Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. You should check the State Laws for updates.
State of Rhode Island General Laws
TITLE 33 - Probate practice and procedure
CHAPTER 33-21 - Unclaimed Property
Town taking possession of property.
Whenever any person shall die leaving any real estate within this
state, and shall leave no heir or legal representative to claim the real
estate, the town council of the town in which the real estate is located
may direct the town treasurer of the town to take the property into his
or her possession for the use of the town until the heir or other legal
representative of the deceased shall call for the real estate, to whom
the real estate shall be delivered on being claimed and evidence of the
right or title of the claimant shown; and the town shall in that case account with the claimant
for the real estate, but not including any income or interest received
from the real estate.
Title 33, Chap. 33-21, §33-21-1
Title 33, Chap. 33-21, §33-21-2 [Repealed.].
Action for recovery of property.
If any person shall appear to be in possession of any real estate
of one dying without known heirs or other legal representatives as provided
in § 33-21-1, and shall on request refuse to deliver or surrender
possession of the real estate to the town treasurer directed as provided,
the town treasurer may in his or her capacity commence and prosecute an
action for the recovery of the real estate. For purposes of §§
33-21-1 and 33-21-3 – 33-21-6, "real estate" shall not include real estate
to the extent it constitutes the underlying security for any note, obligation,
or other security owned by a person dying without known heirs, and the
real estate to this extent shall be subject to the provisions of this chapter
and chapter 21.1 of this title. The attorney general may be joined, on
behalf of the state, as a party respondent in any action involving title
to the real estate.
Title 33, Chap. 33-21, §33-21-3
Subjection of estate to debts of decedent.
Whenever any real estate shall be taken into possession by any
town treasurer pursuant to this chapter, the real estate shall be subject
and liable to the payment of the debts of the deceased to whom it belonged,
as liens on the property; and these liens may be established and enforced
by proceedings brought by the creditors against the town as trustee, at
any time within two (2) years after the town has taken possession.
Title 33, Chap. 33-21, §33-21-4
Order for sale of real estate.
Whenever a town shall have been in possession of any real estate
under the provisions of § 33-21-1 for ten (10) years without any person
having claimed the same as heir at law, devisee, legatee, or legal representative
of the deceased person, and shall, by complaint setting forth all the known
facts in relation to the title and possession of the real estate and in
relation to the person who died leaving the property, apply to the superior
court for leave to sell and convey the real estate, the court shall order
such notice of the pendency of the complaint as may to the court seem proper,
and may, after the return of the notice and the hearing of all persons
interested in the real estate, order the sale and conveyance of real estate
in such manner and upon such terms and conditions as the court shall prescribe.
Title 33, Chap. 33-21, §33-21-5
Proceeds of sale.
The proceeds of a sale, and the balance of any proceeds after proceedings
by creditors under § 33-21-4, over and above all expenses incurred
by the town, shall be held by the town and be accounted for in the same
way and be held for the same uses as the real estate would have been had
no sale been made.
Title 33, Chap. 33-21, §33-21-6
Title 33, Chap. 33-21, §33-21-7 – 33-21-9. [Repealed.].
Record of proceedings.
The town treasurer shall keep an exact record of his or her proceedings
under the provisions of this chapter.
Title 33, Chap. 33-21, §33-21-10
Title 33, Chap. 33-21, §33-21-11 – 33-21-43. [Repealed.].
CHAPTER 33-21.1 Unclaimed Intangible and Tangible Property
Definitions and use of terms.
As used in this chapter, unless the context otherwise requires:
(1) "Administrator" means the general treasurer or his or her designee.
(2) "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.
(3) "Banking organization" means a bank, trust, company, savings bank (industrial bank, land bank, safe deposit company), private banker, or any organization defined by any of the laws of this or any other state as a bank or banking organization.
(4) "Business association" means a public corporation, a non-public corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of two (2) or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility, but not including hospitals, private, nonprofit institutions of higher education, and other domestic charitable corporations as those terms are defined in this section.
(5) "Domicile" means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.
(6) "Financial organization" means a savings and loan association, cooperative bank, building and loan association, or credit union.
(7) "Hospital" means:
(i) Any nonprofit hospital incorporated under the laws of the state, including any nonprofit subsidiary corporations formed by any hospital or formed by the parent corporation of a hospital, or
(ii) Any nonprofit corporation the member or members of which consist solely of one or more hospitals or parent corporations of hospitals, or
(iii) Any other hospital which is licensed as a general hospital or maternity hospital pursuant to chapter 17 of title 23 which is exempt from taxation.
