof.

(b) For warrants issued on or after August 6, 2003, the funds transferred
pursuant to subsection (3)(a) of this section shall be subject to the Revised
Uniform Unclaimed Property Act, article 13 of title 38, and for purposes of this
subsection (3)(b), Pinnacol Assurance shall be considered an insurance company as
defined in section 38-13-102 (13).

(4) Except as provided in section 8-45-117, the powers and discretion
granted in this section to the chief executive officer and the state treasurer shall
obtain in all cases relating to the warrants or other forms of payment drawn on the
Pinnacol Assurance fund, anything to the contrary in any statute notwithstanding.

Legislative History

Source: L. 90: Entire article R&RE, p. 539, � 1, effective July 1. L. 95: (1) and (4) amended, p. 987, � 3, effective May 25. L. 2002: Entire section amended, p. 1876, � 17, effective July 1. L. 2003: (3) amended, p. 721, � 1, effective August 6. L. 2019: (3)(b) amended, (SB 19-088), ch. 110, p. 462, � 3, effective July 1, 2020.