67-4a-205. When contents of safe-deposit box presumed abandoned. Tangible property held in a safe-deposit box and proceeds from a sale of the property by the holder permitted by law of this state other than this chapter are presumed abandoned if the property remains unclaimed by the apparent owner five years after the earlier of the:
(1)
expiration of the lease or rental period for the box; or
Terms Used In Utah Code 67-4a-205
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
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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
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
(2)
earliest date when the lessor of the box is authorized by law of this state other than this chapter to enter the box and remove or dispose of the contents without consent or authorization of the lessee.
Repealed and Re-enacted by Chapter 371, 2017 General Session
