Chapter 24 - Uniform Unclaimed Property Act
CHAPTER 24 - UNIFORM UNCLAIMED PROPERTY ACT
34-24-101. Short title; policy statement; uniform construction.
(a) This act may be cited as the "Uniform UnclaimedProperty Act."
(b) Property shall be deemed to be "abandoned" or"unclaimed" when:
(i) It is held, issued or owing by a holder;
(ii) The identity, status or present location of the apparentowner is unknown; and
(iii) The property cannot be paid, distributed or given to theapparent owner after the dormancy period stated for the type of unclaimedproperty in this act.
(c) Property shall not be deemed to be "abandoned" or"unclaimed" while the character or degree of ownership interest ofthe apparent owner in the property is unsettled or disputed and the holder isnotified of this fact.
(d) All unclaimed property shall be placed in the custody ofthe administrator, subject to the perpetual right of the party originallyowning or being entitled to the property to reclaim it upon proper proof ofownership and identity. Except for escrow agreements pursuant to W.S.30-5-302, any provision, contract, agreement, practice, resolution, ordinance,decision, order or understanding, shall be void as contrary to this publicpolicy, if the purpose of that provision is to avoid or contradict thecustodial taking of unclaimed property by the administrator.
(e) This act shall be liberally construed in favor of the stateand so as to foster the report and turnover of unclaimed property to theadministrator.
34-24-102. Definitions.
(a) As used in this act:
(i) "Administrator" means the state treasurer;
(ii) "Apparent owner" means the person whose nameappears on the records of the holder as the person entitled to property held,issued or owing by the holder;
(iii) "Attorney general" means the chief legal officerof this state;
(iv) "Banking organization" means a bank, trustcompany, savings bank, private banker or any organization defined by other lawas a bank or banking organization;
(v) "Business association" means a nonpubliccorporation, joint stock company, investment company, business trust,partnership or association for business purposes of two (2) or moreindividuals, whether or not for profit, including a banking organization,financial organization, insurance company or utility;
(vi) "Domicile" means the state of incorporation of acorporation and the state of the principal place of business of anunincorporated person;
(vii) "Financial organization" means a savings and loanassociation, building and loan association or credit union;
(viii) "Holder" means a person, wherever organized ordomiciled, who is:
(A) In possession of property belonging to another;
(B) A trustee; or
(C) Indebted to another on an obligation.
(ix) "Insurance company" means an association,corporation, fraternal or mutual benefit organization, whether or not forprofit, which is engaged in providing insurance coverage, including but notlimited to accident, burial, casualty, credit life, contract performance,dental, fidelity, fire, health, hospitalization, illness, life (includingendowments and annuities), malpractice, marine, mortgage, surety and wageprotection insurance;
(x) "Intangible property" includes:
(A) Monies, checks, drafts, deposits, interest, dividends andincome;
(B) Credit balances, customer overpayments, gift certificates,security deposits, refunds, credit memos, unpaid wages, unused airline ticketsand unidentified remittances except balances represented on debit cards;
(C) Stocks and other intangible ownership interests in businessassociations except patronage capital of Wyoming rural electric cooperatives;
(D) Monies deposited to redeem stocks, bonds, coupons and othersecurities or to make distributions;
(E) Bonds, notes and any other debt obligations;
(F) Amounts due and payable under the terms of insurancepolicies;
(G) Amounts distributable from a trust or custodial fundestablished under a plan to provide health, welfare, pension, vacation,severance, retirement, death, stock purchase, profit sharing, employee savings,supplemental unemployment insurance or similar benefits; and
(H) Amounts distributable from a mineral interest in land.
(xi) "Last known address" means a description of thelocation of the apparent owner sufficient for the purpose of the delivery ofmail;
(xii) "Mineral" means oil, gas, uranium, sulphur,lignite, coal and any other substance that is ordinarily and naturallyconsidered a mineral, regardless of the depth at which the oil, gas, uranium, sulphur,lignite, coal or other substance is found;
(xiii) "Mineral proceeds" includes:
(A) All obligations to pay resulting from the production andsale of minerals, including net revenue interest, royalties, overridingroyalties, production payments and joint operating agreements; and
(B) All obligations for the acquisition and retention of amineral lease, including bonuses, delay rentals, shut-in royalties and minimumroyalties.
(xiv) "Owner" means a depositor in the case of adeposit, a beneficiary in case of a trust other than a deposit in trust, acreditor, claimant or payee in the case of other intangible property or aperson or that person's legal representative having a legal or equitableinterest in property subject to this act;
(xv) "Person" means an individual, businessassociation, state or other government (including any governmental subdivision,agency, entity, officer or appointee thereof) public corporation, publicauthority, estate, trust, two (2) or more persons having a joint or commoninterest or any other legal or commercial entity;
(xvi) "State" means any state, district, commonwealth,territory, insular possession or any other area subject to the legislativeauthority of the United States;
(xvii) "Utility" means a person who owns or operates forpublic use any plant, equipment, property, franchise or license for thetransmission of communications, including cable television or the production,storage, transmission, sale, delivery or furnishing of electricity, water,steam or gas;
(xviii) "This act" means W.S. 34-24-101 through34-24-140.
