67-4a-901. Claim of another state to recover property.
(1)
If the administrator knows that property held by the administrator under this chapter is subject to a superior claim of another state, the administrator shall:
Terms Used In Utah Code 67-4a-901
Administrator: means the deputy state treasurer assigned by the state treasurer. 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
(a)
report and pay or deliver the property to the other state; or
(b)
return the property to the holder so that the holder may pay or deliver the property to the other state.
(2)
The administrator is not required to enter into an agreement to transfer property to the other state under Subsection (1).
Repealed and Re-enacted by Chapter 371, 2017 General Session