(8) "Holder" means a person, wherever organized or domiciled, who is:
(i) In possession of property belonging to another,
(ii) A trustee, or
(iii) Indebted to another on an obligation.
(9) "Insurance company" means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance; but not including a nonprofit corporation organized pursuant to chapters 19, 20, 20.1, 20.2 and 20.3 of title 27.
(10) "Intangible property" includes:
(i) Money, checks, drafts, deposits, interest, dividends, income, and bonds;
(ii) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances;
(iii) Stocks and other intangible ownership interests in business associations;
(iv) Money deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(v) Amounts due and payable under the terms of insurance policies; and
(vi) Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.
(11) "Last known address" means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail.
(12) "Other domestic charitable corporation" means a corporation, except a hospital or private, nonprofit institution of higher education, as those terms are defined herein, organized and existing under chapter 6 of title 7, chapter 19 of title 27, or created by general or special act of the general assembly; provided however that domestic charitable corporations which qualify as charitable corporations under 26 U.S.C. § 501(c)(3) and have one hundred (100) or fewer employees shall be exempt from the provisions of this chapter.
(13) "Owner" means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative.
(14) "Person" means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.
(15) "Private, nonprofit institution of higher education" means an educational institution situated within this state which by virtue of law or charter is a private, nonprofit educational institution empowered to provide a program of education beyond the high school level and which is accredited by a nationally recognized educational accrediting agency or association and awards a bachelor's or advance degree or provides a program of not less than two (2) years' duration which is accepted for full credit toward a bachelor's degree.
(16) "State" means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States.
(17) "Tangible property" includes all other property not defined as intangible property and which is not otherwise defined in this section.
(18) "Utility" means a person who owns or operates for public use any plan, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas.
Title 33, Chap. 33-21.1, §33-21.1-1
Property presumed abandoned.
(a) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived from intangible property, 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 than three (3) years after it became payable or distributable is presumed abandoned.
(b) Property is payable or distributable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.
Title 33, Chap. 33-21.1, §33-21.1-2
General rules for taking custody of intangible unclaimed property.
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 §§ 33-21.1-2 and 33-21.1-5 – 33-21.1-16 are satisfied;
and
(1) The last known address, as shown on the records of the holder, of the apparent owner is in this state; or
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state; or
(3) The records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(i) The last known address of the person entitled to the property is in this state, or
(ii) The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property; or
(4) The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
(5) The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
(6) The transaction out of which the property arose occurred in this state, and
(i) The last known address of the apparent owner or other person entitled to the property is unknown, or
(B) The last known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property, and
(ii) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
Title 33, Chap. 33-21.1, §33-21.1-3
Property originated or issued by this state, any political subdivision of the state or any entity incorporated, organized, created or otherwise located in this state.
(a) All intangible property, including, but not limited to securities, principal, interest, dividends, or other earnings thereon, less any lawful charges, held by a business association, federal, state or local government or governmental subdivision, agency or entity, or any other person or entity, regardless of where the holder may be found, if the owner has not claimed the property or corresponded in writing with the holder concerning the property within three (3) years after the date prescribed for payment or delivery by the issuer, unless the holder is a state that has taken custody pursuant to its own unclaimed property laws, in which case no additional period of holding beyond that of the state is necessary under this section, is presumed abandoned and subject to the custody of this state as unclaimed property if:
(1) The last known address of the owner is unknown: and
(2) The person or entity originating or issuing the intangible property is this state or any political subdivision of this state, or is incorporated, organized, created, or otherwise located in this state.
(b) The provisions of subsection (a) shall not apply to property which is or may be presumed abandoned and subject to the custody of this state pursuant to any other section of this title or any other provision of law.
(c) The provisions of subsection (a) shall apply to all property held at the time of enactment, or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
Title 33, Chap. 33-21.1, §33-21.1-3.1
Travelers checks and money orders.
(a) Subject to subsection (d), any sum payable on a travelers check that has been outstanding for more than fifteen (15) years after its issuance is presumed abandoned unless the owner, within fifteen (15) years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(b) Subject to subsection (d), any sum payable on a money order or similar written instrument, other than a third party bank check, that has been outstanding for more than five (5) years after its issuance is presumed abandoned unless the owner, within five (5) years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(c) A holder may not deduct from the amount of a travelers check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes these charges and does not regularly reverse or otherwise cancel them.