34-24-103. Property deemed abandoned; general rule.
(a) Except as otherwise provided by this act, all intangibleproperty, including any income or increment derived therefrom, less any lawfulcharges, that is held, issued or owing in the ordinary course of a holder'sbusiness and has remained unclaimed by the owner for more than five (5) yearsafter it became payable or distributable is deemed abandoned.
(b) Property is payable or distributable for the purpose ofthis act notwithstanding the owner's failure to make demand or to present anyinstrument or document required to receive payment.
34-24-104. General rules for taking custody of intangible unclaimedproperty.
(a) Unless otherwise provided in this act or by other statuteof this state, intangible property is subject to the custody of this state asunclaimed property if the property is deemed abandoned under W.S. 34-24-103 and34-24-106 through 34-24-117 and 34-24-140 are satisfied and:
(i) The last known address, as shown on the records of theholder, of the apparent owner is in this state;
(ii) The records of the holder do not reflect the identity ofthe person entitled to the property and it is established that the last knownaddress of the person entitled to the property is in this state;
(iii) The records of the holder do not reflect the last knownaddress of the apparent owner and it is established that:
(A) The last known address of the person entitled to theproperty is in this state; or
(B) The holder is a domiciliary or a government or governmentalsubdivision or agency of this state and has not previously paid or deliveredthe property to the state of the last known address of the apparent owner orother person entitled to the property.
(iv) The last known address, as shown on the records of theholder, of the apparent owner is in a state that does not provide by law forthe escheat or custodial taking of the property or its escheat or unclaimedproperty law is not applicable to the property and the holder is a domiciliaryor a government or governmental subdivision or agency of this state;
(v) The last known address, as shown on the records of theholder, of the apparent owner is in a foreign nation and the holder is adomiciliary or a government or governmental subdivision or agency of thisstate; or
(vi) The transaction out of which the property arose occurred inthis state and:
(A) The holder is a domiciliary of a state that does notprovide by law for the escheat or custodial taking of the property or itsescheat or unclaimed property law is not applicable to the property; and
(B) The last known address of the apparent owner or otherperson entitled to the property is:
(I) Unknown; or
(II) In a state that does not provide by law for the escheat orcustodial taking of the property or its escheat or unclaimed property law isnot applicable to the property.
34-24-105. Traveler's checks and money orders.
(a) Subject to subsection (d) of this section, any sum payableon a traveler's check that has been outstanding for more than fifteen (15)years after its issuance is deemed abandoned unless the owner, within fifteen(15) years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by an employee of the issuer.
(b) Subject to subsection (d) of this section, any sum payableon a money order that has been outstanding for more than seven (7) years afterits issuance is deemed abandoned unless the owner, within seven (7) years, hascommunicated in writing with the issuer concerning it or otherwise indicated aninterest as evidenced by a memorandum or other record on file prepared by anemployee of the issuer.
(c) A holder may not deduct from the amount of a traveler'scheck or money order any charge imposed by reason of the failure to present theinstrument for payment unless there is a valid and enforceable written contractbetween the issuer and the owner of the instrument pursuant to which the issuermay impose a charge and the issuer regularly imposes such charges and does notregularly reverse or otherwise cancel them.
(d) No sum payable on a traveler's check or money orderdescribed in subsections (a) and (b) of this section may be subjected to thecustody of this state as unclaimed property unless:
(i) The records of the issuer show that the traveler's check ormoney order was purchased in this state;
(ii) The issuer has its principal place of business in thisstate and the records of the issuer do not show the state in which thetraveler's check or money order was purchased; or
(iii) The issuer has its principal place of business in thisstate, the records of the issuer show the state in which the traveler's checkor money order was purchased, and the laws of the state of purchase do notprovide for the escheat or custodial taking of the property or its escheat orunclaimed property law is not applicable to the property.
(e) Notwithstanding any other provision of this act, subsection(d) of this section applies to sums payable on traveler's checks or moneyorders deemed abandoned on the effective date of this act.
(f) As used in this section, "money order" means amoney order issued by a business association and includes a personal moneyorder or other similar instrument issued by a banking or financialorganization, but not a bank money order, which is deemed a cashier's check.
34-24-106. Checks, drafts and similar instruments issued or certifiedby banking and financial organizations.
(a) Any sum payable on a check, draft or similar instrument,except those subject to W.S. 34-24-105, on which a banking or financialorganization is directly liable, including a cashier's check and a certifiedcheck, which has been outstanding for more than five (5) years after it waspayable or after its issuance if payable on demand, is deemed abandoned, unlessthe owner, within five (5) years, has communicated in writing with the bankingor financial organization concerning it or otherwise indicated an interest asevidenced by a memorandum or other record on file prepared by an employeethereof.
(b) A holder may not deduct from the amount of any instrumentsubject to this section any charge imposed by reason of the failure to presentthe instrument for payment unless there is a valid and enforceable writtencontract between the holder and the owner of the instrument pursuant to whichthe holder may impose a charge, and the holder regularly imposes such chargesand does not regularly reverse or otherwise cancel them.
34-24-107. Bank deposits and funds in financial organizations.
