§ 33-21.1-16.1 — § 33-21.1-16.1. Unclaimed demutualization proceeds.

Rhode Island § 33-21.1-16.1

• Jurisdiction: Rhode Island
• Title 33: Probate practice and procedure
• Ch. 33-21.1: Unclaimed Intangible and Tangible Property

Text

§ 33-21.1-16.1. Unclaimed demutualization proceeds.

Property distributable in the course of a demutualization of an insurance company is deemed abandoned two (2) years after the date the property is first distributable if, at the time of the first distribution the last known address of the owner on the books and records of the holder is known to be incorrect, or the distribution or statements are returned by the post office as undeliverable; and the owner has not:

(1) Communicated in writing with the holder or its agents regarding the property; or

(2) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.

Legislative History

P.L. 2003, ch. 376, art. 33, § 1.