67-4a-201. When property presumed abandoned. Subject to Section 67-4a-208, the following property is presumed abandoned if the property is unclaimed by the apparent owner during the period specified below:
(1)
a traveler’s check, 15 years after issuance;
Terms Used In Utah Code 67-4a-201
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
Business association: means a corporation, joint stock company, investment company other than an investment company registered under the Investment Company Act of 1940, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, banking organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit. See Utah Code 67-4a-102
Class action: means a legal action:
(a)
certified by the court as a class action; or
(b)
treated by the court as a class action without being formally certified as a class action. See Utah Code 67-4a-102
Contract: A legal written agreement that becomes binding when signed.
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
Insurance company: means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including:
(a)
accident insurance;
(b)
burial insurance;
(c)
casualty insurance;
(d)
credit life insurance;
(e)
contract performance insurance;
(f)
dental insurance;
(g)
disability insurance;
(h)
fidelity insurance;
(i)
fire insurance;
(j)
health insurance;
(k)
hospitalization insurance;
(l)
illness insurance;
(m)
life insurance, including endowments and annuities;
Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Utah Code 67-4a-102
Municipal bond: means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state. See Utah Code 67-4a-102
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Owner: includes :
(i)
a depositor, for a deposit;
(ii)
a beneficiary, for a trust other than a deposit in trust;
(iii)
a creditor, claimant, or payee, for other property; and
(iv)
the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
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
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-102
Stored-value card: means a reloadable or non-reloadable record:
(i)
with a monetary value or amount that can be:
(A)
used to purchase or otherwise acquire goods or services;
(B)
used to obtain cash; or
(C)
redeemed for cash value; and
(ii)
of which the issuer or the issuer's agent has a record of the name and last known address of the apparent owner and the address is in the state of Utah. See Utah Code 67-4a-102
Trustee: A person or institution holding and administering property in trust.
Utility: means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for:
(a)
the transmission of communications or information;
(b)
the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
(c)
the provision of sewage or septic services, or trash, garbage, or recycling disposal. See Utah Code 67-4a-102
(2)
a money order, seven years after issuance;
(3)
the unredeemed balance of a stored-value card sold or issued on or after May 8, 2018, three years after the date of the last indication of interest in the property by the apparent owner;
(4)
a state or municipal bond, bearer bond, or original-issue-discount bond, three years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises;
(5)
a debt of a business association, three years after the obligation to pay arises;
(6)
a demand, savings, or time deposit, including a deposit that is automatically renewable, three years after the earlier of maturity or the date of the last indication of interest in the property by the apparent owner, except a deposit that is automatically renewable is considered matured on the deposit’s initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal;
(7)
money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, three years after the obligation arose;
(8)
an amount owed by an insurance company on a life or endowment insurance policy or an annuitycontract that has matured or terminated, three years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured, by proof of the death of the insured or annuitant, as follows:
(a)
with respect to an amount owed on a life or endowment insurance policy, the earlier of:
(i)
three years after the policy insurer validates knowledge of the death of the insured; or
(ii)
three years after the insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and
(b)
with respect to an amount owed on an annuity contract, three years after the date the annuity contract insurer validates knowledge of the death of the annuitant;
(9)
property distributable by a business association in the course of dissolution, one year after the property becomes distributable;
(10)
property held by a court, including property received as proceeds of a class action, one year after the property becomes distributable;
(11)
property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, one year after the property becomes distributable;
(12)
wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, one year after the amount becomes payable;
(13)
a deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable; and
(14)
property not specified in this section or Sections 67-4a-202 through 67-4a-206, the earlier of three years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.