(a) Any demand, savings or matured time deposit with a bankingor financial organization, including a deposit that is automatically renewable,and any funds paid toward the purchase of a share, a mutual investmentcertificate or any other interest in a banking or financial organization isdeemed abandoned after five (5) years if the location of the owner is unknown,except where the owner, within five (5) years, has:
(i) In the case of a deposit, increased or decreased its amountor presented the passbook or other similar evidence of the deposit for thecrediting of interest;
(ii) Communicated in writing with the banking or financialorganization concerning the property;
(iii) Otherwise indicated an interest in the property asevidenced by a memorandum or other record on file prepared by an employee ofthe banking or financial organization;
(iv) Owned other property to which paragraph (i), (ii) or (iii)of this subsection applies and if the banking or financial organizationcommunicates in writing with the owner with regard to the property that wouldotherwise be deemed abandoned under this subsection at the address to whichcommunications regarding the other property regularly are sent; or
(v) Had another relationship with the banking or financialorganization concerning which the owner has:
(A) Communicated in writing with the banking or financialorganization; or
(B) Otherwise indicated an interest as evidenced by amemorandum or other record on file prepared by an employee of the banking orfinancial organization and if the banking or financial organization communicatesin writing with the owner with regard to the property that would otherwise beabandoned under this subsection at the address to which communicationsregarding the other relationship regularly are sent.
(b) For purposes of subsection (a) of this section, propertyincludes interest and dividends.
(c) A holder may not impose with respect to property describedin subsection (a) of this section any charge due to dormancy or inactivity orcease payment of interest unless:
(i) There is an enforceable written contract between the holderand the owner of the property pursuant to which the holder may impose a chargeor cease payment of interest and the holder regularly imposes such charges orceases payment of interest and does not regularly reverse or otherwise cancelthem or retroactively credit interest with respect to the property; or
(ii) The holder is specifically exempted by federal law.
(d) Any property described in subsection (a) of this sectionthat is automatically renewable is matured for purposes of subsection (a) ofthis section upon the expiration of its initial time period, but in the case ofany renewal to which the owner consents at or about the time of renewal bycommunicating in writing with the banking or financial organization or otherwiseindicating consent as evidenced by a memorandum or other record on fileprepared by an employee of the organization, the property is matured upon theexpiration of the last time period for which consent was given. If, at thetime provided for delivery in W.S. 34-24-120, a penalty or forfeiture in thepayment of interest would result from the delivery of the property, the timefor delivery is extended until the time when no penalty or forfeiture wouldresult.
34-24-108. Funds owing under life insurance policies.
(a) Funds held or owing under any life or endowment insurancepolicy or annuity contract that has matured or terminated are deemed abandonedif unclaimed for more than five (5) years after the funds became due andpayable as established from the records of the insurance company holding orowing the funds, but property described in paragraph (c)(ii) of this section isdeemed abandoned if unclaimed for more than two (2) years.
(b) If a person other than the insured or annuitant is entitledto the funds and an address of the person is not known to the company or it isnot definite and certain from the records of the company who is entitled to thefunds, it is presumed that the last known address of the person entitled to thefunds is the same as the last known address of the insured or annuitantaccording to the records of the company.
(c) For purposes of this act, a life or endowment insurancepolicy or annuity contract not matured by actual proof of the death of theinsured or annuitant according to the records of the company is matured and theproceeds due and payable if:
(i) The company knows that the insured or annuitant has died;or
(ii) It is determined that:
(A) The insured has attained, or would have attained if living,the limiting age under the mortality table on which the reserve is based;
(B) The policy was in force at the time the insured attained,or would have attained, the limiting age specified in subparagraph (A) of thisparagraph; and
(C) Neither the insured nor any other person appearing to havean interest in the policy within the preceding two (2) years, according to therecords of the company, has assigned, readjusted or paid premiums on thepolicy, subjected the policy to a loan, corresponded in writing with thecompany concerning the policy or otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this act, the application of an automaticpremium loan provision or other nonforfeiture provision contained in aninsurance policy does not prevent a policy from being matured or terminatedunder subsection (a) of this section if the insured has died or the insured orthe beneficiary of the policy otherwise has become entitled to the proceedsthereof before the depletion of the cash surrender value of a policy by theapplication of those provisions.
(e) If the laws of this state or the terms of the lifeinsurance policy require the company to give notice to the insured or ownerthat an automatic premium loan provision or other nonforfeiture provision hasbeen exercised and the notice, given to an insured or owner whose last knownaddress according to the records of the company is in this state, isundeliverable, the company shall make a reasonable search to ascertain thepolicyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if the companylearns of the death of the insured or annuitant and the beneficiary has notcommunicated with the insurer within four (4) months after the death, thecompany shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after the effective date of thisact, every change of beneficiary form issued by an insurance company under anylife or endowment insurance policy or annuity contract to an insured or ownerwho is a resident of this state shall request the following information:
(i) The name of each beneficiary, or if a class of beneficiariesis named, the name of each current beneficiary in the class;
(ii) The address of each beneficiary; and
(iii) The relationship of each beneficiary to the insured.
34-24-109. Deposits held by utilities.
