Rhode Island General Laws 33-21.1-16.1. Unclaimed demutualization proceeds
Property distributable in the course of a demutualization of an insurance company is deemed abandoned two (2) years after the date the property is first distributable if, at the time of the first distribution the last known address of the owner on the books and records of the holder is known to be incorrect, or the distribution or statements are returned by the post office as undeliverable; and the owner has not:
(1) Communicated in writing with the holder or its agents regarding the property; or
(2) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
History of Section.
P.L. 2003, ch. 376, art. 33, § 1.
Terms Used In Rhode Island General Laws 33-21.1-16.1
- Holder: means a person, wherever organized or domiciled, who is:
(i) In possession of property belonging to another,
(ii) A trustee, or
(iii) Indebted to another on an obligation. See Rhode Island General Laws 33-21.1-1
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- Insurance company: means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance; but not including a nonprofit corporation organized pursuant to chapters 19, 20, 20. See Rhode Island General Laws 33-21.1-1
- Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Rhode Island General Laws 33-21.1-1
- Owner: means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative. See Rhode Island General Laws 33-21.1-1