67-4a-802. Administrator to retain records of property. The administrator shall:
(1)
record and retain the name and last known address of each person shown on a report filed under Section 67-4a-401 to be the apparent owner of property delivered to the administrator;
Terms Used In Utah Code 67-4a-802
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
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
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Contract: A legal written agreement that becomes binding when signed.
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
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
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
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
(2)
record and retain the name and last known address of each insured or annuitant and beneficiary shown on the report;
(3)
for each policy of insurance or annuitycontract listed in the report of an insurance company, record and retain the policy or account number, the name of the company, and the amount due or paid; and
(4)
for each apparent owner listed in the report, record and retain the name of the holder that filed the report and the amount due or paid.
Repealed and Re-enacted by Chapter 371, 2017 General Session
