§ 15-703 — Recovery of securities or value by owner

(a) If the administrator sells a security before the expiration of 3 years after delivery of the security to the administrator, an apparent owner that files a valid claim under this Act of ownership of the security before the 3-year period expires is entitled, at the option of the owner, to receive: (1) replacement of the security; (2) the market value of the security at the time the claim is filed, plus dividends, interest, and other increments on the security up to the time the claim is paid; or (3) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold. (b) Replacement of the security or calculation of market value under subsection (a) must take into account a stock split, reverse stock split, stock dividend, or similar corporate action. (c) A person that makes a valid claim under this Act of ownership of a security after expiration of 3 years after delivery of the security to the administrator is entitled to receive: (1) the security the holder delivered to the administrator, if it is in the custody of the administrator, plus dividends, interest, and other increments on the security up to the time the administrator delivers the security to the person; or (2) the net proceeds of the sale of the security, plus dividends, interest, and other increments on the security up to the time the security was sold. (d) Securities eligible for sale will not be sold when a claim has been filed with the administrator by an apparent owner, heir, or agent. However, upon approval of a claim, the owner, heir or, agent may request the administrator to dispose of the securities by sale and remit the net proceeds to the owner, heir, or agent. Upon disapproval of the claim, the administrator may dispose of the securities by sale.

Legislative History

(Source: P.A. 100-22, eff. 1-1-18 .)