§ 351.1150 — Unclaimed property, how treated.

Missouri § 351.1150

• Jurisdiction: Missouri
• Title XXIII: CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
• Ch. 351: General and Business Corporations

Text

1.  A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property filed under section 447.539 :

(1)  Distribute the unclaimed property to a business entity or organization that is exempt from taxation; or

(2)  Retain the unclaimed property as operational reserve funds.

2.  The right of an owner to unclaimed property held by a cooperative is extinguished when the property is disbursed by the cooperative to a tax exempt organization or retained by the cooperative as set forth in subsection 1 of this section if:

(1)  A reasonable effort to distribute the property to the member has been made by the cooperative; and

(2)  (a)  Notice that the payment is available has been mailed to the last known address of the person shown by the records to be entitled to the property; or

(b)  If the member's address is unknown, notice is published in an official publication of the cooperative; and

(3)  The cooperative has received no response from the member within the two-year period following the date such notice was mailed or published as the case may be.

Legislative History

(L. 2011 S.B. 366)