§ 60-656 — Property or funds held by fiduciary.

A. Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within seven (7) years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. B. Holders of presumed abandoned intangible property shall annually report and remit all proceeds accrued to date, including the current balance held by the holder. When and if any part of the proceeds has been held for the statutory abandonment period or longer, the holder must report and remit all interest, additions, and increments accrued to the account of the owner. Any additional amounts accruing to an owner of the same intangible property presumed abandoned previously reported will be reported and remitted on an annual basis, including the additional amounts from the “as of date” of the previous report year through the “as of date” of the current report year. In no event shall mineral interest proceeds be required to be reported or remitted sooner than six (6) months after the date of first sale from the applicable well. C. Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established under the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection A of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory. D. For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between the person and the business association provides otherwise. E. For the purposes of this act, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.

Legislative History

Added by Laws 1967, c. 107, § 6, emerg. eff. April 24, 1967. Amended by Laws 1982, c. 278, § 5, eff. Jan. 1, 1983; Laws 1991, c. 331, § 10, eff. Sept. 1, 1991; Laws 2003, c. 224, § 4, eff. July 1, 2003; Laws 2004, c. 318, § 2, eff. July 1, 2004.