Title 67, Title 67: State Officers and Employees

67-4a-304. Holder domiciled in this state. (1) Except as in Subsectionor Sectionor, 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 …

67-4a-305. Custody if transaction took place in this state. Except as in Section,, or, 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…

67-4a-306. Traveler's check, money order, or similar instrument. 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. Secs. 2501 through 2503.

67-4a-307. Burden of proof to establish administrator's right to custody. Subject to, if the administrator asserts a right to custody of unclaimed property and there is a dispute concerning such property, the administrator has the initial burden to prove: (1) the existence and am…

67-4a-401. Report required by holder. (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. A holder shall report via the Internet in a format approved by the administrato…

67-4a-402. Content of report. (1) The report required under Sectionshall: 67-4a-401 be signed by or on behalf of the holder and verified as to the report's completeness and accuracy; if filed electronically, be in a secure format approved by the administrator that protects confid…

67-4a-403. When report to be filed. (1) Subject to Subsection, the report under Sectionshall be filed before November 1 of each year and cover the 12 months preceding July 1 of that year. (2) 67-4a-401 (2) Before the date for filing the report under Section, the holder of propert…

67-4a-404. Retention of records by holder. (1) A holder required to file a report under Sectionshall retain records for five 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…

67-4a-405. Property reportable and payable or deliverable absent owner demand. Property is reportable and payable or deliverable under this chapter even if the owner fails to make demand or present an instrument or document otherwise required to obtain payment.

67-4a-501. Notice to apparent owner by holder. (1) Subject to Subsection, the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Sectionin a format acceptable to the administrator not more than 180 da…

67-4a-502. Contents of notice by holder. (1) Notice under Sectionshall contain a heading that reads substantially as follows:"Notice. The State of Utah requires us to notify you that your property may be transferred to the custody of the state's unclaimed property administrator i…

67-4a-503. Notice by administrator. (1) The administrator shall give notice to an apparent owner that property presumed abandoned and that appears to be owned by the apparent owner is held by the administrator under this chapter. (2) In providing notice under Subsection, the admi…

67-4a-504. Cooperation among state officers and agencies to locate apparent owner. (1) Unless prohibited by law of this state other than this chapter, on request of the administrator, each officer, agency, board, commission, division, and department of this state, any body politi…

67-4a-601. Definition of good faith. In this chapter, 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 was required or permitted to be paid or delivered to the administrat…

67-4a-602. Dormancy charge. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim t…

67-4a-603. Payment or delivery of property to administrator. (1) Except as otherwise provided in this section, on filing a report under Sectionthe holder shall pay or deliver to the administrator the property described in the report. 67-4a-401 If property in a report under Sectio…

67-4a-604. Effect of payment or delivery of property to administrator. (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. (2) A holder that pays …

67-4a-605. Recovery of property by holder from administrator. (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: paid the money in error; or after paying the money to the…

67-4a-606. Property removed from safe-deposit box. (1) Property removed from a safe-deposit box and delivered 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…

67-4a-607. Crediting income or gain to owner's account. (1) 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. (2) Interest on mone…

67-4a-608. Administrator's options as to custody. (1) The administrator may decline to take custody of property reported under Sectionif the administrator determines that: 67-4a-401 the property has a value less than the estimated expenses of notice and sale of the property; or t…

67-4a-609. Disposition of property having no substantial value -- Immunity from liability. (1) If the administrator takes custody of property delivered under this chapter and later determines that the property has no substantial commercial value or that the cost of disposing of t…

67-4a-610. Periods of limitation and repose. (1) Expiration, before, on, or after the effective date of this chapter, 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 propert…

67-4a-701. Public sale of tangible property. (1) Subject to Section, not earlier than three years after receipt of tangible property presumed abandoned, the administrator may sell the property. 67-4a-702 (2) Before selling property under Subsection, the administrator shall give n…

67-4a-702. Disposal of securities. (1) The administrator may not sell or otherwise liquidate a security until three years after the administrator receives the security and gives the apparent owner notice under Sectionthat the administrator holds the security. 67-4a-503 (2) The ad…

67-4a-702.5. Disposal of digital assets -- Liquidation before filing -- Recovery of digital assets or value by owner. (1) The administrator may not sell or otherwise liquidate a digital asset until three years after: the administrator's designated custodian receives the digital a…

67-4a-703. Recovery of securities or value by owner. (1) The administrator may not be held liable for any loss or gain in the value that the financial instrument would have obtained had the financial instrument been held instead of being sold. (2) Upon approval of a claim, the ow…

67-4a-704. Purchaser owns property after sale. (1) 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. (2) The administrator sh…

67-4a-705. Military medal or decoration. (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 Subsection, agency under Subsectio…

67-4a-801. Unclaimed Property Fund -- Deposit of funds by administrator. (1) There is created a custodial fund entitled the "Unclaimed Property Fund." Except as otherwise provided in this section, the administrator shall deposit all funds received under this chapter, including pr…

67-4a-802. Administrator to retain records of property. The administrator shall: (1) record and retain the name and last known address of each person shown on a report filed under Sectionto be the apparent owner of property delivered to the administrator; 67-4a-401 (2) record and…

67-4a-803. Expenses and service charges of administrator. Before making a deposit of funds received under this chapter to the Uniform School Fund or the Crime Victim Compensation Fund, the administrator may deduct: (1) expenses of disposition of property delivered to the administ…

67-4a-804. Administrator holds property as custodian for owner. 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.

67-4a-901. Claim of another state to recover property. (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: report and pay or deliver the property to the other state; or…

67-4a-902. When property subject to recovery by another state. (1) Property held under this chapter by the administrator is subject to the right of another state to take custody of the property if: the property was paid or delivered to the administrator because the records of the…

67-4a-903. Claim for property by person claiming to be owner. (1) A person claiming to be the owner of property held under this chapter by the administrator may file a claim for the property on a form prescribed by the administrator. The claimant shall verify the claim as to its …

67-4a-904. When administrator shall honor claim for property. (1) The administrator shall pay or deliver property to a claimant under Subsectionif the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner o…

67-4a-905. Allowance of claim for property. (1) 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 entitled under Section. 67-4a-607 On request of the o…

67-4a-906. Action by person whose claim is denied. Not later than one year after filing a claim under Subsection, the claimant may commence an action against the administrator in the district court to establish a claim that has been denied or considered denied under Subsection.