Adeposit, including any interest thereon, made by a subscriber with a utility tosecure payment or any sum paid in advance for utility services to be furnished,less any lawful deductions, that remains unclaimed by the owner for more thanone (1) year after termination of the services for which the deposit or advancepayment was made is deemed abandoned.
34-24-110. Refunds and payments resulting from judicial oradministrative proceedings.
(a) The sum to be paid as a refund, under an order or decisionof a court or administrative agency or by agreement, remaining unclaimed formore than six (6) months after it became payable, is deemed 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 communicationbetween the apparent owner and the holder concerning that sum.
(b) Any sum payable or intangible property distributable in thecourse of a voluntary or involuntary dissolution or liquidation, remainingunclaimed for six (6) months after the date of the final distribution orliquidation, is deemed abandoned, unless, within the preceding six (6) months,there has been communication between the apparent owner and the person makingthe payment or distribution concerning that sum or distribution.
(c) Intangible property payable or distributable to a member ofor participant in a class action, either one allowed by the court to bemaintained as such or one essentially handled as a class action, and remainingunclaimed for more than six (6) months after the time for the final payment ordistribution is deemed abandoned, unless, within the preceding six (6) months,there has been a communication between the member or participant and the holderconcerning the property.
(d) Intangible property payable or distributable as the resultof litigation or settlement of a dispute before a judicial or administrativebody and remaining unclaimed for more than six (6) months after the time forthe final payment or distribution is deemed abandoned, unless, within thepreceding six (6) months, there has been a communication between the apparentowner and the holder concerning the property.
(e) The person actually making or having the duty to makepayment or distribution shall be deemed the holder for the purpose of thissection.
34-24-111. Stock and other intangible interests in businessassociations.
(a) Any stock, shareholding, or other intangible ownershipinterest in a business association, the existence of which is evidenced byrecords available to the association, is deemed abandoned and, with respect tothe interest, the association is the holder, if:
(i) The interest in the association is owned by a person whofor more than three (3) years has neither claimed a dividend, distribution orother sum payable as a result of the interest, or who has not communicated withthe association regarding the interest or a dividend, distribution or other sumpayable as the result of the interest, as evidenced by a memorandum or otherrecord on file with the association prepared by an employee of the association;and
(ii) The association does not know the location of the owner atthe end of the three (3) year period.
(b) The return of official shareholder notifications orcommunications by the postal service as undeliverable shall be evidence thatthe association does not know the location of the owner.
(c) This act shall be applicable to both the underlying stock,shareholdings or other intangible ownership interests of an owner, and anystock, shareholdings or other intangible ownership interest of which thebusiness association is in possession of the certificate or other evidence orindicia of ownership, and to the stock, shareholdings or other intangibleownership interests of dividend and nondividend paying business associationswhether or not the interest is represented by a certificate.
(d) At the time an interest is deemed abandoned under thissection, any dividend, distribution or other sum then held for or owing to theowner as a result of the interest, and not previously deemed abandoned, isdeemed abandoned.
(e) This act does not apply to any stock or other intangibleownership interest enrolled in a plan that provides for the automaticreinvestment of dividends, distributions or other sums payable as a result ofthe interest unless:
(i) The records available to the administrator of the planshow, with respect to any intangible ownership interest not enrolled in thereinvestment plan that the owner has not within three (3) years communicated inany manner described in subsection (a) of this section; or
(ii) Three (3) years have elapsed since the location of theowner became unknown to the association, as evidenced by the return of officialshareholder notifications or communications by the postal service asundeliverable, and the owner has not within those three (3) years communicatedin any manner described in subsection (a) of this section. The three (3) yearperiod from the return of official shareholder notifications or communications shallcommence from the earlier of the return of the second such mailing or the timethe holder discontinues mailings to the shareholder.
34-24-112. Property held by agents and fiduciaries.
(a) All intangible property and any income or increment derivedtherefrom, held in a fiduciary capacity for the benefit of another person isdeemed abandoned unless the owner, within five (5) years after it has becomepayable or distributable, has increased or decreased the principal, acceptedpayment of principal or income, communicated concerning the property orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by the fiduciary.
(b) All intangible property and any income or increment derivedtherefrom held in an individual retirement account, a retirement plan forself-employed individuals, or similar account or plan established pursuant tothe internal revenue laws of the United States, which has not been paid ordistributed for more than ninety (90) days after the earliest of (1) the actualdate of distribution or attempted distribution, (2) the date contracted fordistribution in the plan or trust agreement governing the account or plan, or(3) the date specified in the internal revenue law of the United States by whichdistribution must begin in order to avoid a tax penalty, is deemed abandonedunless the owner or beneficiary, within five (5) preceding years has madeadditional payments or transfers of property to the account or plan, was paidor received a distribution, communicated concerning the property, or otherwiseindicated an interest as evidenced by a memorandum or other record on file withthe account or plan fiduciary.
(c) For the purpose of this section, a person who holdsproperty as an agent for a business association is deemed to hold the propertyin a fiduciary capacity for that business association alone, unless theagreement between him and the business association provides otherwise.
