Utah Code 67-4a-1104. Judicial remedy

67-4a-1104. Judicial remedy.

(1)

Not later than 90 days after receiving notice of the administrator‘s determination under Section 67-4a-1011, the putative holder may:

Terms Used In Utah Code 67-4a-1104

Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
Property: includes :

(i)	all income from or increments to the property;

(ii)

property referred to as or evidenced by:

(A)	money, virtual currency, interest, or a dividend, check, draft, or deposit;

(B)	a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and

(C)

a security except for:

(I)	a worthless security; or

(II)	a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;

(iii)

a bond, debenture, note, or other evidence of indebtedness;

(iv)	money deposited to redeem a security, make a distribution, or pay a dividend;

(v)	an amount due and payable under an annuity contract or insurance policy;

(vi)	an amount 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 a similar benefit; and

(vii)

an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102

Putative holder: means a person believed by the administrator to be a holder, until:

(a)	the person pays or delivers to the administrator property subject to this chapter; or

(b)	the administrator or a court makes a final determination that the person is or is not a holder. See Utah Code 67-4a-102
(a)	file an action against the administrator in the district court challenging the administrator’s determination of liability and seeking a declaration that the determination is unenforceable, in whole or in part; or

(b)

pay the amount or deliver the property determined by the administrator to be paid or delivered to the administrator and, not later than six months after payment or delivery, file an action against the administrator in the district court for a refund of all or part of the amount paid or return of all or part of the property delivered.

(2)

If a putative holder pays or delivers property the administrator determined shall be paid or delivered to the administrator at any time after the putative holder files an action under Subsection (1)(a), the court shall continue the action as if the action had been filed originally as an action for a refund or return of property under Subsection (1)(b).

(3)	On the final determination of an action filed under Subsection (1), the court may, on application, award to the prevailing party the prevailing party’s reasonable attorney fees, costs, and expenses of litigation.

(4)

A putative holder that is the prevailing party in an action under this section for refund of money paid to the administrator is entitled to interest on the amount refunded, at the same rate a holder is required to pay to the administrator under Subsection 67-4a-1204(1), from the date paid to the administrator until the date of the refund.

Enacted by Chapter 371, 2017 General Session

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