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Revised Uniform Unclaimed Property Act REVISED UNIFORM UNCLAIMED PROPERTY ACT drafted by the NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS and by it APPROVED AND RECOMMENDED FOR ENACTMENT IN ALL THE STATES at its ANNUAL CONFERENCE MEETING IN ITS ONE-HUNDRED-AND-TWENTY-FIFTH YEAR STOWE, VERMONT JULY 8 - JULY 14, 2016 WITH PREFATORY NOTE AND COMMENTS Copyright © 2016 By NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS May 1, 2020 ABOUT ULC The Uniform Law Commission (ULC), also known as National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 125th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. ULC members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical. • ULC strengthens the federal system by providing rules and procedures that are consistent from state to state but that also reflect the diverse experience of the states. • ULC statutes are representative of state experience, because the organization is made up of representatives from each state, appointed by state government. • ULC keeps state law up-to-date by addressing important and timely legal issues. • ULC’s efforts reduce the need for individuals and businesses to deal with different laws as they move and do business in different states. • ULC’s work facilitates economic development and provides a legal platform for foreign entities to deal with U.S. citizens and businesses. • Uniform Law Commissioners donate thousands of hours of their time and legal and drafting expertise every year as a public service, and receive no salary or compensation for their work. • ULC’s deliberative and uniquely open drafting process draws on the expertise of commissioners, but also utilizes input from legal experts, and advisors and observers representing the views of other legal organizations or interests that will be subject to the proposed laws. • ULC is a state-supported organization that represents true value for the states, providing services that most states could not otherwise afford or duplicate. REVISED UNIFORM UNCLAIMED PROPERTY ACT The Committee appointed by and representing the National Conference of Commissioners on Uniform State Laws in preparing this act consists of the following individuals: REX BLACKBURN, P.O. Box 70 (83707), 1221 W. Idaho St., Boise, ID 83702, Co-Chair MICHAEL HOUGHTON, P.O. Box 1347, 1201 N. Market St., 18th Floor, Wilmington, DE 19899, Co-Chair DAVID D. BIKLEN, 799 Prospect Ave., B2, West Hartford, CT 06105 LYLE W. HILLYARD, 595 S. Riverwoods Pkwy., Suite 100, Logan, UT 84321 GENE N. LEBRUN, P.O. Box 8250, 909 St. Joseph St., Suite 900, Rapid City, SD 57709 CLAIRE LEVY, 1395 Kalmia Ave., Boulder, CO 80304 FLOYD M. LEWIS, Bill Drafting Division, North Carolina General Assembly, 300 N. Salisbury St., Suite 401, Raleigh, NC 27603 RAYMOND P. PEPE, 17 N. 2nd St., 18th Floor, Harrisburg, PA 17101-1507 ANITA RAMASASTRY, University of Washington School of Law, William H. Gates Hall, Box 353020, Seattle, WA 98195-3020 MICHAEL P. SULLIVAN, 80 S. 8th St., 500 IDS Center, Minneapolis, MN 55402-3796 HOWARD J. SWIBEL, 120 S. Riverside Plaza, Suite 1200, Chicago, IL 60606 ROBERT J. TENNESSEN, 2522 Thomas Ave. S., Minneapolis, MN 55405 CHARLES A. TROST, Nashville City Center, 511 Union St., Suite 2700, Nashville, TN 37219- 1760, Reporter EX OFFICIO RICHARD T. CASSIDY, 100 Main St., P. O. Box 1124, Burlington, VT 05402, President NORA WINKELMAN, Office of Chief Counsel, House Democratic Caucus, Pennsylvania House of Representatives, Main Capitol Bldg., Room 620, Harrisburg, PA 17120, Division Chair AMERICAN BAR ASSOCIATION ADVISORS ETHAN D. MILLAR, 333 S. Hope St., 16th Floor, Los Angeles, CA 90071, ABA Advisor ALEXANDRA DARRABY, 11620 Wilshire Blvd., Suite 900, Los Angeles, CA 90025, ABA Section Advisor SCOTT HEYMAN, 1 S. Dearborn St., Chicago, IL 60603, ABA Section Advisor CHAROLETTE NOEL, 2727 N. Harwood St., Dallas, TX 75201-1515, ABA Section Advisor NATIONAL ASSOCIATION OF UNCLAIMED PROPERTY ADMINISTRATORS CAROLYN C. ATKINSON, 322 70th St. SE, P.O. Box 3328, Charleston, WV 25333, Advisor BETH PEARCE, Office of the State Treasurer, 109 State St., Montpelier, 4th Floor, VT 05609- 6200, Advisor EXECUTIVE DIRECTOR LIZA KARSAI, 111 N. Wabash Ave., Suite 1010, Chicago, IL 60602, Executive Director Copies of this act may be obtained from: NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS 111 N. Wabash Ave., Suite 1010 Chicago, IL 60602 312/450-6600 www.uniformlaws.org REVISED UNIFORM UNCLAIMED PROPERTY ACT TABLE OF CONTENTS PREFATORY NOTE.......................................................................................................................1 [ARTICLE] 1 GENERAL PROVISIONS SECTION 101. SHORT TITLE. ..................................................................................................12 SECTION 102. DEFINITIONS. ...................................................................................................12 SECTION 103. INAPPLICABILITY TO FOREIGN TRANSACTION. ....................................25 SECTION 104. RULEMAKING. .................................................................................................25 [ARTICLE] 2 PRESUMPTION OF ABANDONMENT SECTION 201. WHEN PROPERTY PRESUMED ABANDONED. .........................................25 SECTION 202. WHEN TAX-DEFERRED RETIREMENT ACCOUNT PRESUMED ABANDONED. .................................................................................................................29 SECTION 203. WHEN OTHER TAX-DEFERRED ACCOUNT PRESUMED ABANDONED. .................................................................................................................32 SECTION 204. WHEN CUSTODIAL ACCOUNT FOR MINOR PRESUMED ABANDONED. .................................................................................................................32 SECTION 205. WHEN CONTENTS OF SAFE-DEPOSIT BOX PRESUMED ABANDONED. .................................................................................................................34 SECTION 206. WHEN STORED-VALUE CARD PRESUMED ABANDONED. ...................35 [SECTION 207. WHEN GIFT CARD PRESUMED ABANDONED.] ......................................36 SECTION 208. WHEN SECURITY PRESUMED ABANDONED. ..........................................36 SECTION 209. WHEN RELATED PROPERTY PRESUMED ABANDONED. ......................37 SECTION 210. INDICATION OF APPARENT OWNER INTEREST IN PROPERTY. ..........37 SECTION 211. KNOWLEDGE OF DEATH OF INSURED OR ANNUITANT. ......................39 SECTION 212. DEPOSIT ACCOUNT FOR PROCEEDS OF INSURANCE POLICY OR ANNUITY CONTRACT. ..................................................................................................42 [ARTICLE] 3 RULES FOR TAKING CUSTODY OF PROPERTY PRESUMED ABANDONED SECTION 301. ADDRESS OF APPARENT OWNER TO ESTABLISH PRIORITY ...............43 SECTION 302. ADDRESS OF APPARENT OWNER IN THIS STATE. .................................44 SECTION 303. IF RECORDS SHOW MULTIPLE ADDRESSES OF APPARENT OWNER. ............................................................................................................................45 SECTION 304. HOLDER DOMICILED IN THIS STATE. .......................................................45 SECTION 305. CUSTODY IF TRANSACTION TOOK PLACE IN THIS STATE. .................47 SECTION 306. TRAVELER’S CHECK, MONEY ORDER, OR SIMILAR INSTRUMENT. ..48 SECTION 307. BURDEN OF PROOF TO ESTABLISH ADMINISTRATOR’S RIGHT TO CUSTODY. ........................................................................................................................48 [ARTICLE] 4 REPORT BY HOLDER SECTION 401. REPORT REQUIRED BY HOLDER. ...............................................................49 SECTION 402. CONTENT OF REPORT. ..................................................................................50 SECTION 403. WHEN REPORT TO BE FILED........................................................................52 SECTION 404. RETENTION OF RECORDS BY HOLDER. ....................................................52 SECTION 405. PROPERTY REPORTABLE AND PAYABLE OR DELIVERABLE ABSENT OWNER DEMAND. .........................................................................................53 [ARTICLE] 5 NOTICE TO APPARENT OWNER OF PROPERTY PRESUMED ABANDONED SECTION 501. NOTICE TO APPARENT OWNER BY HOLDER...........................................54 SECTION 502. CONTENTS OF NOTICE BY HOLDER ..........................................................55 SECTION 503. NOTICE BY ADMINISTRATOR. ....................................................................56 SECTION 504. COOPERATION AMONG STATE OFFICERS AND AGENCIES TO LOCATE APPARENT OWNER. .....................................................................................58 [ARTICLE] 6 TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR SECTION 601. DEFINITION OF GOOD FAITH.......................................................................58 SECTION 602. DORMANCY CHARGE. ...................................................................................59 SECTION 603. PAYMENT OR DELIVERY OF PROPERTY TO ADMINISTRATOR. .........59 SECTION 604. EFFECT OF PAYMENT OR DELIVERY OF PROPERTY TO ADMINISTRATOR.
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