§ 34-24-124 — Deposit of funds; investment of funds; loans; immunity from liability

Wyoming § 34-24-124

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

Text

(a) Except as otherwise provided by this section, the
administrator shall promptly deposit in the unclaimed property
account all funds received under this act, including the
proceeds from the sale of abandoned property under W.S. 34-24-
123. Before making the deposit, the administrator shall record
the name and last known address of each person appearing from
the holders' reports to be entitled to the property and the name
and last known address of each insured person or annuitant and
beneficiary and with respect to each policy or contract listed
in the report of an insurance company its number, the name of
the company and the amount due. The claimant's name and last
known address shall be available for public inspection at all
reasonable business hours.
(b) The administrator or his designee shall invest the
funds in the unclaimed property account created by subsection
(a) of this section as authorized by law in a manner to obtain
the highest net return possible consistent with the purposes of
this act. Investment earnings from the account shall be
deposited into the unclaimed property investment earnings
account. There is continuously appropriated to the administrator
from the unclaimed property investment earnings account an
amount equal to the administrator's expenses in carrying out
this act. Annually after the end of each fiscal year the
administrator shall deposit in the general fund investment
earnings earned on the unclaimed property account which exceed
the amount necessary to administer this act for the fiscal year
and which exceeds the amount equal to one hundred percent (100%)
of the immediately prior biennium's appropriation for the
unclaimed property division.
(c) An action or proceeding shall not be commenced against
the state, the administrator or his designee because of an act
of the administrator under this section involving the investment
of unclaimed property funds.