Utah Code 67-4a-1503. Transitional provision
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67-4a-1503. Transitional provision.
| (1) | An initial report filed under this chapter for property that was not required to be reported before May 9, 2017, but that is required to be reported under this chapter, shall include all items of property that would have been presumed abandoned during the 10-year period preceding May 9, 2017, as if this chapter had been in effect during that period. |
| (i) | all income from or increments to the property; |
| (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 |
| (2) | This chapter does not relieve a holder of a duty that arose before May 9, 2017, to report, pay, or deliver property. |
| (3) | Subject to Subsections 67-4a-610(2) and (3), a holder that did not comply with the law governing unclaimed property before May 9, 2017, is subject to applicable provisions for enforcement and penalties in effect before May 9, 2017. |
Enacted by Chapter 371, 2017 General Session