(d) For the purposes of this act, a person who is deemed to holdproperty in a fiduciary capacity for a business association alone is the holderof the property only insofar as the interest of the business association in theproperty is concerned, and the business association is the holder of theproperty insofar as the interest of any other person in the property isconcerned.
34-24-113. Property held by courts and public agencies.
Anyintangible property held by the executive, legislative or judicial branch ofthe United States government, or a state or a county or municipal subdivisionof a state, or any of their authorities, agencies, instrumentalities,administrations, services or other organizations, and remaining unclaimed formore than one (1) year after it became payable or distributable is deemedabandoned.
34-24-114. Gift certificates and credit memos.
(a) A gift certificate or a credit memo in an amount greaterthan one hundred dollars ($100.00) that remains unredeemed for more than three(3) years after issuance is deemed abandoned.
(b) In the case of a gift certificate, the amount deemedabandoned is the price paid for the certificate itself. In the case of acredit memo, the amount deemed abandoned is the amount credited as shown on thememo itself.
(c) The amount of a gift certificate or credit memo deemedabandoned is subject to the custody of this state in the followingcircumstances:
(i) The records of the issuer show that the last known addressof the purchaser of the certificate or recipient of the memo is in this state;
(ii) The records of the issuer do not show the address of thepurchaser or recipient, but do show that the certificate or memo was issued inthis state;
(iii) The records of the issuer do not show the address of thepurchaser or of the recipient and do not show the state where the certificateor memo was issued, but the issuer is a domiciliary of this state; or
(iv) The records of the issuer show that the address of thepurchaser or recipient, or if none, the state where the certificate or memo wasissued, is in or is a state whose escheat or unclaimed property law does notprovide for the escheat or custodial taking of gift certificates and creditmemos, and the issuer is a domiciliary of this state.
(d) Commencing on the effective date of this act, a businessassociation issuing a gift certificate or credit memo in this state shall havea duty to record either the name and address of a purchaser of a certificate ora recipient of a credit memo or the state in which the certificate or memo wasissued.
34-24-115. Wages.
Unpaidwages, including wages represented by unpresented payroll checks, owing in theordinary course of the holder's business which remain unclaimed by the ownerfor more than one (1) year after becoming payable are deemed abandoned.
34-24-116. Contents of safe deposit box or other safekeepingrepository.
Alltangible and intangible property held in a safe deposit box or any othersafekeeping repository in this state in the ordinary course of the holder'sbusiness and proceeds resulting from the sale of the property permitted byother law, which remain unclaimed by the owner for more than five (5) yearsafter the lease or rental period on the box or other repository has expired,are deemed abandoned.
34-24-117. Mineral proceeds.
(a) Any sum payable as mineral proceeds that has remainedunclaimed by the owner for more than three (3) years after it became payable ordistributable and the owner's underlying right to receive those mineralproceeds are deemed abandoned.
(b) At the time an owner's underlying right to receive mineralproceeds is deemed abandoned, any mineral proceeds then owing to the owner andany proceeds accruing after that time are deemed abandoned. The sum deemedabandoned is subject to the custody of this state as unclaimed property if:
(i) The last known address, as shown on the records of theholder, of the apparent owner is in this state;
(ii) The records of the holder do not reflect the last knownaddress and it is established that the last known address of the apparent owneris in this state;
(iii) The records of the holder do not reflect the last knownaddress, and the holder is domiciled in or is a government or governmentalsubdivision or agency of this state; or
(iv) The mineral interest is located in this state, and:
(A) The last known address of the apparent owner, as shown onthe records of the holder, is in a state that does not provide by law for theescheat or custodial taking of the property or is in a state in which thestate's escheat or unclaimed property law is not applicable to the property; or
(B) The last known address of the apparent owner is unknown andthe holder is a domiciliary of a state that does not provide by law for theescheat or custodial taking of the property or a state in which the stateescheat or unclaimed property law is not applicable to the property.
(c) A holder may not deduct from mineral proceeds any chargedue to dormancy unless:
(i) There is an enforceable written contract between the holderand the owner of the mineral proceeds pursuant to which the holder may impose acharge;
(ii) For mineral proceeds in excess of five dollars ($5.00), theholder, no more than three (3) months before the initial imposition of thosecharges, has mailed written notice to the owner of the amount of those chargesat the last known address of the owner stating that those charges will beimposed, provided the notice required in this paragraph need not be given withrespect to charges imposed before the effective date of this act; and
(iii) The holder regularly imposes such charges and in noinstance reverses or otherwise cancels them.
(d) Charges authorized under subsection (c) of this section maybe made and collected monthly, quarterly or annually. However, beginning withthe effective date of this act, the cumulative amount of charges may not exceedtwelve dollars ($12.00) per year, and may only be charged for a maximum of two(2) calendar years.
34-24-118. Report of abandoned property.
(a) A person holding property tangible or intangible, deemedabandoned and subject to custody as unclaimed property under this act, shallreport to the administrator concerning the property as provided in thissection.
