CHAPTER 43-41B
UNIFORM UNCLAIMED PROPERTY ACT
43-41B-1 Definitions and use of terms.
43-41B-2 Property presumed abandoned--General rule.
43-41B-3 General rules for taking custody of intangible unclaimed property.
43-41B-4 Travelers checks and money orders.
43-41B-5 Checks, drafts and similar instruments issued or certified by banking and financial organizations.
43-41B-6 Bank deposits and funds in financial organizations.
43-41B-7 Funds owing under life insurance.
43-41B-8 Deposits held by utilities.
43-41B-9 Refunds held by business associations.
43-41B-10 Stock and other intangible interests in business associations.
43-41B-11 Property of business associations held in course of dissolution.
43-41B-12 43-41B-12. Repealed by SL 1993, ch 326, § 2
43-41B-13 Property held by agents and fiduciaries.
43-41B-14 Property held by courts and public agencies.
43-41B-15 Gift certificates and credit memos.
43-41B-16 Wages.
43-41B-17 Contents of safe deposit box or other safekeeping repository--U.S. savings bonds.
43-41B-18 Report of abandoned property--Promulgation of rules.
43-41B-19 Notice and publication of names of persons appearing to be owners of unclaimed property.
43-41B-20 Payment or delivery of abandoned property.
43-41B-21 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.
43-41B-22 Crediting of dividends, interest, or increments to owner's account.
43-41B-23 Public sale of abandoned property.
43-41B-23.1 Sale of securities, stocks, bonds, and other intangible ownership interests.
43-41B-24 Unclaimed property moneys received--Unclaimed property operating fund--Record required.
43-41B-24.1 Unclaimed property operating fund--Continuous appropriation--Purpose--Informational budget.
43-41B-24.2 Operational expenses not continuously appropriated.
43-41B-24.3 Unclaimed property moneys received--General fund contribution limit.
43-41B-24.4 Trust fund for unclaimed property--Administration--Purpose--Appropriation.
43-41B-24.5 Net receipts reduction--Distribution amount.
43-41B-25 Filing claim with administrator--Handling of claims by administrator.
43-41B-26 Claim of another state to recover property--Procedure.
43-41B-27 Action to establish claim.
43-41B-28 Election to take payment or delivery.
43-41B-29 Destruction or disposition of property having insubstantial commercial value--Immunity from liability.
43-41B-30 Period of limitation.
43-41B-31 Requests for reports and examination of records.
43-41B-32 Retention of records.
43-41B-33 Enforcement.
43-41B-34 Interstate agreements and cooperation--Joint and reciprocal actions with other states.
43-41B-35 Interest on untimely payments.
43-41B-36 Agreements to locate reported property.
43-41B-37 Effect of new provisions--Clarification of application.
43-41B-38 Rules.
43-41B-39 43-41B-39. Rejected by special referendum election held November 3, 1998
43-41B-40 Open-loop prepaid cards exempt.
43-41B-41 Rewards cards exempt.
43-41B-42 Unredeemed gift certificates, closed-loop cards, open-loop cards, and rewards cards not subject to state claim.
43-41B-43 Certain gift certificates and closed-loop prepaid cards exempt.
43-41B-44 United States savings bonds.
43-41B-45 Virtual currency--Promulgation of rules--Liquidation--Gain in value.
43-41B-1. Definitions and use of terms.
