1. A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property filed under section 447.539:

(1) Distribute the unclaimed property to a business entity or organization that is exempt from taxation; or

Terms Used In Missouri Laws 351.1150 v2

  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • Person: includes , without limitation, an individual, a foreign or domestic corporation whether not for profit or for profit, a partnership, a limited liability company, an unincorporated society or association, two or more persons having a joint or common interest, or any other entity. See Missouri Laws 351.015
  • Property: includes real and personal property. See Missouri Laws 1.020
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

(2) Retain the unclaimed property as operational reserve funds.

2. The right of an owner to unclaimed property held by a cooperative is extinguished when the property is disbursed by the cooperative to a tax exempt organization or retained by the cooperative as set forth in subsection 1 of this section if:

(1) A reasonable effort to distribute the property to the member has been made by the cooperative; and

(2) (a) Notice that the payment is available has been mailed to the last known address of the person shown by the records to be entitled to the property; or

(b) If the member’s address is unknown, notice is published in an official publication of the cooperative; and

(3) The cooperative has received no response from the member within the two-year period following the date such notice was mailed or published as the case may be.