§ 34-24-111 — Stock and other intangible interests in business associations

(a) Any stock, shareholding, or other intangible ownership
interest in a business association, the existence of which is
evidenced by records available to the association, is deemed
abandoned and, with respect to the interest, the association is
the holder, if:
(i) The interest in the association is owned by a
person who for more than three (3) years has neither claimed a
dividend, distribution or other sum payable as a result of the
interest, or who has not communicated with the association
regarding the interest or a dividend, distribution or other sum
payable as the result of the interest, as evidenced by a
memorandum or other record on file with the association prepared
by an employee of the association; and
(ii) The association does not know the location of
the owner at the end of the three (3) year period.
(b) The return of official shareholder notifications or
communications by the postal service as undeliverable shall be
evidence that the association does not know the location of the
owner.
(c) This act shall be applicable to both the underlying
stock, shareholdings or other intangible ownership interests of
an owner, and any stock, shareholdings or other intangible
ownership interest of which the business association is in
possession of the certificate or other evidence or indicia of
ownership, and to the stock, shareholdings or other intangible
ownership interests of dividend and nondividend paying business
associations whether or not the interest is represented by a
certificate.
(d) At the time an interest is deemed abandoned under this
section, any dividend, distribution or other sum then held for
or owing to the owner as a result of the interest, and not
previously deemed abandoned, is deemed abandoned.
(e) This act does not apply to any stock or other
intangible ownership interest enrolled in a plan that provides
for the automatic reinvestment of dividends, distributions or
other sums payable as a result of the interest unless:
(i) The records available to the administrator of the
plan show, with respect to any intangible ownership interest not
enrolled in the reinvestment plan that the owner has not within
three (3) years communicated in any manner described in
subsection (a) of this section; or
(ii) Three (3) years have elapsed since the location
of the owner became unknown to the association, as evidenced by
the return of official shareholder notifications or
communications by the postal service as undeliverable, and the
owner has not within those three (3) years communicated in any
manner described in subsection (a) of this section. The three
(3) year period from the return of official shareholder
notifications or communications shall commence from the earlier
of the return of the second such mailing or the time the holder
discontinues mailings to the shareholder.