Title 47 — Property

As used in this chapter: 1. "Administrator" means the administrator of the state abandoned property office. 2. "Administrator's agent" means a person with which the commissioner contracts to conduct an examination under sections 47-30.2-54, 47-30.2-55, 47-30.2-56, 47-30.2-57, 47-…

This chapter does not apply to property held, due, and owing in a foreign country if the transaction out of which the property arose was a foreign transaction.

The commissioner may adopt rules to implement and administer this chapter.

Subject to section 47-30.2-12, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified below: 1. Except as provided in this section, checks held, issued, or owing in the ordinary course of the holder's business which remai…

1. Subject to section 47-30.2-12, property held in an account established under a state's Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened three years after …

Tangible property held in a safe deposit box is presumed abandoned if the property remains unclaimed by the apparent owner three years after the earlier of the: 1. Expiration of the lease or rental period for the box; or 2. Earliest date when the lessor of the box is authorized b…

1. Subject to section 47-30.2-12, the net card value of a stored-value card, other than a payroll card, is presumed abandoned on the latest of three years after: a. December thirty-first of the year in which the card is issued or additional funds are deposited into the card; b. T…

1. Subject to section 47-30.2-12, a security is presumed abandoned three years after: a. The date a second consecutive communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States postal servic…

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

1. The period after which property is presumed abandoned is measured from the later of: a. The date the property is presumed abandoned under sections 47-30.2-04, 47-30.2-05, 47-30.2-06, 47-30.2-07, 47-30.2-08, 47-30.2-09, 47-30.2-10, 47-30.2-11, 47-30.2-12, 47-30.2-13, and 47-30.…

1. In this section, "death master file" means the United States social security administration death master file or other database or service that is at least as comprehensive as the United States social security administration death master file for determining that an individual…

In sections 47-30.2-15, 47-30.2-16, 47-30.2-17, 47-30.2-18, 47-30.2-19, and 47-30.2-20, the following apply: 1. The last-known address of an apparent owner is any description, code, or other indication of the location of the apparent owner which identifies the state, even if the …

The administrator may take custody of property that is presumed abandoned, whether located in this state, another state, or a foreign country if: 1. The last-known address of the apparent owner in the records of the holder is in this state; or 2. The records of the holder do not …

1. 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 this state or another state. 2. …

1. Except as in subsection 2 or section 47-30.2-16 or 47-30.2-17, 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 a political subdiv…

Except as in section 47-30.2-16, 47-30.2-17, or 47-30.2-18, the administrator may take custody of property presumed abandoned whether located in this state or another state if: 1. The transaction out of which the property arose took place in this state; 2. The holder is domiciled…

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 U.S.C. 2501 through 2503.

1. 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. 2. A holder may contract with a third party to make the report required under subsection 1. 3. Whether or not a holder…

1. The report filed under section 47-30.2-21 must: a. Be signed by or on behalf of the holder and verified as to its completeness and accuracy; b. Be filed electronically in a secure format approved by the administrator which protects confidential information of the apparent owne…

1. Except as otherwise provided under this section, the report under section 47-30.2-21 must be filed before November first of each year and cover the twelve months preceding July first of that year. 2. Subject to subsection 3, the report under section 47-30.2-21 to be filed by a…

1. A holder required to file a report under section 47-30.2-21 shall retain records for ten years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the commissioner. 2. Upon receip…

1. 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 47-30.2-27 in a format acceptable to the administrator not more than one hundred twenty days before filing th…

1. Notice under section 47-30.2-26 must contain a heading that reads substantially as follows: "Notice. The State of North Dakota requires us to notify you that your property may be transferred to the custody of the North Dakota unclaimed property administrator if you do not cont…

1. The administrator shall give notice to an apparent owner that property is presumed abandoned and appears to be owned by the apparent owner is held by the administrator under this chapter. 2. In providing notice under subsection 1, the administrator shall: a. Except as otherwis…

In sections 47-30.2-30, 47-30.2-31, 47-30.2-32, 47-30.2-33, 47-30.2-34, 47-30.2-35, 47-30.2-36, 47-30.2-37, and 47-30.2-38, payment or delivery of property is made in good faith if a holder: 1. Had a reasonable basis for believing, based on the facts then known, that the property…

