Utah Code 67-4a-307. Burden of proof to establish administrator’s right to custody
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67-4a-307. Burden of proof to establish administrator‘s right to custody.
Subject to 4, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator has the initial burden to prove:
Subject to 4, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator has the initial burden to prove:
(1) | the existence and amount of the property; |
(i) | all income from or increments to the property; |
(iii) | a bond, debenture, note, or other evidence of indebtedness; |
(iv) | money deposited to redeem a security, make a distribution, or pay a dividend; |
(v) | an amount due and payable under an annuity contract or insurance policy; |
(vi) | an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and |
(vii) | an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102 |
(2) | the property is presumed abandoned; and |
(3) | the property is subject to the custody of the administrator. |
Enacted by Chapter 371, 2017 General Session