TITLE 33
Probate practice and procedure

CHAPTER 33-21.1
Unclaimed Intangible and Tangible Property

SECTION 33-21.1-9


§ 33-21.1-9 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.

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