(a)Beginning on July 1, 2017, a person that makes a valid claim under this chapter of ownership of a security following delivery of a security to the State Escheator is entitled to receive from the State Escheator 1 of the following:
(1)If the security is in the custody of the State Escheator at the time of the claim, the security the holder delivered to the State Escheator, plus dividends, interest, and other increments on the security up to the time the claim is paid, to the extent paid to the State Escheator.
(2)If the claim is made within 558 days from the date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Eschea
Free access — add to your briefcase to read the full text and ask questions with AI
(a) Beginning on July 1, 2017, a person that makes a valid claim under this chapter of ownership of a security following delivery of a security to the State Escheator is entitled to receive from the State Escheator 1 of the following:
(1) If the security is in the custody of the State Escheator at the time of the claim, the security the holder delivered to the State Escheator, plus dividends, interest, and other increments on the security up to the time the claim is paid, to the extent paid to the State Escheator.
(2) If the claim is made within 558 days from the date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, the replacement of the security or the market value of the security at the time the claim is filed, at the option of the State Escheator, plus any dividends, interest, and other increments on the security paid to the State Escheator.
(3) If the claim is made more than 558 days after the date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title, or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security is sold, to the extent paid to the State Escheator.
(b) The State Escheator is not liable in any action for any act by the State Escheator made in good faith under this section.
(c) For the purpose of this section, the following apply:
(1) The date the claim is made is the date of the claimant’s first documented contact with the State Escheator regarding the property or claim, including a request for a property search, if the claim is made within 60 days of the contact.
(2) The date notice was mailed by the State Escheator to the rightful owner under § 1150 of this title, or the date notice was otherwise provided as required by the law in effect at the time the property was delivered to the State Escheator, is deemed to be 30 days after the property was delivered to the State Escheator if the date cannot otherwise be reasonably determined or if no notice was required.
(3) In any proceeding under this chapter, or in any case or proceeding involving property paid or delivered under this chapter, the State Escheator may establish the date notice was provided under § 1150 of this title and the contents of such notice by providing an affidavit based on a review of relevant records, procedures, and practices, which affidavit may be considered sufficient evidence of notice.