67-4a-801. Unclaimed Property Fund — Deposit of funds by administrator.
(1)
Terms Used In Utah Code 67-4a-801
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(a)
There is created a custodial fund entitled the “Unclaimed Property Fund.”
(b)
Except as otherwise provided in this section, the administrator shall deposit all funds received under this chapter, including proceeds from the sale of property under 7, in the fund.
(c)
The fund shall earn interest.
(2)
The administrator shall:
(a)
pay any legitimate claims or deductions authorized by this chapter from the fund;
(b)
before the end of the fiscal year, estimate the amount of money from the fund that will ultimately be needed to be paid to claimants; and
(c)
at the end of the fiscal year, transfer any amount in excess of that amount to the Uniform School Fund, except that unclaimed restitution for crime victims shall be transferred to the Crime Victim Reparations Fund.
(3)
Before making any transfer to the Uniform School Fund, the administrator may deduct from the fund:
(a)
amounts appropriated by the Legislature for administration of this chapter;
(b)
any costs incurred in connection with the sale of abandoned property;
(c)
costs of mailing and publication in connection with any abandoned property;
(d)
reasonable service charges; and
(e)
costs incurred in examining records of holders of property and in collecting the property from those holders.
