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
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
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.
Security: means :
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection (32). 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)
The administrator shall pay or deliver to the owner the property or pay to the owner the net proceeds of a sale of the property together with income or gain to which the owner is entitled under Section 67-4a-607.
(b)
On request of the owner, the administrator may sell or liquidate a security and pay the net proceeds to the owner.
(2)
Property held under this chapter by the administrator is subject to a claim for the payment of an enforceable debt the owner owes in this state for:
(a)
child support arrearages, including child support collection costs and child support arrearages that are combined with maintenance;
(b)
a civil or criminal fine or penalty, court costs, a surcharge, or restitution imposed by a final order of an administrative agency or a final court judgment; or
(c)
state taxes, penalties, and interest that have been determined to be delinquent or as to which notice has been recorded with the State Tax Commission.
(3)
(a)
Before delivery or payment to an owner under Subsection (1) of property or payment to the owner of net proceeds of a sale of the property, the administrator first shall apply the property or net proceeds to a debt under Subsection (2) the administrator determines is owed by the owner.
(b)
The administrator shall pay the amount to the appropriate state agency and notify the owner of the payment.
(4)
(a)
The administrator may make periodic inquiries of state agencies in the absence of a claim filed under Section 67-4a-903 to determine whether an apparent owner included in the unclaimed property records of this state has enforceable debts described in Subsection (2).
(b)
The administrator first shall apply the property or net proceeds of a sale of property held by the administrator to a debt under Subsection (2) of an apparent owner that appears in the records of the administrator and deliver the amount to the appropriate state agency.
(c)
The administrator shall notify the apparent owner of the payment.
