Title 33, Title 33

1. Presumed abandoned after 3 years. Subject to section 2070, property held in a pension account or retirement account that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the l…

1. Presumed abandoned after 3 years. Subject to section 2070 and except for property described in section 2062, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income tax laws of the United States is presumed aban…

1. Presumed abandoned after 3 years. Subject to section 2070, and except as provided in subsection 3, property held in an account established under a state's Uniform Gifts to Minors Act or Uniform Transfers to Minors Act, if it is unclaimed by or on behalf of the minor on whose b…

Tangible property held in a safe deposit box or other safekeeping depository in this State in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law are presumed abandoned if the property and proceeds remain unclai…

1. Presumed abandoned after 3 years. Subject to section 2070, the net obligation value of a stored-value obligation is presumed abandoned on the latest of 3 years after: A. December 31st of the year in which the obligation is issued or additional funds are deposited into it; [PL …

1. Presumed abandoned after 2 years. Subject to section 2070, a gift obligation is presumed abandoned 2 years after December 31st of the year in which the obligation arises or the most recent transaction involving the obligation occurs, whichever is later. 2. Amount unclaimed. Th…

1. If communications sent at least annually, presumed abandoned after 3 years. Subject to section 2070, if the holder sends communications to the apparent owner of a security by first class United States mail on at least an annual basis, a security is presumed abandoned 3 years a…

At and after the time property is presumed abandoned under this Act, any other property right or interest accrued or accruing from the property and not previously presumed abandoned is also presumed abandoned.

1. Period of abandonment. The period after which property is presumed abandoned is measured from the later of: A. The date the property is presumed abandoned under this subchapter; and [PL 2019, c. 498, §22 (NEW).] B. The latest indication of interest by the apparent owner in the…

If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check-writing or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other t…

1. Presumed abandoned. Notwithstanding section 2061, subsection 9 and sections 2112 and 2131, a United States savings bond subject to this chapter or held or owing in this State by any person is presumed abandoned in this State if: A. The last known address of the owner of the Un…

In this subchapter, the following rules apply. [RR 2025, c. 1, Pt. A, §45 (COR).] 1. Last known address. The last known address of an apparent owner, as shown in the records of the holder, is any description, code or other indication of the location of the apparent owner that ide…

The administrator may take custody of property that is presumed abandoned, whether located in this State, another state or a foreign country if: [PL 2019, c. 498, §22 (NEW).] 1. Last known address in records of holder. The last known address of the apparent owner in the records o…

1. Most recently recorded address. Except as in subsection 2, if records of a holder reflect multiple addresses for an apparent owner and this State is the state of the most recently recorded address, this State may take custody of property presumed abandoned, whether located in …

1. Holder domiciled in this State. Except as in subsection 2 or section 2082 or 2083, the administrator may take custody of property presumed abandoned, whether located in this State, another state or a foreign country, if the holder is domiciled in this State or is this State or…

Except as in section 2082, 2083 or 2084, the administrator may take custody of property presumed abandoned whether located in this State or another state if: [PL 2019, c. 498, §22 (NEW).] 1. Transaction in this State. The transaction out of which the property arose took place in …

The administrator may take custody of sums payable on a traveler's check, money order or similar instrument presumed abandoned to the extent permissible under 12 United States Code, Sections 2501 to 2503, as amended.

Subject to subchapter 4 and section 2165, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning the property, the administrator has the burden of proving: [PL 2019, c. 498, §22 (NEW).] 1. Amount. The amount of the property; 2. Pre…

1. Report by holder. A holder of property presumed abandoned and subject to the custody of the administrator shall report in a record to the administrator concerning the property in a format approved by the administrator. 2. Contract with 3rd party. A holder may contract with a 3…

1. Report. The report required under section 2091 must: A. Be signed by or on behalf of the holder and verified as to its completeness and accuracy; [PL 2019, c. 498, §22 (NEW).] B. Be filed electronically; [PL 2019, c. 498, §22 (NEW).] C. Describe the property; [PL 2019, c. 498,…

1. November 1st. Except as otherwise provided in subsection 2 and subject to subsection 3, the report under section 2091 must be filed before November 1st of each year and cover the 12 months preceding July 1st of that year. 2. May 1st. Subject to subsection 3, a report under sec…