(b) The report shall be verified and shall include:
(i) Except with respect to traveler's checks and money orders,the name, if known, and last known address, if any, of each person appearingfrom the records of the holder to be the owner of property of the value offifty dollars ($50.00) or more deemed abandoned under this act;
(ii) In the case of unclaimed funds of fifty dollars ($50.00) ormore held or owing under any insurance policy or annuity contract, the fullname and last known address of the insured policy owner or annuitant and of thebeneficiary according to the records of the insurance company holding or owingthe funds;
(iii) In the case of the contents of a safe deposit box or othersafekeeping repository or of other tangible property, a description of theproperty and the place where it is held and may be inspected by theadministrator and any amounts owing to the holder;
(iv) The nature and identifying number, if any, or descriptionof the property and the amount appearing from the records to be due, but itemsof value under fifty dollars ($50.00) each may be reported in the aggregate;
(v) The date the property became payable, demandable orreturnable and the date of the last transaction with the apparent owner withrespect to the property; and
(vi) Other information the administrator prescribes by rule asnecessary for the administration of this act.
(c) If the person holding property deemed abandoned and subjectto custody as unclaimed property is a successor to other persons who previouslyheld the property for the apparent owner or the holder has changed a name whileholding the property, the report filed shall contain all known names andaddresses of each previous holder of the property.
(d) The report shall be filed no later than November 1 of eachyear for the reporting period ending June 30 next preceding. On writtenrequest by any person required to file a report, the administrator may postponethe reporting date.
(e) Not more than one hundred twenty (120) days before filingthe report required by this section, the holder in possession of propertydeemed abandoned and subject to custody as unclaimed property under this actshall send written notice to the apparent owner at that owner's last knownaddress informing the owner that the holder is in possession of propertysubject to this act if:
(i) The holder has in its records an address for the apparentowner which the holder's records do not disclose to be inaccurate;
(ii) The claim of the apparent owner is not barred by thestatute of limitations; and
(iii) The property has a value of fifty dollars ($50.00) or more.
(f) Reports filed with the administrator under this section arenot public records and are not open to public inspection until twenty-four (24)months after the date payment or delivery is made under W.S. 34-24-120.
34-24-119. Abandoned property lists; notice and publication of lists ofabandoned property.
(a) The administrator shall prepare two (2) lists withinformation about property paid or delivered to the administrator under W.S. 34-24-120:
(i) One list shall refer to all unclaimed funds of fiftydollars ($50.00) or more in the administrator's custody and shall contain:
(A) The name and last known address of each person appearingfrom the holders' report to be entitled to the property; and
(B) The name and last known address of each insured person orannuitant and beneficiary from the report of an insurance company.
(ii) The second list shall refer to property that has been inthe administrator's custody for more than twenty-four (24) months and shallcontain the following information:
(A) The name and last known address of each person appearingfrom the holders' report to be entitled to the property and the name and lastknown address of each insured person or annuitant and beneficiary from thereport of an insurance company;
(B) The amount paid or delivered to the administrator;
(C) The name of the person who paid or delivered the propertyto the administrator;
(D) A general description of the property; and
(E) Other information the administrator deems appropriate forinclusion in the list.
(b) The lists described in subsection (a) of this section shallbe updated semiannually and shall be available for public inspection at allreasonable business hours. Copies of each list shall be available to thepublic for a fee to be set by the administrator.
(c) Within the calendar year following the year in whichunclaimed property has been paid or delivered to the administrator, theadministrator shall advertise the unclaimed property one (1) time in anewspaper generally circulating in this state. The advertisement shall bemade in such form as in the discretion of the administrator is likely toattract the attention of the apparent owner of the unclaimed property. Theadvertisement shall contain the following information:
(i) The name of each person appearing to be the owner ofproperty deemed abandoned, as set forth in the report filed by the holder;
(ii) The last known address or location of each person appearingto be the owner of property deemed abandoned, if an address or location is setforth in the report filed by the holder;
(iii) A statement explaining that property of the owner has beendeemed to be abandoned and has been taken into the protective custody of theadministrator; and
(iv) A statement that information about the abandoned propertyand its return to the apparent owner can be obtained at any time by a personhaving a legal or beneficial interest in that property by making an inquiry tothe administrator.
(d) The administrator shall not be required to advertise thename and address or location of an owner of abandoned property having a totalvalue less than fifty dollars ($50.00) nor information concerning traveler'schecks, money orders and other similar written instruments deemed abandonedunder W.S. 34-24-105.
34-24-120. Payment or delivery of abandoned property.
(a) At the time of the filing of the report required by W.S.34-24-118 and with that report, the person holding property deemed abandonedand subject to custody as unclaimed property shall pay or deliver to theadministrator all of the property shown on the report and remaining unclaimedby the apparent owner. Upon written request showing good cause, the administratormay postpone the payment or delivery upon such terms or conditions as theadministrator deems necessary and appropriate. The property paid or deliveredto the administrator shall include all interest, dividends, increments andaccretions due, payable or distributable on the property on November 1 of theyear in which the report is required. If payment or delivery is postponed, theproperty paid or delivered to the administrator shall include all interest,dividends, increments and accretions due, payable or distributable on the daythat the property is paid or delivered to the administrator.
