(1) The administrator may decline to take custody of property reported under section 38-13-401 if the administrator determines that:
(a) The property has a value less than the estimated expenses of notice and sale of the property; or
(b) Taking custody of the property would be unlawful.
(2) A holder may pay or deliver property to the administrator before the property is presumed abandoned under this article 13 if the holder:
(a) Sends the apparent owner of the property the notice or notices required by section 38-13-501 and provides the administrator evidence of the holder's compliance with this subsection (2)(a);
(b) Includes with the payment or delivery a report regarding the property conforming to section 38-13-402; and
(c) First obtains the administrator's consent in a record to accept payment or delivery.
(3) A holder's request for the administrator's consent under subsection (2)(c) of this section must be in a record. If the administrator fails to respond to the request not later than thirty days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(4) On payment or delivery of property under subsection (2) of this section, the property is presumed abandoned.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 434, � 1, effective July 1, 2020.
38-13-608. Disposition of property having no substantial value - immunity from liability. (1) If the administrator takes custody of property delivered under this article 13 and later determines that the property has no substantial commercial value or that the cost of disposing of the property will exceed the value of the property, the administrator may return the property to the holder or destroy or otherwise dispose of the property.
(2) An action or proceeding shall not be commenced against the state, an agency of the state, the administrator, another officer, employee, or agent of the state, or a holder for or because of an act of the administrator under this section, except for intentional misconduct or malfeasance.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 434, � 1, effective July 1, 2020.