This text of North Dakota § 47-30.2-05 ((202) When tax-deferred or tax-exempt retirement account presumed abandoned) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
abandoned.
1. Subject to section 47-30.2-12, property held in a pension account or retirement
account that qualifies for tax deferral or tax exemption under the income tax laws of
the United States is presumed abandoned if it is unclaimed by the apparent owner
three years after the later of:
a. The following dates:
(1)Except as in paragraph 2, the date a second consecutive communication
sent by the holder by first-class United States mail to the apparent owner is
returned to the holder undelivered by the United States postal service; or
(2)If the second communication is sent later than thirty days after the date the
first communication is returned undelivered, the date the first communication
was returned undelivered by the United States postal service; or
b. The earlier of the following
Free access — add to your briefcase to read the full text and ask questions with AI
abandoned.
1. Subject to section 47-30.2-12, property held in a pension account or retirement
account that qualifies for tax deferral or tax exemption under the income tax laws of
the United States is presumed abandoned if it is unclaimed by the apparent owner
three years after the later of:
a. The following dates:
(1) Except as in paragraph 2, the date a second consecutive communication
sent by the holder by first-class United States mail to the apparent owner is
returned to the holder undelivered by the United States postal service; or
(2) If the second communication is sent later than thirty days after the date the
first communication is returned undelivered, the date the first communication
was returned undelivered by the United States postal service; or
b. The earlier of the following dates:
(1) The date the apparent owner becomes seventy-two years of age, if
determinable by the holder; or
(2) If the Internal Revenue Code, as amended, [26 U.S.C. 1 et seq.] or title 57,
requires distribution to avoid a tax penalty, two years after the date the
holder:
(a) Receives confirmation of the death of the apparent owner in the
ordinary course of its business; or
(b) Confirms the death of the apparent owner under subsection 2.
2. If a holder in the ordinary course of its business receives notice or an indication of the
death of an apparent owner and subdivision b of subsection 1 applies, the holder shall
attempt not later than ninety days after receipt of the notice or indication to confirm
whether the apparent owner is deceased.
3. If the holder does not send communications to the apparent owner of an account
described in subsection 1 by first-class United States mail, the holder shall attempt to
confirm the apparent owner's interest in the property by sending the apparent owner
an electronic-mail communication not later than two years after the apparent owner's
last indication of interest in the property. However, the holder promptly shall attempt to
contact the apparent owner by first-class United States mail if:
a. The holder does not have information needed to send the apparent owner an
electronic-mail communication;
b. The holder receives notification that the electronic-mail communication was not
received; or
c. The apparent owner does not respond to the electronic-mail communication not
later than thirty days after the communication was sent.
4. If first-class United States mail sent under subsection 3 is returned to the holder
undelivered by the United States postal service, the property is presumed abandoned
three years after the later of:
a. Except as in subdivision b, the date a second consecutive communication to
contact the apparent owner sent by first-class United States mail is returned to
the holder undelivered;
b. If the second communication is sent later than thirty days after the date the first
communication is returned undelivered, the date the first communication was
returned undelivered; or
c. The date established by subdivision b of subsection 1.