§ 38-13-210 — Indication of apparent owner interest in property

Colorado § 38-13-210

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Revised Uniform Unclaimed Property Act

Text

(1) The period
after which property is presumed abandoned is measured from the later of:

(a) The date the property is presumed abandoned under this part 2; or

(b) The latest indication of interest by the apparent owner in the property.

(2) Under this article 13, an indication of an apparent owner's interest in
property includes:

(a) A record communicated by the apparent owner to the holder or agent of
the holder concerning the property or the account in which the property is held;

(b) An oral communication by the apparent owner to the holder or agent of
the holder concerning the property or the account in which the property is held, if
the holder or its agent contemporaneously makes and preserves a record of the
fact of the apparent owner's communication;

(c) Presentment of a check or other instrument of payment of a dividend,
interest payment, or other distribution, or evidence of receipt of a distribution made
by electronic or similar means, with respect to an account, underlying security, or
interest in a business association;

(d) Activity directed by an apparent owner in the account in which the
property is held, including accessing the account or information concerning the
account, or a direction by the apparent owner to increase, decrease, or otherwise
change the amount or type of property held in the account;

(e) Making a deposit into or withdrawal from an account at a financial
organization, including an automatic deposit or withdrawal previously authorized by
the apparent owner other than an automatic reinvestment of dividends or interest
or fees and charges assessed by the holder or an affiliated service provider;

(f) Subject to subsection (5) of this section, payment of a premium on an
insurance policy; and

(g) Any other action by the apparent owner that reasonably demonstrates to
the holder that the apparent owner is aware that the property exists.

(3) An action by an agent or other representative of an apparent owner, other
than the holder acting as the apparent owner's agent, is presumed to be an action
on behalf of the apparent owner.

(4) A communication with an apparent owner by a person other than the
holder or the holder's representative is not an indication of interest in the property
by the apparent owner unless a record of the communication evidences the
apparent owner's knowledge of a right to the property.

(5) If the insured dies or the insured or beneficiary of an insurance policy
otherwise becomes entitled to the proceeds before depletion of the cash surrender
value of the policy by operation of an automatic-premium-loan provision or other
nonforfeiture provision contained in the policy, the operation does not prevent the
policy from maturing or terminating.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 419, � 1, effective July 1, 2020.