(d) No sum payable on a travelers check, money order, or similar written instrument, other than a third party bank check, described in subsections (a) and (b) may be subjected to the custody of this state as unclaimed property unless:
(1) The records of the issuer show that the travelers check, money order, or similar written instrument was purchased in this state;
(2) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order, or similar written instrument was purchased; or
(3) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
(e) Notwithstanding any other provision of this chapter, subsection (d) applies to sums payable on travelers checks, money orders, and similar written instruments presumed abandoned on or after February 1, 1971, except to the extent that those sums have been paid over to a state prior to January 1, 1981.
Title 33, Chap. 33-21.1, §33-21.1-4
Checks, drafts and similar instruments issued or certified by banking and financial organizations.
(a) Any sum payable on a check, draft, or similar instrument, except those subject to § 33-21.1-4, 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 (3) years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three (3) years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.
(b) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes the charges and does not regularly reverse or otherwise cancel them.
Title 33, Chap. 33-21.1, § 33-21.1-5
Bank deposits and funds in financial organizations.
(a) Any demand or savings deposit with a banking or financial organization, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner, within three (3) years, and, in the case of matured time deposits, including a deposit that is automatically renewable, within six (6) years, has:
(1) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;
(2) Communicated in writing with the banking or financial organization concerning the property;
(3) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;
(4) Owned other property to which subdivision (a)(1), (2), or (3) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent; or
(5) Had another relationship with the banking or financial organization concerning which the owner has:
(i) Communicated in writing with the banking or financial organization; or
(ii) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.
(b) For the purposes of subsection (a), property includes interest and dividends.
(c) A holder may not impose with respect to property described in subsection (a) any charge due to dormancy or inactivity or cease payment of interest unless:
(1) There is an enforceable written contract between the holder and the owner of the property pursuant to which the holder may impose a charge or cease payment of interest;
(2) For property in excess of two dollars ($2.00), the holder, no more than three (3) months before the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those charges at the last known address of the owner stating that those charges will be imposed or that interest will cease, but the notice provided in this section need not be given with respect to charges imposed or interest ceased before July 1, 1987; and
(3) The holder regularly imposes the charges or ceases payment of interest and does not regularly reverse or otherwise cancel them or retroactively credit interest with respect to the property.
(d) Any property described in subsection (a) that is automatically renewable is matured for purposes of subsection (a) upon the expiration of its initial time period, but in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in § 33-21.1-19, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
(e) In the event that any court appointed receiver of a banking or financial organization or a business organization referenced in Executive Order 91-2 (proclamation of January 1, 1991) sells, transfers or conveys any type of property referred to in this section to a banking or financial organization or business organization pursuant to court order, then notwithstanding any inactivity with respect to the property, all time periods referred to in this section shall commence upon the date of closing of the sale, transfer or conveyance.
Title 33, Chap. 33-21.1, §33-21.1-6
Funds owing under life insurance policies.
(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 (3) years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (c)(2) is presumed abandoned if unclaimed for more than two (2) years.
(b) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.
(c) For purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable, if:
(1) The company has received due proof of death that the insured or annuitant has died; or
(2) The insured has attained, or would have attained if he or she were living, the limiting age under the mortality table on which the reserve is based;
(ii) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (i); and
(iii) Neither the insured nor any other person appearing to have an interest in the policy within the preceding two (2) years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this chapter, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (a) if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the deposit before the depletion of the cash surrender value of a policy by the application of those provisions.
(e) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four (4) months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after July 1, 1987, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:
(1) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;
(2) The address of each beneficiary; and
(3) The relationship of each beneficiary to the insured.
Title 33, Chap. 33-21.1, § 33-21.1-7
Deposits held by utilities.
A deposit, including any interest on the deposit, made by a subscriber
with a utility to secure payment or any sum paid in advance for utility
services to be furnished, less any lawful deductions, that remains unclaimed
by the owner for more than one year after termination of the services for
which the deposit or advance payment was made is presumed abandoned.
Title 33, Chap. 33-21.1, §33-21.1-8
Refunds held by business associations.
(a) The sum to be paid as a refund, under an order or decision of a court or administrative agency or by agreement, remaining unclaimed for more than six (6) months after it became payable is presumed abandoned, regardless of whether the apparent owner has made any claim to the refund, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning that sum.
