§ 34-24-112 — Property held by agents and fiduciaries

Wyoming § 34-24-112

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

Text

(a) All intangible property and any income or increment
derived therefrom, held in a fiduciary capacity for the benefit
of another person is deemed abandoned unless the owner, within
five (5) 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 or
other record on file prepared by the fiduciary.
(b) All intangible property and any income or increment
derived therefrom held in an individual retirement account, a
retirement plan for self-employed individuals, or similar
account or plan established pursuant to the internal revenue
laws of the United States, which has not been paid or
distributed for more than ninety (90) days after the earliest of
(1) the actual date of distribution or attempted distribution,
(2) the date contracted for distribution in the plan or trust
agreement governing the account or plan, or (3) the date
specified in the internal revenue law of the United States by
which distribution must begin in order to avoid a tax penalty,
is deemed abandoned unless the owner or beneficiary, within five
(5) preceding years has made additional payments or transfers of
property to the account or plan, was paid or received a
distribution, communicated concerning the property, or otherwise
indicated an interest as evidenced by a memorandum or other
record on file with the account or plan fiduciary.
(c) 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 him and the
business association provides otherwise.
(d) 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.