§ 34-24-107 — Bank deposits and funds in financial organizations

Wyoming § 34-24-107

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 24: UNIFORM UNCLAIMED PROPERTY ACT

Text

(a) Any demand, savings or matured time deposit with a
banking or financial organization, including a deposit that is
automatically renewable, and any funds paid toward the purchase
of a share, a mutual investment certificate or any other
interest in a banking or financial organization is deemed
abandoned after five (5) years if the location of the owner is
unknown, except where the owner, within five (5) years, has:
(i) In the case of a deposit, increased or decreased
its amount or presented the passbook or other similar evidence
of the deposit for the crediting of interest;
(ii) Communicated in writing with the banking or
financial organization concerning the property;
(iii) Otherwise indicated an interest in the property
as evidenced by a memorandum or other record on file prepared by
an employee of the banking or financial organization;
(iv) Owned other property to which paragraph (i),
(ii) or (iii) of this subsection applies and if the banking or
financial organization communicates in writing with the owner
with regard to the property that would otherwise be deemed
abandoned under this subsection at the address to which
communications regarding the other property regularly are sent;
or
(v) Had another relationship with the banking or
financial organization concerning which the owner has:
(A) Communicated in writing with the banking or
financial organization; or
(B) Otherwise indicated an interest as evidenced
by a memorandum or other record on file prepared by an employee
of the banking or financial organization and if the banking or
financial organization communicates in writing with the owner
with regard to the property that would otherwise be abandoned
under this subsection at the address to which communications
regarding the other relationship regularly are sent.
(b) For purposes of subsection (a) of this section,
property includes interest and dividends.
(c) A holder may not impose with respect to property
described in subsection (a) of this section any charge due to
dormancy or inactivity or cease payment of interest unless:
(i) There is an enforceable written contract between
the holder and the owner of the property pursuant to which the
holder may impose a charge or cease payment of interest and the
holder regularly imposes such charges or ceases payment of
interest and does not regularly reverse or otherwise cancel them
or retroactively credit interest with respect to the property;
or
(ii) The holder is specifically exempted by federal
law.
(d) Any property described in subsection (a) of this
section that is automatically renewable is matured for purposes
of subsection (a) of this section upon the expiration of its
initial time period, but in the case of any renewal to which the
owner consents at or about the time of renewal by communicating
in writing with the banking or financial organization or
otherwise indicating consent as evidenced by a memorandum or
other record on file prepared by an employee of the
organization, the property is matured upon the expiration of the
last time period for which consent was given. If, at the time
provided for delivery in W.S. 34-24-120, a penalty or forfeiture
in the payment of interest would result from the delivery of the
property, the time for delivery is extended until the time when
no penalty or forfeiture would result.