(b) Any sum payable or intangible property properly distributable in the course of a voluntary or involuntary dissolution or liquidation remaining unclaimed for six (6) months after the date of the final distribution or liquidation is presumed abandoned, unless, within the preceding six (6) months, there has been communication between the apparent owner and the person making the payment or distribution concerning that sum or distribution.
(c) Intangible property payable or distributable to a member of or participant in a class action, either one allowed by the court to be maintained as a class action or one essentially handled as a class action, and remaining for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the member or participant and the holder concerning the property. Intangible property payable or distributable as the result of litigation or settlement of a dispute before judicial or administrative body and remaining unclaimed for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning the property.
(d) The person actually making or having the duty to make payment or distribution shall be deemed the holder for the purpose of this section.
Title 33, Chap. 33-21.1, §33-21.1-9
Stock and other intangible interests in business associations.
(a) Except as provided in subsections (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has remained unclaimed by the owner for five (5) years and the owner within five (5) years has not:
(1) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(2) Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
(b) At the expiration of a five (5) year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least five (5) dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If five (5) dividends, distributions, or other sums are paid during the five (5) year period, the period leading to a presumption of abandonment commences on the date payment of the first unclaimed dividend, distribution, or other sum became due and payable. If five (5) dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been five (5) dividends, distributions, or other sums that have not been claimed by the owner.
(c) The running of the five (5) year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (a). If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under this section, any dividend distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
(e) This chapter does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within five (5) years communicated in any manner described in subsection (a).
Title 33, Chap. 33-21.1, §33-21.1-10
Title 33, Chap. 33-21.1, §33-21.1-11 [Repealed.].
Property held by agents and fiduciaries.
(a) Intangible property and any income or increment derived from the intangible property held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within three (3) years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary. In applying the preceding sentence to family education accounts, as defined in § 44-30-25, twenty (20) years shall be substituted for five (5) years.
(b) Funds in an individual retirement account or a retirement plan for self employed individuals or similar account or plan established pursuant to the internal revenue laws of the United States are not payable or distributable within the meaning of subsection (a) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
(c) For the purposes of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him or her and the business association provides otherwise.
(d) For the purposes of this chapter, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.
Title 33, Chap. 33-21.1, §33-21.1-12
Property held by courts and public agencies.
Intangible property held for the owner by a court, state, or other
government, governmental subdivision or agency, public corporation, or
public authority which remains unclaimed by the owner for more than one
year after becoming payable or distributable is presumed abandoned.
Title 33, Chap. 33-21.1, §33-21.1-13
Gift certificates and credit memos.
(a) A gift certificate or a credit memo issued by a business association that remains unredeemed for more than three (3) years after issuance is presumed abandoned.
(b) In the case of a gift certificate, the amount presumed abandoned is the face amount of the certificate itself. In the case of a credit memo, the amount presumed abandoned is the amount credited as shown in the memo itself.
(c) The amount of a gift certificate or credit memo presumed abandoned is subject to the custody of this state in the following circumstances:
(1) The records of the issuer show that the last known address of the purchaser of the certificate or recipient of the memo is in this state;
(2) The records of the issuer do not show the address of the purchaser or recipient, but do show that the certificate or memo was issued in this state;
(3) The records of the issuer do not show the address of the purchaser or recipient and do not show the state where the certificate or memo was issued and the issuer has its principal place of business in this state;
(4) The records of the issuer show that the address of the purchaser or recipient, or if none, the state where the certificate or memo was issued, is in or is a state whose escheat or unclaimed property law does provide for the escheat or custodial taking of gift certificates and credit memos, and the issuer has its principal place of business in this state.
(d) Commencing on July 1, 1992, a business association issuing a gift certificate or credit memo in this state shall have a duty to record either the name and address of a purchaser of a certificate or a recipient of a credit memo or the state in which the certificate or memo was issued.
Title 33, Chap. 33-21.1, §33-21.1-14
Property held by police departments.
(a) All tangible and intangible personal property and any income from this property which has been confiscated by any city, town, or state police department and has been held in the custody of the department for six (6) months or more shall be presumed abandoned and shall revert to the general fund in accordance with § 33-21.1-23.
(b) All money which is being held by the police department as a result of confiscation shall be deposited in a special interest bearing bank account during and until the expiration of the three (3) year period prior to reversion to the general fund.
Title 33, Chap. 33-21.1, §33-21.1-14.1
Property held by hospitals, private, nonprofit institution of
higher education or other domestic charitable corporations.
