Probate Practice and Procedure

CHAPTER 33-21.1
Unclaimed Intangible and Tangible Property

SECTION 33-21.1-19

§ 33-21.1-19. 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.

History of Section.
(P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.)