(b) The holder of an interest under W.S. 34-24-111 shall issueand deliver to the administrator a duplicate certificate or other evidence ofownership if the holder does not issue certificates of ownership, registered inthe name of the Wyoming state treasurer. Upon delivery of a duplicatecertificate to the administrator, the holder and any transfer agent, registraror other person acting for or on behalf of a holder in executing or deliveringthe duplicate certificate or other evidence of ownership is relieved of allliability in accordance with W.S. 34-24-121 to every person, including anyperson acquiring the original certificate or the duplicate certificate issuedto the administrator, for any losses or damages resulting to any person by theissuance and delivery of the duplicate certificate or other evidence ofownership to the administrator.
(c) When a certificate or other evidence of ownership, or a bondor other debt security, registered in the name of a person is delivered to theadministrator pursuant to any provision of this act and is presented by theadministrator to the issuer thereof of [or] its agent, the issuer shalltransfer and register it in the name of the Wyoming state treasurer, and a newcertificate or security, so registered, shall be delivered to theadministrator. The issuer and its transfer agent, registrar or other personacting on behalf of the issuer in executing and delivering the certificate orsecurity shall be fully and automatically relieved from any liability to anyperson in accordance with W.S. 34-24-121 for any loss or damage caused by thetransfer, issuance and delivery of the certificate or security to theadministrator.
34-24-121. Custody by state; holder relieved from liability;reimbursement of holder paying claim; reclaiming for owner; defense of holder;payment of safe deposit box or repository charges.
(a) Upon the payment or delivery of property to the administrator,the state assumes custody and responsibility for the safekeeping of theproperty. A person who pays or delivers property to the administrator in goodfaith is relieved of all liability to the extent of the value of the propertypaid or delivered for any claim then existing or which thereafter may arise orbe made in respect to the property. The person who pays or delivers in thismanner shall not thereafter be liable for interest.
(b) A holder who has paid money to the administrator pursuantto this act may make payment to any person appearing to the holder to beentitled to payment and, upon filing proof of payment and proof that the payeewas entitled thereto, the administrator shall promptly reimburse the holder forthe payment without imposing any fee or other charge. If reimbursement issought for a payment made on a negotiable instrument, including a traveler'scheck or money order, the holder must be reimbursed under this subsection uponfiling proof that the instrument was duly presented and that payment was madeto a person who appeared to the holder to be entitled to payment. The holdershall be reimbursed for payment made under this subsection even if the paymentwas made to a person whose claim was barred under W.S. 34-24-130(a).
(c) A holder who has delivered property (including acertificate of any interest in a business association) other than money to theadministrator pursuant to this act may reclaim the property if still in thepossession of the administrator, without paying any fee or other charge, uponfiling proof that the owner has claimed the property from the holder.
(d) The administrator may accept the holder's affidavit assufficient proof of the facts that entitle the holder to recover money andproperty under this section.
(e) If the holder pays or delivers property to theadministrator in good faith and thereafter another person claims the propertyfrom the holder or another state claims the money or property under its lawsrelating to escheat or abandoned or unclaimed property, the administrator, uponwritten notice of the claim, shall defend the holder against the claim andindemnify the holder against any liability on the claim.
(f) For the purposes of this section, "good faith"means that:
(i) Payment or delivery was made in a reasonable attempt tocomply with this act;
(ii) The person delivering the property was not a fiduciary thenin breach of trust in respect to the property and had a reasonable basis forbelieving, based on the facts then known to that person, that the property wasabandoned for the purposes of this act; and
(iii) There is no showing that the records pursuant to which thedelivery was made did not meet reasonable commercial standards of practice inthe industry.
(g) Property removed from a safe deposit box or othersafekeeping repository is received by the administrator subject to the holder'sright under this subsection to be reimbursed for the actual cost of the openingand to any valid lien or contract providing for the holder to be reimbursed forunpaid rent, storage, or any other charges that are reasonable and related.
34-24-122. Amount recoverable by owner.
Wheneverproperty is paid or delivered to the administrator under this act, the owner isentitled to receive from the administrator the principal amount turned over tothe state.
34-24-123. Public sale of abandoned property.
(a) Except as provided in subsections (b) and (c) of thissection, the administrator, within three (3) years after the receipt of abandonedproperty, shall sell it to the highest bidder at public sale in whatever cityin the state affords in the judgment of the administrator the most favorablemarket for the property involved. The administrator may decline the highestbid and reoffer the property for sale if in the judgment of the administratorthe bid is insufficient. If in the judgment of the administrator the probablecost of sale exceeds the value of the property, it need not be offered forsale. Any sale held under this section shall be preceded by a singlepublication of notice, at least three (3) weeks in advance of sale, in anewspaper of general circulation in the county in which the property is to besold.
(b) Securities listed on an established stock exchange shall besold at prices prevailing at the time of sale on the exchange. Othersecurities may be sold over the counter at prices prevailing at the time ofsale or by any other method the administrator considers advisable.
(c) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities, other than those deemedabandoned under W.S. 34-24-111, delivered to the administrator shall be heldfor at least one (1) year before he may sell them.