All intangible property in the form of uncashed vendor checks which
have been held in the custody of a hospital, private, nonprofit institutions
of higher education or such other domestic charitable corporations for
three (3) or more years and satisfies the conditions found in § 33-21.1-3(1)
through (6) shall be presumed abandoned.
Title 33, Chap. 33-21.1, §33-21.1-14.2
Wages.
Unpaid wages, including wages represented by unpresented payroll
checks, owing in the ordinary course of the holder's business which remain
unclaimed by the owner for more than one year after becoming payable are
presumed abandoned. In addition, unpaid wages, including wages represented
by unpresented payroll checks, owing in the ordinary course of the business
of a hospital, private, nonprofit institution of higher education, and
other domestic charitable corporation which remain unclaimed by the owner
for more than one year after becoming payable are presumed abandoned.
Title 33, Chap. 33-21.1, §33-21.1-15
Contents of safe deposit box or other safekeeping repository.
All tangible and intangible property held in a safe deposit box
or any other safekeeping repository 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 remain unclaimed by the owner for more than
three (3) years after the lease or rental period on the box or other repository
has expired, are presumed abandoned.
Title 33, Chap. 33-21.1, §33-21.1-16
Report of abandoned property.
(a) A person holding property tangible or intangible, 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.
(b) The report must be verified and must include:
(1) Except with respect to travelers checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property of the value of fifty ($50.00) dollars or more presumed abandoned under this chapter;
(2) In the case of unclaimed funds of fifty dollars ($50.00) or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds;
(3) In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator and any amounts owing to the holder;
(4) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, but items of value under fifty dollars ($50.00) each shall be reported in the aggregate;
(5) The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property; and
(6) Other information the administrator prescribes by rule as necessary for the administration of this chapter.
(c) If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or the holder has changed his or her name while holding the property, he or she shall file with his or her report all known names and addresses of each previous holder of the property.
(d) The report must be filed before November 1 of each year as of June 30, next preceding, but the report of any life insurance company must be filed before May 1 of each year as of December 31 next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date.
(e) Not more than one hundred and twenty (120) days before filing the report required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at his or her last known address informing him or her that the holder is in possession of property subject to this chapter if:
(i) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate,
(ii) The claim of the apparent owner is not barred by the statute of limitations, and
(iii) The property has a value of fifty dollars ($50.00) or more.
Title 33, Chap. 33-21.1, §33-21.1-17
Notice and publication of lists of abandoned property.
(a) The administrator shall cause a notice to be published not later than March 1, or in the case of property reported by life insurance companies, September 1, of the year immediately following the report required by § 33-21.1-17 at least once a week for two (2) consecutive weeks 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 state, the notice must be published in the county in which the holder of the property has its principal place of business within this state.
(b) The published notice must be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property" and contain:
(1) The names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice within the county as specified in subsection (a);
(2) A statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator; and
(3) A statement that if proof of claim is not presented by the owner to the holder and the owner's right to receive the property is not established to the holder's satisfaction the property will be placed in the custody of the administrator and all further claims must thereafter be directed to the administrator.
(c) The administrator is not required to publish in the notice any items of less than fifty dollars ($50.00) unless the administrator considers their publication to be in the public interest.
(d) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under § 33-21.1-4.
Title 33, Chap. 33-21.1, §33-21.1-18
Payment or delivery of abandoned property.
(a) Except as otherwise provided in subsection (b), a person who is required to file a report under § 33-21.1-17, shall at the time of filing the report as required by § 33-21.1-17 pay or deliver to the administrator all abandoned property required to be reported.
(b) If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the administrator, and the property will no longer be presumed abandoned. In that case, the holder shall file with the administrator a verified written explanation of the proof of claim or of the error in the presumption of abandonment.
(c) The holder of an interest under § 33-21.1-10 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of §33-21.1-20 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate.
Title 33, Chap. 33-21.1, §33-21.1-19
Custody by state – Defense of holder – Payment of safe deposit box or repository charges.
(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 of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.
(b) A holder who has paid money to the administrator pursuant to this chapter may make payment to any person appearing to the holder to be entitled to payment and, upon filing proof of payment and proof that the payee was entitled to payment, the administrator shall promptly reimburse the holder for the payment without imposing any fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument including a travelers check or money order, the holder must be reimbursed under this subsection upon filing proof that the instrument was duly presented and that payment was made to a person who appeared to the holder to be entitled to payment. The holder must be reimbursed for payment made under this subsection even if the payment was made to a person whose claim was barred under §33-21.1-29(a).