Terms in this chapter mean:
(1) \"Administrator,\" the state treasurer;
(2) \"Apparent owner,\" the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder;
(3) \"Attorney general,\" the chief legal officer of this state;
(4) \"Banking organization,\" any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization;
(5) \"Business association,\" a nonpublic corporation, joint stock company, investment company, business trust, partnership, cooperative, or association for business purposes of two or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility;
(6) \"Domicile,\" the state of incorporation of a corporation or the state of the principal place of business of an unincorporated person;
(7) \"Financial organization,\" a savings and loan association, cooperative bank, building and loan association, or credit union;
(8) \"Holder,\" a person, wherever organized or domiciled, who is:
(a) In possession of property belonging to another;
(b) A trustee; or
(c) Indebted to another on an obligation;
(9) \"Insurance company,\" an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life, including endowments and annuities, malpractice, marine, mortgage, surety, and wage protection insurance;
(10) \"Intangible property,\" includes:
(a) Moneys, checks, drafts, deposits, interest, dividends, unpaid mineral proceeds, royalties, vendor checks, income, unpaid commissions, unpaid overcharges, and unpaid accounts payable;
(b) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;
(c) Stocks and other intangible ownership interests in business associations;
(d) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(e) Amounts due and payable under the terms of insurance policies;
(f) Amounts distributable from a trust or custodial fund established 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
(g) United States savings bonds held or owing in this state by any person, or issued or owed in the course of a holder's business, or by a state or other government, governmental subdivision, agency, or instrumentality;
(11) \"Last known address,\" any description, code, or other indication of the location of the apparent owner, which identifies the state where the apparent owner is located, even if the description, code, or other indication of location is not sufficient to direct the delivery of first-class United States mail to the apparent owner;
(12) \"Owner,\" a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or any other person having a legal or equitable interest in property subject to this chapter or his legal representative;
(13) \"Person,\" an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity;
(14) \"Property,\" includes money, rights to claim refunds or rebates, postal savings deposits, bonds, United States savings bonds, notes, certificates, policies of insurance, other instruments of value, choses-in-action, obligations whether written or unwritten and anything of value of any nature whatsoever;
(15) \"State,\" any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States;
(15A) \"Unclaimed Property Division,\" a division within the Office of the State Treasurer;
(16) \"Utility,\" a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; and
(17) \"Virtual currency,\" a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States, but not including:
(a) The software or protocols governing the transfer of the digital representation of value;
(b) Game-related digital content; or
(c) A loyalty or gift card.
Source: SL 1992, ch 312, § 1; SL 2014, ch 210, § 2; SL 2017, ch 190, § 4, eff. Mar. 10, 2017; SL 2025, ch 183, § 1.
43-41B-2. Property presumed abandoned--General rule.
(a) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived therefrom, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.
(b) Property is payable or distributable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.
Source: SL 1992, ch 312, § 2; SL 2012, ch 209, § 1.
43-41B-3. General rules for taking custody of intangible unclaimed property.
Unless otherwise provided in this chapter or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under §§ 43-41B-2 and 43-41B-5 to 43-41B-17, inclusive, are satisfied and:
(1) The last known address, as shown on the records of the holder, of the apparent owner is in this state;
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
(3) The records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(i) The last known address of the person entitled to the property is in this state;
(ii) The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property; or
(iii) The holder originating or issuing the intangible property is incorporated, organized, created or constructively located in this state;
(4) The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state;
(5) The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
(6) The transaction out of which the property arose occurred in this state, and
(i)(A) The last known address of the apparent owner or other person entitled to the property is unknown; or
(B) The last known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and
(ii) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
Source: SL 1992, ch 312, § 3.
43-41B-4. Travelers checks and money orders.
(a) Any sum payable on a travelers check that has been outstanding for more than fifteen years after its issuance is presumed abandoned unless the owner, within fifteen years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(b) Any sum payable on a money order or similar written instrument, other than a third-party bank check, that has been outstanding for more than three years after its issuance is presumed abandoned unless the owner, within three years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(c) A holder may not deduct from the amount of a travelers check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them.
(d) No sum payable on a travelers check, money order, or similar written instrument, other than a third-party bank check, as described in subsections (a) and (b), may be subjected to the custody of this state as unclaimed property unless:
(1) The records of the issuer show that the travelers check, money order, or similar written instrument was purchased in this state;
(2) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order, or similar written instrument was purchased; or
(3) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
(e) Notwithstanding any other provisions of this chapter, subsection (d) applies to sums payable on travelers checks, money orders, and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state.
