Arizona Laws 44-304. Rules for taking custody
Except as otherwise provided in this chapter or by another statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if any of the following applies:
Terms Used In Arizona Laws 44-304
- Apparent owner: means a person whose name appears on the records of a holder as the person entitled to property held, issued or owing by the holder. See Arizona Laws 44-301
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
- Issuer: means any person who issues or proposes to issue any security, except:
(a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801
- Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Arizona Laws 44-301
- Owner: means a person who has a legal or equitable interest in property that is subject to this chapter or the person's legal representative. See Arizona Laws 44-301
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. See Arizona Laws 44-301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession that is subject to the jurisdiction of the United States. See Arizona Laws 44-301
- Statute: A law passed by a legislature.
1. The last known address, as shown on the records of the holder, of the apparent owner is in this state.
2. The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state.
3. The records of the holder do not reflect the last known address of the apparent owner and it is established that either:
(a) The last known address of the person entitled to the property is in this state.
(b) The holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property.
4. The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide for the escheat or custodial taking of the property and the holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state.
5. The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state.
6. The transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property and the last known address of the apparent owner or other person who is entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property.
7. The property is a traveler’s check or money order that was purchased in this state or the issuer of the traveler’s check or money order has its principal place of business in this state and the issuer’s records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property or the records do not show the state in which the instrument was purchased.