(c) A holder who has delivered property, including a certificate of any interest in a business association, other than money to the administrator pursuant to this chapter may reclaim the property if still in the possession of the administrator, without paying any fee or other charge, upon filing proof that the owner has claimed the property from the holder.
(d) The administrator may accept the holder's affidavit as sufficient proof of the facts that entitle the holder to recover money and property under this section.
(e) If the holder pays or delivers property to the administrator in good faith and later another person claims the property from the holder or another state claims the money or property under its laws relating to escheat, abandoned, or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim.
(f) For the purposes of this section, "good faith" means that:
(1) Payment or delivery was made in a reasonable attempt to comply with this chapter;
(2) The person delivering the property was not a fiduciary then in breach of trust in respect to the property and had a reasonable basis for believing, based on the facts then known to him or her, that the property was abandoned for the purposes of this chapter; and
(3) There is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.
(g) Property removed from a safe deposit box or other safekeeping repository is received by the administrator subject to the holder's right under this subsection to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator's selling cost.
Title 33, Chap. 33-21.1, §33-21.1-20
Crediting of dividends, interest or increments to owner's account.
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 of the
property into money.
Title 33, Chap. 33-21.1, §33-21.1-21
Public sale of abandoned property.
(a) Except as provided in subsections (b) and (c), the administrator, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this section must be preceded by a single publication of notice, at least three (3) weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(b) Securities listed on an established stock exchange must be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
(c) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under § 33-21.1-10, delivered to the administrator must be held for at least one year before he or she may sell them.
(d) Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under § 33-21.1-10, and delivered to the administrator must be held for at least three (3) years before he or she may sell them. If the administrator sells any securities delivered pursuant to § 33-21.1-10 before the expiration of the three (3) year period, any person making a claim pursuant to this chapter before the end of the three (3) year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees pursuant to §33-21.1-23(b). A person making a claim under this chapter after the expiration of this period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from sale, less any amounts deducted pursuant to § 33-21.1-23(b), but no person has any claim under this chapter against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.
(e) The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder of the property and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.
Title 33, Chap. 33-21.1, §33-21.1-22
Deposit of funds.
(a) Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this chapter, including the proceeds from the sale of abandoned property under § 33-21.1-22. The administrator shall retain in a separate bank account an amount not less than one hundred thousand dollars ($100,000) from which prompt payment of claims duly allowed must be made by him or her. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number and the name of the company. The record with the exception of the amount due must be available for public inspection at all reasonable business hours.
(b) Before making any transfer from the account surplus to the credit of the general fund, the administrator may deduct:
(1) Any costs in connection with the sale of abandoned property;
(2) Costs of mailing and publication in connection with any abandoned property;
(3) Reasonable service charges;
(4) Costs incurred in examining records of holders of property and in collecting the property from those holders; and
(5) Any other charges, costs or expenses incurred in the administration of this chapter.
Title 33, Chap. 33-21.1, §33-21.1-23
Filing of claim with administrator.
(a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file with him or her a claim on a form prescribed by him or her and verified by the claimant.
(b) The administrator shall consider each claim within ninety (90) days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(c) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received, or the net proceeds if it has been sold by the administrator, together with any additional amount required by § 33-21.1-21. If the claim is for property presumed abandoned under §33-21.1-10 which was sold by the administrator within three (3) years after the date of delivery, the amount payable for that claim is the value of the property at the time the claim was made or the net proceeds of sale, whichever is greater. If the property claimed was interest bearing to the owner on the date of surrender by the holder, the administrator also shall pay interest at a rate of five percent (5%) a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of fifteen (15) years after delivery or the date on which payment is made to the owner. No interest on interest bearing property is payable for any period before the effective date of this chapter.
(d) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (c) shall add interest as provided in subsection (c). The added interest must be repaid to the holder by the administrator in the same manner as the principal.
Title 33, Chap. 33-21.1, §33-21.1-24
Claim of another state to recover property; procedure.
(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 apparent owner when the property was presumed abandoned under this chapter, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(2) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state;
(3) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(4) The property was subjected to custody by this state under § 33-21.1-3(6) and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state; or
(5) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under § 33-21.1-4, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
(b) The claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within ninety (90) days after it is presented. The administrator shall allow the claim if he or she determines that the other state is entitled to the abandoned property under subsection (a).
(c) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.
Title 33, Chap. 33-21.1, §33-21.1-25
