67-4a-903. Claim for property by person claiming to be owner.
(1)
Terms Used In Utah Code 67-4a-903
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
Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
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
(a)
A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property on a form prescribed by the administrator.
(b)
The claimant shall verify the claim as to its completeness and accuracy.
(2)
If the owner claiming the unclaimed property is a creditor the following apply:
(a)
(i)
the exclusive remedy for satisfying a creditor’s judgement is payment of a claim under the act; and
(ii)
a writ of attachment, garnishment, or execution is prohibited on unclaimed property;
(b)
a creditor may only receive the value of the creditor’s judgment or the amount held by the administrator, whichever is less; and
(c)
the administrator may waive the requirement in Subsection (1) and may pay or deliver property directly to a person if:
(i)
the person receiving the property or payment is shown to be the apparent owner included on a report filed under Section 67-4a-401;
(ii)
the administrator reasonably believes the person is entitled to receive the property or payment; and
