Chapter
04-129
2004 -- S 2859
Enacted 06/18/04
A N A C T
RELATING TO PROBATE PRACTICE
AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY
Introduced By: Senator
Daniel DaPonte
Date
Introduced: February 11, 2004
It is enacted by the General
Assembly as follows:
SECTION
1. Section 33-21.1-17 of the General Laws in Chapter 33-21.1 entitled
"Unclaimed Intangible and
Tangible Property" is hereby amended to read as follows:
33-21.1-17.
Report of abandoned property. [Effective July 1, 2004.] -- (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 and
the report of any life insurance company, including the report of unclaimed
insurance company demutualization
proceeds made pursuant to section 33-21.1-16.1, must be
filed before May November
1 of each year as of December 31 June 30 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:
(1)
The holder has in its records an address for the apparent owner which the
holder's
records do not disclose to be
inaccurate,
(2)
The claim of the apparent owner is not barred by the statute of limitations,
and
(3)
The property has a value of fifty dollars ($50.00) or more.
SECTION
2. This act shall take effect on July 1, 2004.
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LC02445
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