A. The expiration of a period of limitation on the owner‘s right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the department as required by this chapter.

Terms Used In Arizona Laws 44-321

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Business association: means any corporation, joint stock company, investment company, partnership, limited partnership, registered limited liability partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility or other business entity, whether for profit or not for profit, that consists of one or more persons. See Arizona Laws 44-301
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Department: means the department of revenue. See Arizona Laws 44-301
  • 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
  • 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
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • 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
  • Statute: A law passed by a legislature.

B. An individual, corporation, business association or other organization may not act through an amendment of articles of incorporation, an amendment of bylaws, a private agreement or any other means to do any of the following:

1. Take or divert monies or personal property into income.

2. Divide monies or personal property among patrons or stockholders that are able to be located.

3. Divert monies or personal property by any other method for the purpose of circumventing the unclaimed property process.

C. The department shall not begin an action or proceeding to enforce this chapter in regard to the reporting, delivery or payment of property more than four years after the holder identified the property in a report filed with the department or gave express notice to the department of a dispute regarding the property. If a holder omits from a report any amount of property that is properly includible and that is in excess of twenty-five percent of the amount of property stated in the report, the department may begin an action or proceeding to enforce this chapter at any time within six years after the report was filed. If there is no report or other express notice, the period of limitation is tolled. The period of limitation is also tolled if the holder files a fraudulent report.

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