(a)  The sum to be paid as a refund, under an order or decision of a court or administrative agency or by agreement, remaining unclaimed for more than six (6) months after it became payable is presumed abandoned, regardless of whether the apparent owner has made any claim to the refund, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning that sum.

Terms Used In Rhode Island General Laws 33-21.1-9

  • Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. See Rhode Island General Laws 33-21.1-1
  • 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

  • Intangible property: includes :

    (i)  Money, checks, drafts, deposits, interest, dividends, income, and bonds;

    (ii)  Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances;

    (iii)  Stocks and other intangible ownership interests in business associations;

    (iv)  Money deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

    (v)  Amounts due and payable under the terms of insurance policies; and

    (vi)  Amounts 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 similar benefits. See Rhode Island General Laws 33-21.1-1

  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • 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
  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 33-21.1-1
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

(b)  Any sum payable or intangible property properly distributable in the course of a voluntary or involuntary dissolution or liquidation remaining unclaimed for six (6) months after the date of the final distribution or liquidation is presumed abandoned, unless, within the preceding six (6) months, there has been communication between the apparent owner and the person making the payment or distribution concerning that sum or distribution.

(c)  Intangible property payable or distributable to a member of or participant in a class action, either one allowed by the court to be maintained as a class action or one essentially handled as a class action, and remaining for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the member or participant and the holder concerning the property. Intangible property payable or distributable as the result of litigation or settlement of a dispute before judicial or administrative body and remaining unclaimed for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning the property.

(d)  The person actually making or having the duty to make payment or distribution shall be deemed the holder for the purpose of this section.

History of Section.
P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.