67-4a-301. Address of apparent owner to establish priority. In this part, the following rules apply:
(1)
the last known address of an apparent owner is any description, code, or other indication of the location of the apparent owner that identifies the state, even if the description, code, or indication of location is not sufficient to direct the delivery of first-class United States mail to the apparent owner;
Terms Used In Utah Code 67-4a-301
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
Contract: A legal written agreement that becomes binding when signed.
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;
Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. 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
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
(2)
if the United States postal zip code associated with the apparent owner is for a post office located in this state, this state is considered to be the state of the last known address of the apparent owner unless other records associated with the apparent owner specifically identify the physical address of the apparent owner to be in another state;
(3)
if the address under Subsection (2) is in another state, the other state is considered to be the state of the last-known address of the apparent owner; and
(4)
the address of the apparent owner of a life or endowment insurance policy or annuitycontract or the policy’s or contract’s proceeds is presumed to be the address of the insured or annuitant if a person other than the insured or annuitant is entitled to the amount owed under the policy or contract and the address of the other person is not known by the insurance company and cannot be determined under Section 67-4a-302.
Repealed and Re-enacted by Chapter 371, 2017 General Session
