67-4a-902. When property subject to recovery by another state.
(1)
Property held under this chapter by the administrator is subject to the right of another state to take custody of the property if:
Terms Used In Utah Code 67-4a-902
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
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
Domicile: means :
(a)
for a corporation, the state of the corporation's incorporation;
(b)
for a business association other than a corporation, whose formation requires a filing with a state, the state of the business association's filing;
(c)
for a federally chartered entity or an investment company registered under the Investment Company Act of 1940, the state of the entity's or company's home office; and
(d)
for any other holder, the state of the holder's principal place of business. 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
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
Money order: includes an express money order and a personal money order on which the remitter is the purchaser. 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
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)
(i)
the property was paid or delivered to the administrator because the records of the holder did not reflect a last known address in the other state of the apparent owner; and
(ii)
(A)
the other state establishes that the last known address of the apparent owner or other person entitled to the property was in the other state; or
(B)
under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(b)
the records of the holder did not accurately identify the owner of the property, the last known address of the owner was in another state, and, under the law of the other state, the property has become subject to a claim by the other state of abandonment;
(c)
the property was subject to the custody of the administrator of this state under Section 67-4a-305 and, under the law of the state of domicile of the holder, the property has become subject to a claim by the state of domicile of the holder of abandonment; or
(d)
the property:
(i)
is a sum payable on a traveler’s check, money order, or similar instrument that was purchased in the other state and delivered to the administrator under Section 67-4a-306; and
(ii)
under the law of the other state, has become subject to a claim by the other state of abandonment.
(2)
A claim by another state to recover property under this section shall be presented in a form prescribed by the administrator, unless the administrator waives presentation of the form.
(3)
(a)
The administrator shall decide a claim under this section not later than 90 days after it is presented.
(b)
If the administrator determines that the other state is entitled under Subsection (1) to custody of the property, the administrator shall allow the claim and pay or deliver the property to the other state.
(4)
The administrator may require another state, before recovering property under this section, to agree to indemnify this state and its agents, officers, and employees against any liability on a claim to the property.
Repealed and Re-enacted by Chapter 371, 2017 General Session
