67-4a-502 - Claim of another state to recover property -- Procedure.
67-4a-502. Claim of another state to recover property -- Procedure.
(1) At any time after property has been paid or delivered to the administrator under thischapter, another state may recover the property if:
(a) the property was subjected to custody by this state because the records of the holderdid not reflect the last-known address of the apparent owner when the property was consideredabandoned under this chapter, and the other state establishes that:
(i) the last-known address of the apparent owner or other person entitled to the propertywas in that state; and
(ii) the property escheated to or was subject to a claim of abandonment by that state;
(b) 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 theproperty has escheated to or become subject to a claim of abandonment by that state;
(c) the records of the holder were erroneous in that they did not accurately reflect theactual owner of the property and the last-known address of the actual owner is in the other stateand under the laws of that state the property escheated to or was subject to a claim ofabandonment by that state;
(d) the property was subjected to custody by this state and, under the laws of the state ofdomicile of the holder, the property has escheated to or become subject to a claim ofabandonment by that state; or
(e) the property is the sum payable on a traveler's check, money order, or other similarinstrument that was subjected to custody by this state under Section 67-4a-202, and the instrumentwas purchased in the other state and, under the laws of that state, the property escheated to orbecame subject to a claim of abandonment by that state.
(2) The administrator shall:
(a) develop a claim form for use by other states that wish to recover escheated orabandoned property;
(b) decide the claim within 90 days after it is presented, using the standards establishedby this section; and
(c) require a state, before recovering property under this section, to agree to indemnifythis state and its officers and employees against any liability on a claim for the property.
Enacted by Chapter 198, 1995 General Session