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

1. Except as otherwise provided in this section, on filing a report under section 47-30.2-21, the holder shall pay or deliver to the administrator the property described in the report. 2. If property in a report under section 47-30.2-21 is an automatically renewable deposit and a…

1. On payment or delivery of property to the administrator under this chapter, the administrator as agent for the state assumes custody and responsibility for safekeeping the property. A holder that pays or delivers property in full to the administrator in good faith and substant…

1. A holder that under this chapter 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 b. After paying the money to the administrator, paid money to a person the holder reasona…

Property removed from a safe deposit box and delivered under this chapter to the administrator under this chapter 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…

If property in the form of a security is paid or delivered to the administrator under this chapter, the owner is entitled to receive any dividends or other increments realized or accruing on the security for as long as the security is held by the administrator, if the total amoun…

1. The administrator may decline to take custody of property reported under section 47-30.2-21 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 unla…

1. Expiration before, on, or after July 1, 2021, 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 affect the duty of a holder under …

1. Subject to section 47-30.2-41, not earlier than three years after receipt of property presumed abandoned, the administrator may sell the property. 2. Before selling property under subsection 1, the administrator shall give notice to the public of: a. The date of the sale; and …

1. The administrator may not sell or otherwise liquidate a security until three years after the administrator receives the security. 2. The administrator may not sell a security listed on an established stock exchange for less than the price prevailing on the exchange at the time…

A purchaser of property at a sale conducted by the administrator under this chapter 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 transfe…

1. The administrator may not sell a medal or decoration awarded for military service in the armed forces of the United States. 2. The administrator, with the consent of the respective organization under subdivision a or agency under subdivision b may deliver a medal or decoration…

1. Except as otherwise provided in this section, the department shall deposit to the credit of the common schools trust fund all funds received under this chapter, including proceeds from the sale of property under sections 47-30.2-40, 47-30.2-41, 47-30.2-42, and 47-30.2-43. 2. T…

The administrator shall: 1. Record and retain the name and last-known address of each person shown on a report filed under section 47-30.2-21 to be the apparent owner of property delivered to the administrator; 2. Record and retain the name and last-known address of each insured …

1. Except as otherwise provided by this section, all funds received under this chapter, including the proceeds from the sale of abandoned property under section 47-30.2-40, must be promptly deposited in the state treasury to the credit of the common schools trust fund. 2. There i…

Property received by the administrator under this chapter is held in custody for the benefit of the owner and is not owned by the state.

1. If the administrator knows that property held by the administrator under this chapter is subject to a superior claim of another state, the administrator shall: a. Report and pay or deliver the property to the other state; or b. Return the property to the holder so that the hol…

1. Property held under this chapter by the administrator is subject to the right of another state to take custody of the property if: a. The property was paid or delivered to the administrator because the records of the holder did not reflect a last-known address of the apparent …

1. A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property and the claim must be on a form prescribed by the administrator. The claimant shall verify the claim as to the claim's completeness and accuracy. 2. The…

1. The administrator shall pay or deliver property to a claimant under subsection 1 of section 47-30.2-50 if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. 2. Not later than nine…

1. Not later than sixty days after a claim is allowed under subsection 2 of section 47-30.2-51, 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 enti…

Not later than one hundred eighty days after filing a claim under subsection 1 of section 47-30.2-50, the claimant may commence an action against the board in the Burleigh County district court to establish a claim that has been denied or deemed denied under section 47-30.2-50. I…

If a person does not file a report under section 47-30.2-21 or the administrator believes that a person may have filed an inaccurate, incomplete, or false report, the administrator may require the person to file a verified report in a form prescribed by the administrator. The ver…

The administrator, at reasonable times and on reasonable notice, may: 1. Examine the records of a person, including examination of appropriate records in the possession of an agent of the person under examination, if the records are reasonably necessary to determine whether the p…

1. The commissioner shall adopt rules governing an examination under section 47-30.2-55, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examination. An examination commenced after adoption of rules under this subsection must com…