§ 38-13-905 — Allowance of claim for property

(1) Not later than thirty days
after a claim is allowed under section 38-13-904 (2) or, in the case of a security, not
later than forty-five days after the claim is allowed under section 39-13-904 (2), the
administrator shall pay or deliver to the owner the property or pay to the owner the
net proceeds of a sale of the property, together with income or gain to which the
owner is entitled under section 38-13-606.

(2) Before delivery or payment to an owner under subsection (1) of this
section of property or payment to the owner of net proceeds of a sale of the
property, the administrator first shall apply the property or net proceeds in
accordance with sections 38-13-902.2 to 38-13-902.4. The administrator shall pay
the amount to the appropriate state agency and notify the owner of the payment.

(3) The administrator may make periodic inquiries of state agencies in the
absence of a claim filed under section 38-13-903 to determine whether an apparent
owner included in the unclaimed property records of this state has an enforceable
debt described in sections 38-13-902.2 to 38-13-902.4. The administrator first shall
apply the property or net proceeds of a sale of property held by the administrator to
a debt under sections 38-13-902.2 to 38-13-902.4 of an apparent owner that
appears in the records of the administrator and deliver the amount to the
appropriate state agency. The administrator shall notify the apparent owner of the
payment.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 444, � 1, effective July 1, 2020.