Source: SL 1992, ch 312, § 4; SL 1993, ch 326, § 1; SL 2012, ch 209, § 2.
43-41B-5. Checks, drafts and similar instruments issued or certified by banking and financial organizations.
(a) Any sum payable on a check, draft, or similar instrument, except those subject to § 43-41B-4, on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than three years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.
(b) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.
Source: SL 1992, ch 312, § 5; SL 2012, ch 209, § 3.
43-41B-6. Bank deposits and funds in financial organizations.
(a) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless in the case of a matured time deposit, the banking or financial organization has mailed, at least once in three years certified mail requesting a return receipt, to the owner and the receipt has been returned and signed by the addressee, or unless the owner, within three years has:
(1) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;
(2) Communicated in writing with the banking or financial organization concerning the property;
(3) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;
(4) Owned other property to which paragraph (1), (2), or (3) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent;
(5) Had another relationship with the banking or financial organization concerning which the owner has:
(i) Communicated in writing with the banking or financial organization; or
(ii) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent; or
(6) Received tax reports or regular statements of the deposit by mail from the banking or financial organization regarding the deposit. Receipt of the statement by the owner is presumed if the statement is mailed first class by the banking or financial organization and not returned.
(b) For purposes of subsection (a) property includes any income, increments, interest, or dividends.
(c) A holder may not impose with respect to property described in subsection (a) any charge due to dormancy or inactivity or cease payment of interest unless:
(1) There is an enforceable written contract between the holder and the owner of the property pursuant to which the holder may impose a charge or cease payment of interest;
(2) For property in excess of two dollars, the holder, no more than three months before the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those charges at the last known address of the owner stating that those charges will be imposed or that interest will cease, but the notice provided in this section need not be given with respect to charges imposed or interest ceased before July 1, 1993; and
(3) The holder regularly imposes such charges or ceases payment of interest and does not regularly reverse or otherwise cancel them or retroactively credit interest with respect to the property.
(d) Any property described in subsection (a) that is automatically renewable is matured for purposes of subsection (a) upon the expiration of its initial time period, but in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in § 43-41B-20, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.
Source: SL 1992, ch 312, § 6; SL 2002, ch 200, § 1; SL 2012, ch 209, § 4.
43-41B-7. Funds owing under life insurance.
(a) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than three years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (c)(2) is presumed abandoned if unclaimed for more than three years.
(b) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.
(c) For purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:
(1) The company knows that the insured or annuitant has died; or
(2)(i) The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based;
(ii) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (i); and
(iii) Neither the insured nor any other person appearing to have an interest in the policy within the preceding three years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this chapter, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (a) if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds thereof before the depletion of the cash surrender value of a policy by the application of those provisions.
(e) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing on July 1, 1994, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:
(1) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;
(2) The address of each beneficiary; and
(3) The relationship of each beneficiary to the insured.
Source: SL 1992, ch 312, § 7; SL 2012, ch 209, § 5.
43-41B-8. Deposits held by utilities.
Any deposit, including any interest thereon, made by a subscriber with a utility to secure payment for or any sum paid in advance for utility services to be furnished in this state, less any lawful deductions, is presumed abandoned if it has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than one year after the termination of the services for which the deposit or advance payment was made.
Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, is presumed abandoned if it has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than one year after the date it became payable in accordance to the final determination or order providing for the refund.
Source: SL 1992, ch 312, § 8.
43-41B-9. Refunds held by business associations.
Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned.
Source: SL 1992, ch 312, § 9.
43-41B-10. Stock and other intangible interests in business associations.
(a) Except as provided in subsections (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has remained unclaimed by the owner for three years and the owner within three years has not:
(1) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(2) Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.
(b) At the expiration of a three-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least three dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If three dividends, distributions, or other sums are paid during the three-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If three dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been three dividends, distributions, or other sums that have not been claimed by the owner.
(c) The running of the three-year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (a). If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.
