§ 17-10-235 — Distribution of unclaimed property

(a) A cooperative may, in lieu of paying or delivering to
the state the unclaimed property specified in its report of
unclaimed property, distribute the unclaimed property to a
corporation or organization that is exempt from taxation. A
cooperative making the election to distribute unclaimed property
shall file with the secretary of state:
(i) A verified written explanation of the proof of
claim of an owner establishing a right to receive the abandoned
property;
(ii) Any error in the presumption of abandonment;
(iii) The name, address, and exemption number of the
corporation or organization to which the property was or is to
be distributed; and
(iv) The approximate date of distribution.
(b) This subsection does not alter the procedure provided
by law for cooperatives to report unclaimed property to the
state and the requirement that claims of owners are made to the
cooperatives for a period following the publication of lists of
abandoned property.
(c) 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 in accordance with
this section.