67-4a-204. When custodial account for minor presumed abandoned.
(1)
Subject to Section 67-4a-208, and except as provided in Subsection (5), property held in an account established under a state‘s Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if the property is unclaimed by or on behalf of the minor on whose behalf the account was opened three years after the later of:
Terms Used In Utah Code 67-4a-204
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
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
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
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(a)
except as in Subsection (1)(b), the date a communication sent by the holder by first-class United States mail to the custodian of the minor on whose behalf the account was opened is returned undelivered to the holder by the United States Postal Service;
(b)
if communication is re-sent within 30 days after the date the first communication under Subsection (1)(a) is returned undelivered, the date the second communication was returned undelivered; or
(c)
the date on which the custodian is required to transfer the property to the minor or the minor’s estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act of the state in which the account was opened.
(2)
(a)
Subject to Subsection (2)(b), if the holder does not send communications to the custodian of the minor on whose behalf an account described in Subsection (1) was opened by first-class United States mail on at least an annual basis, the holder shall attempt to confirm the custodian’s interest in the property by sending the custodian an electronic mail communication not later than two years after the custodian’s last indication of interest in the property.
(b)
The holder shall promptly attempt to contact the custodian by first-class United States mail if:
(i)
the holder does not have information needed to send the custodian an electronic mail communication or the holder believes that the custodian’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 custodian does not respond to the electronic mail communication within 30 days after the communication was sent.
(3)
If first-class United States mail sent under Subsection (2) is returned undelivered to the holder by the United States Postal Service, the property is presumed abandoned three years after the later of:
(a)
the date a second consecutive communication to contact the custodian by first-class United States mail is returned to the holder undelivered by the United States Postal Service; or
(b)
the date established by Subsection (1)(c).
(4)
When the property in the account described in Subsection (1) is transferred to the minor on whose behalf an account was opened or to the minor’s estate, the property in the account is no longer subject to this section.
(5)
This section does not apply to a qualified tuition program described in 26 U.S.C. § 529.