A holder required to file a report under section 2091 shall retain records for 10 years after the date the report was filed or the last date a timely report was due to be filed, whichever is later, unless a shorter period is provided by rule of the administrator. The holder may s…

Property is reportable and payable or deliverable under this Act even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

1. Notice to apparent owner. Subject to subsection 2, the holder of property presumed abandoned shall send to the apparent owner notice by first class United States mail that complies with section 2102 in a format acceptable to the administrator not more than 180 days nor less th…

1. Notice heading. Notice under section 2101 must contain a heading that reads substantially as follows: "Notice. The State of Maine requires us to notify you that your property may be transferred to the custody of the State Treasurer if you do not contact us before (insert date …

1. Website; apparent owners. The administrator shall maintain a website accessible by the public and electronically searchable that contains the names reported to the administrator of all apparent owners for whom property is being held by the administrator. The administrator may …

Unless prohibited by law of this State other than this Act, on request of the administrator, each officer, agency, board, commission, division and department of this State, any body politic and corporate created by this State for a public purpose, and each political subdivision o…

In this subchapter, payment or delivery of property is made in good faith if a holder: [PL 2019, c. 498, §22 (NEW).] 1. Reasonable basis. Had a reasonable basis for believing, based on the facts then known, that the property was required or permitted to be paid or delivered to th…

1. Deduct dormancy charge. A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: A. A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the…

1. Payment or delivery. Except as otherwise provided in this section, on filing a report under section 2091, the holder shall pay or deliver to the administrator the property described in the report. 2. Extension of date. If property in a report under section 2091 is an automatic…

1. No liability of holder on payment or delivery. On payment or delivery of property to the administrator under this Act, the administrator as agent for the State assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property to the admin…

1. Claim for reimbursement. A holder that under this Act pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder: A. Paid the money in error; or [PL 2019, c. 498, §22 (NEW).] B. After paying the money to the admin…

Property removed from a safe deposit box and delivered under this Act to the administrator is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. The admin…

1. Income or gain realized. If property other than money is delivered to the administrator, the owner is entitled to receive from the administrator income or gain realized or accrued on the property before the property is sold. If the property was an interest-bearing demand, savi…

1. Custody declined. The administrator may decline to take custody of property reported under section 2091 if the administrator determines that: A. The property has a value less than the estimated expenses of notice and sale of the property; or [PL 2019, c. 498, §22 (NEW).] B. Ta…

1. Return to holder. If the administrator takes custody of property delivered under this Act 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 retur…

1. Holder's duty to pay or deliver. Expiration, before, on or after October 1, 2019, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute or court order, does not prevent the property from being presumed abandoned or…

1. Sale after one year. Subject to section 2132, not earlier than one year after receipt of property presumed abandoned, the administrator may sell the property. 2. Notice of sale. Before selling property under subsection 1, the administrator shall give notice to the public of: A…

1. Sell or liquidate security after one year. Except as provided in section 2155, subsection 1, the administrator may not sell or otherwise liquidate a security until one year after the administrator receives the security. 2. Price of security. The administrator may not sell a se…

1. Claim for securities sold before one year after delivery. If securities are sold by the administrator before the expiration of one year after their delivery to the administrator, a person making a claim under this Act before the end of the one-year period is entitled to the pr…

A purchaser of property at a sale conducted by the administrator under this Act takes the property free of all claims of the owner, a previous holder or a person claiming through the owner or holder. The administrator shall execute documents necessary to complete the transfer of …

1. Sale prohibited. The administrator may not sell a medal or decoration awarded for military service in the Armed Forces of the United States. 2. Delivery of medal or decoration. The administrator, with the consent of the respective organization under paragraph A, agency under p…

1. Unclaimed Property Fund. The administrator shall deposit in the Unclaimed Property Fund all funds received under this Act, including proceeds from the sale of property under subchapter 7. The Unclaimed Property Fund is a permanent account and may not lapse, but must be carried…

The administrator shall: [PL 2019, c. 498, §22 (NEW).] 1. Name and address of apparent owners. Record and retain the name and last known address of each person shown on a report filed under section 2091 to be the apparent owner of property delivered to the administrator; 2. Name …

Before making a deposit of funds received under this Act to the Unclaimed Property Fund under section 2141, the administrator may deduct: [PL 2019, c. 498, §22 (NEW).] 1. Expenses of disposition of property. Expenses of disposition of property delivered to the administrator under…