(d) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities deemed abandoned underW.S. 34-24-111 and delivered to the administrator shall be held for at leastthree (3) years before the administrator may sell them. If the administratorsells any securities delivered pursuant to W.S. 34-24-111 before the expirationof the three (3) year period, any person making a claim pursuant to this actbefore the end of the three (3) year period is entitled to either the proceedsof the sale of the securities or the market value of the securities at the timethe claim is made, whichever amount is greater. A person making a claim underthis act after the expiration of this period is entitled to receive either thesecurities delivered to the administrator by the holder, if they still remainin the hands of the administrator, or the proceeds received from sale, but noperson has any claim under this act against the state, the holder, any transferagent, registrar or other person acting for or on behalf of a holder for anyappreciation in the value of the property occurring after delivery by theholder to the administrator.
(e) The purchaser of property at any sale conducted by theadministrator pursuant to this act takes the property free of all claims of theowner or previous holder thereof and of all persons claiming through or underthem. The administrator shall execute all documents necessary to complete thetransfer of ownership.
34-24-124. Deposit of funds.
Exceptas otherwise provided by this section, the administrator shall promptly depositin a separate account all funds received under this act, including the proceedsfrom the sale of abandoned property under W.S. 34-24-123. Interest from theaccount shall be deposited into another separate account. There is continuouslyappropriated to the administrator from the interest account an amount equal tothe administrator's expenses in carrying out this act. Annually theadministrator shall deposit in the general fund interest earned on the accountwhich exceeds the amount necessary to administer this act. Before making thedeposit, the administrator shall record the name and last known address of eachperson appearing from the holders' reports to be entitled to the property andthe name and last known address of each insured person or annuitant andbeneficiary and with respect to each policy or contract listed in the report ofan insurance company its number, the name of the company and the amount due.The claimant's name and last known address shall be available for publicinspection at all reasonable business hours.
34-24-125. Filing of claim with administrator.
(a) A person, excluding another state, claiming an interest inany property paid or delivered to the administrator may file with theadministrator a claim on a form prescribed by the administrator and verified bythe claimant.
(b) The administrator shall consider each claim within ninety(90) days after it is filed and give written notice to the claimant if theclaim is denied in whole or in part. The notice may be given by mailing it tothe last address, if any, stated in the claim as the address to which noticesare to be sent. If no address for notices is stated in the claim, the noticemay be mailed to the last address, if any, of the claimant as stated in theclaim. No notice of denial need be given if the claim fails to state eitherthe last address to which notices are to be sent or the address of theclaimant.
(c) If a claim is allowed, the administrator shall pay over tothe claimant the monies received from the holder, or the net proceeds ifproperty has been sold by the administrator, together with any additionalamount required by W.S. 34-24-122. If the claim is for property deemedabandoned under W.S. 34-24-111 which was sold by the administrator within three(3) years after the date of delivery, the amount payable for that claim is thevalue of the property at the time the claim was made or the net proceeds ofsale, whichever is greater.
34-24-126. Claim of another state to recover property; procedure.
(a) At any time after property has been paid or delivered tothe administrator under this act another state may recover the property if:
(i) The property was subjected to custody by this state becausethe records of the holder did not reflect the last known address of theapparent owner when the property was deemed abandoned under this act, and theother state establishes that the last known address of the apparent owner orother person entitled to the property was in that state and under the laws ofthat state the property escheated to or was subject to a claim of abandonmentby that state;
(ii) The last known address of the apparent owner or otherperson entitled to the property, as reflected by the records of the holder, isin the other state and under the laws of that state the property has escheatedto or become subject to a claim of abandonment by that state;
(iii) The records of the holder were erroneous in that they didnot accurately reflect the actual owner of the property and the last knownaddress of the actual owner is in the other state and under the laws of thatstate the property escheated to or was subject to a claim of abandonment bythat state;
(iv) The property was subjected to custody by this state underW.S. 34-24-104(a)(vi) and under the laws of the state of domicile of the holderthe property has escheated to or become subject to a claim of abandonment bythat state; or
(v) The property is the sum payable on a traveler's check, moneyorder or other similar instrument that was subjected to custody by this stateunder W.S. 34-24-105, and the instrument was purchased in the other state andunder the laws of that state the property escheated to or became subject to aclaim of abandonment by that state.
(b) The claim of another state to recover escheated orabandoned property must be presented in a form prescribed by the administrator,who shall decide the claim within ninety (90) days after it is presented. Theadministrator shall allow the claim if he determines that the other state isentitled to the abandoned property under subsection (a) of this section.
(c) The administrator shall require a state, before recoveringproperty under this section, to agree to indemnify this state and its officersand employees against any liability on a claim for the property.
34-24-127. Action to establish claim.
Aperson aggrieved by a decision of the administrator or whose claim has not beenacted upon within ninety (90) days after its filing may bring an action toestablish the claim in the district court of the county where the claimantresides or in the district court of Laramie county, naming the administrator asa defendant. The action shall be brought within ninety (90) days after thedecision of the administrator or within one hundred eighty (180) days after thefiling of the claim if he has failed to act on it.
34-24-128. Delivery prior to abandonment.
Aholder, with the written consent of the administrator and upon conditions andterms prescribed by him, may report and deliver property before the property isdeemed abandoned. Property delivered under this subsection shall be held bythe administrator and is not deemed abandoned until such time as it otherwisewould be deemed abandoned under this act.