Utah Code 67-4a-202. When tax-deferred retirement account presumed abandoned

67-4a-202. When tax-deferred retirement account presumed abandoned.

(1)

Subject to Section 67-4a-208, property held in a pension account or retirement account that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if the property is unclaimed by the apparent owner three years after:

Terms Used In Utah Code 67-4a-202

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
Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102
Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. 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
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

United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5

(a)

the later of the following dates:

(i)	except as in Subsection (1)(a)(ii), the date a communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States Postal Service; or

(ii)	if a communication under Subsection (1)(a)(i) is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered by the United States Postal Service; or

(b)

the earlier of the following dates:

(i)	the date the apparent owner becomes 70.5 years of age, if determinable by the holder; or

(ii)

if the Internal Revenue Code, Sec. 1 et seq., requires distribution to avoid a tax penalty, two years after the date the holder:

(A)	receives confirmation of the death of the apparent owner in the ordinary course of the holder’s business; or

(B)	confirms the death of the apparent owner under Subsection (2).

(2)	If a holder in the ordinary course of the holder’s business receives notice or an indication of the death of an apparent owner and Subsection (1)(b) applies, the holder shall attempt not later than 90 days after receipt of the notice or indication to confirm whether the apparent owner is deceased.

(3)

(a)

Subject to Subsection (3)(b), if the holder does not send communications to the apparent owner of an account described in Subsection (1) by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the apparent owner’s interest in the property by sending the apparent owner an electronic mail communication not later than two years after the apparent owner’s last indication of interest in the property.

(b)

The holder shall promptly attempt to contact the apparent owner by first-class United States mail if:

(i)	the holder does not have information needed to send the apparent owner an electronic mail communication or the holder believes that the apparent owner’s electronic mail address in the holder’s records is not valid;

(ii)	the holder receives notification that the electronic mail communication was not received; or

(iii)

the apparent owner does not respond to the electronic mail communication within 30 days after the communication was sent.

(4)

If first-class United States mail sent under Subsection (3) is returned to the holder undelivered by the United States Postal Service, the property is presumed abandoned three years after the later of:

(a)	except as in Subsection (4)(b), the date a communication to contact the apparent owner sent by first-class United States mail is returned to the holder undelivered;

(b)	if the communication under Subsection (4)(a) is re-sent within 30 days after the date the first communication is returned undelivered, the date the second communication was returned undelivered; or

(c)	the date established by Subsection (1)(b).

Repealed and Re-enacted by Chapter 371, 2017 General Session

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