Colorado § 38-13-602 Dormancy charge

Colorado Statutes

§ 38-13-602 — Dormancy charge

Colorado·Title 38 Property -·Art. Revised Uniform Unclaimed Property Act

(1)A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:

(a)A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and

(b)The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.

(2)The amount of the deduction under subsection (1) of this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.

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(1) A holder may deduct a dormancy charge
from property required to be paid or delivered to the administrator if:

(a) A valid contract between the holder and the apparent owner authorizes
imposition of the charge for the apparent owner's failure to claim the property
within a specified time; and

(b) The holder regularly imposes the charge and regularly does not reverse
or otherwise cancel the charge.

(2) The amount of the deduction under subsection (1) of this section is limited
to an amount that is not unconscionable considering all relevant factors, including
the marginal transactional costs incurred by the holder in maintaining the apparent
owner's property and any services received by the apparent owner.

Colorado § 38-13-602 (Dormancy charge) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.