Title 43, PROPERTY

Intangible property held for the owner by a court, federal, state, or other government, governmental subdivision or agency or entity, public corporation, public authority, or public officer of this state which remains unclaimed by the owner for more than one year after becoming p…

(a) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned. (b) In the case of a gift certificate, the amount presumed a…

Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder's business which remains unclaimed by the owner for more than one year after becoming payable are presumed abandoned. Source: SL 1992, ch 312 , § 15.

Any tangible and intangible property held in a safe deposit box or any other safekeeping repository or agency or collateral deposit box 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, which…

A person holding property, tangible or intangible, which is presumed abandoned and subject to custody as unclaimed property under this chapter, shall report to the administrator concerning the property as provided in this section. The expiration of any period of time specified by…

(a) The administrator shall cause a notice to be published at least once in a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice. If no address is listed or the address is outside this st…

(a) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived therefrom, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more t…

(a) Except as otherwise provided in subsections (b) and (c) of this section, a person who is required to file a report under this chapter shall, at the same time as the final date for filing the report as required, pay or deliver to the administrator all abandoned property requir…

(a) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value o…

Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereo…

(a) No earlier than three years after the receipt of abandoned property, the administrator shall sell the property to the highest bidder at a public sale or by means of an internet auction, depending on which method of sale the administrator determines affords the most favorable …

All securities, stocks, bonds, or other intangible ownership interests in business associations held by the Unclaimed Property Division with any value shall be sold after March 10, 2017. Source: SL 2017, ch 190 , § 3, eff. Mar. 10, 2017.

Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund all moneys received under this chapter, including the proceeds from the sale of abandoned property under § 43-41B-23 , not to exceed the general fund contribution limit, as …

Money in the unclaimed property operating fund for the payment of claims and costs incurred in examining records of holders of property and in collecting the property from those holders is continuously appropriated. Expenditures for claims and costs incurred in examining records …

The operational expenses for unclaimed property, including costs in connection with the sale of abandoned property, personnel, costs of mailing and publication, and service charges, must be paid from general appropriations in the general appropriations act. Source: SL 2024, ch 18…

For purposes of § 43-41B-24 , "general fund contribution limit" means an amount equal to the cost of operational expenses for the Unclaimed Property Division in each of the following fiscal years plus: (1) For fiscal year 2026, $61,384,827; (2) For fiscal year 2027, $58,000,000; …

There is created in the state treasury the trust fund for unclaimed property. The fund consists of any net receipts from unclaimed property that exceed the maximum deposit requirements of § 43-41B-24.3 . The state treasurer shall administer the fund. The purpose of the fund is to…

Beginning in fiscal year 2026 and each fiscal year thereafter, the state treasurer shall, after paying from the unclaimed property operating fund all claims and any administrative costs associated with the sale of unclaimed property, deposit into the general fund the net receipts…

(a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. (b) The administrator shall consider each claim within one hundred eighty da…

(a) At any time after property has been paid or delivered to the administrator under this chapter another state may recover the property if: (1) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the app…

A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action must be brought within ninety days…

(a) The administrator may decline to receive any property reported under this chapter which he considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified. (b) A hol…

If the administrator determines after investigation that any property delivered under this chapter has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the state or an…

Unless otherwise provided in this chapter or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under §§ 43-41B-2 and 43-41B-5 to 43-41B-17 , inclusive, are satis…

(a) The expiration, before or after July 1, 1993, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for mon…

(a) The administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter. The administrator may contract with the Department of Revenue to con…

(a) Every holder required to file a report under § 43-41B-18 , as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for ten years after the property becomes reportable, except to …

The administrator may bring an action in a court of competent jurisdiction to enforce this chapter. Source: SL 1992, ch 312 , § 32.

(a) To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the administrator, so far as is consistent with the purposes, policies, and provisions of this chapter, before …

A person who fails to pay or deliver property within the time prescribed by this chapter shall pay to the administrator interest at the Category A rate on the property or value thereof from the date the property should have been paid or delivered. Source: SL 1992, ch 312 , § 34.

All agreements to pay compensation to recover or assist in the recovery of property reported under § 43-41B-18 , made within twelve months prior to the reporting and remitting of abandoned property accounts and within twenty - four months after the date payment or delivery is mad…

(a) This chapter does not relieve a holder of a duty that arose before July 1, 1993, to report, pay, or deliver property. A holder who did not comply with the law in effect before July 1, 1993, is subject to the applicable enforcement and penalty provisions that then existed and …

The administrator may promulgate rules, pursuant to chapter 1-26 , to carry out the provisions of this chapter. Source: SL 1992, ch 312 , § 37. 43-41B-39. Rejected by special referendum election held November 3, 1998

(a) Any sum payable on a travelers check that has been outstanding for more than fifteen years after its issuance is presumed abandoned unless the owner, within fifteen years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidence…

The provisions of this chapter do not apply to open-loop prepaid cards for which the underlying funds do not expire and the records of the depository institution do not disclose the identity of the actual owner. For the purposes of this section, an open-loop prepaid card is an el…

Notwithstanding § 43-41B-40 , the provisions of this chapter do not apply to any rewards card. For the purposes of §§ 43-41B-40 to 43-41B-42 , inclusive, a rewards card is any awards, rewards, rebate, loyalty, incentive, or promotional card for which no money was paid by the card…

Any unredeemed gift certificate or closed-loop card that meets the requirements of § 43-41B-43 or any open-loop prepaid card or rewards card is subject only to any rights of a purchaser or owner of the gift certificate or card and is not subject to any claim made by any state act…

The provisions of this chapter do not apply to any gift certificate or closed-loop prepaid card that has no expiration date and that is not subject to a dormancy, inactivity, or service fee. For purposes of this chapter, a closed-loop prepaid card is an electronic payment device …

(a) Notwithstanding the provisions of §§ 43-41B-3 , 43-41B-14 , 43-41B-18 , 43-41B-19 , 43-41B-20 , 43-41B-21 , 43-41B-23 , and 43-41B-36 , United States savings bonds which are unclaimed property and subject to the provisions of chapter 43-41B shall escheat to this state three y…

Virtual currency is deemed abandoned three years after the latest indication of interest. The administrator may decline to accept virtual currency presumed abandoned if, in the administrator's discretion: (1) The virtual currency is not freely transferable; (2) The virtual curren…

(a) Any sum payable on a check, draft, or similar instrument, except those subject to § 43-41B-4 , on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than three years after it was…

(a) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial orga…

(a) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than three years after the funds became due and payable as established from the records of the insurance company ho…

Any deposit, including any interest thereon, made by a subscriber with a utility to secure payment for or any sum paid in advance for utility services to be furnished in this state, less any lawful deductions, is presumed abandoned if it has remained unclaimed by the person appea…

Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one year after it became payable in accordance …