§ 1473. When abandonment period is accelerated

Notwithstanding sections 1461 through 1469 of this title, and subject to section 1469 of this title:

(1) If the holder has imposed a charge against property for reason of owner inactivity or the failure of the owner to claim the property within a specified period of time, and the abandonment period for the property as specified in sections 1461 through 1469 of this chapter is greater than two years, the property shall instead be presumed abandoned two years from the date of the owner’s last indication of interest in the property.

(2) A deceased owner cannot indicate interest in his or her property. If the holder has reason to believe that the owner’s deceased, and the abandonment period for the owner’s property in sections 1461 through 1469 of this title is greater than two years, the property shall instead be presumed abandoned two years from the date of the owner’s last indication of interest in the property. If the owner’s property is subject to section 1462 or 1463 of this title, the two-year presumption of abandonment shall run from the earliest of the date of distribution or attempted distribution of the property, the date of the required distribution as stated in the plan or trust agreement governing the plan, or the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)