55-210.17 - Periods of limitation.
§ 55-210.17. Periods of limitation.
A. The expiration of any period of time specified by statute or court order,during which an action or proceeding may be commenced or enforced to obtainpayment of a claim for money or recovery of property, shall not prevent themoney or property from being presumed abandoned property, nor affect any dutyto file a report required by this chapter or to pay or deliver abandonedproperty to the State Treasurer.
B. Except as provided in subsection C of this section, an action orproceeding shall not be maintained by the administrator to enforce thischapter more than five years after the earlier of (i) the date on which theholder identified the property on a report filed with the administrator, (ii)the date on which the holder first filed a report with the administratorwherein the holder should have but failed to report the property, or (iii)the date on which the holder filed a report with the administrator givingreasonable notice to the administrator of a dispute regarding the property.
C. An action or proceeding shall not be maintained by the administrator toenforce this chapter with respect to any property more than ten yearsfollowing the date on which such property first became reportable if theholder (i) filed a materially false or fraudulent report with the intent toevade delivery of property otherwise subject to this chapter or (ii) failedto file a report with the administrator.
(1960, c. 330; 2000, cc. 733, 745.)