(e) This chapter does apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest if the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within three years communicated in any manner described in subsection (a).
Source: SL 1992, ch 312, § 10; SL 2012, ch 209, § 6.
43-41B-11. Property of business associations held in course of dissolution.
Intangible property distributable in the course of a dissolution of a business association which remains unclaimed by the owner for more than one year after the date specified for final distribution is presumed abandoned.
Source: SL 1992, ch 312, § 11.
43-41B-13. Property held by agents and fiduciaries.
(a) Intangible property and any income or increment derived therefrom held by fiduciaries and agents for the benefit of another person is presumed abandoned unless the owner, within three years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.
(b) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (a) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
(c) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him and the business association provides otherwise.
(d) For the purposes of this chapter, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned.
Source: SL 1992, ch 312, § 12; SL 2012, ch 209, § 7.
43-41B-14. Property held by courts and public agencies.
Intangible property held for the owner by a court, federal, state, or other government, governmental subdivision or agency or entity, public corporation, public authority, or public officer of this state which remains unclaimed by the owner for more than one year after becoming payable or distributable is presumed abandoned.
Source: SL 1992, ch 312, § 13.
43-41B-15. Gift certificates and credit memos.
(a) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned.
(b) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
Source: SL 1992, ch 312, § 14; SL 2012, ch 209, § 8.
43-41B-16. Wages.
Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder's business which remains unclaimed by the owner for more than one year after becoming payable are presumed abandoned.
Source: SL 1992, ch 312, § 15.
43-41B-17. Contents of safe deposit box or other safekeeping repository--U.S. savings bonds.
Any tangible and intangible property held in a safe deposit box or any other safekeeping repository or agency or collateral deposit box in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than three years after the lease or rental period on the box or other repository has expired, are presumed abandoned. Any United States savings bond included in the contents of a safe deposit box or other repository must be reported and recorded in the unclaimed property database, independently of the box or repository. The savings bonds must be listed using the owner information on the original bond under property type code SC15 United States Government Securities. The savings bonds must be claimable by the person listed on the bond or by that person's heirs.
Source: SL 1992, ch 312, § 16; SL 1993, ch 326, § 3; SL 2012, ch 209, § 9; SL 2019, ch 194, § 1.
43-41B-18. Report of abandoned property--Promulgation of rules.
A person holding property, tangible or intangible, which is presumed abandoned and subject to custody as unclaimed property under this chapter, shall report to the administrator concerning the property as provided in this section. 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 obtain payment of a claim for money or recovery of property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report required by this chapter or to pay or deliver abandoned property to the state treasurer.
The holder of unclaimed property shall, before filing the annual report required by this section, communicate with the owner and take necessary steps to prevent abandonment from being presumed by exercising due diligence to ascertain the whereabouts of the owner. For property having a value of fifty dollars or more, the holder shall mail notice to each person entitled to the property presumed abandoned under this chapter, except that mailing of notice is not required if the holder's records indicate the owner's address is inaccurate.
The mailed notice must contain a statement that, according to the records of the holder, property is being held, to which the addressee appears to be entitled, and which will escheat to the state. The notice must also contain information regarding any changes of the name of the holder. In the case of securities deemed abandoned pursuant to subdivision 43-41B-2(a) and § 43-41B-10, or safe deposit box contents deemed abandoned pursuant to § 43-41B-17, the notice must state that the property may be sold by the administrator. In the case of virtual currency deemed abandoned pursuant to § 43-41B-45, the notice must state that the property may be sold by the holder prior to remittance to the administrator.
The report must be verified and must include:
(1) Except with respect to travelers checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property of the value of ten dollars or more presumed abandoned under this chapter;
(2) In the case of unclaimed funds of ten dollars or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds;
(3) In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator and any amounts owing to the holder;
(4) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, provided that items of value under ten dollars each may be reported in the aggregate;
(5) The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property; and
(6) Other information the administrator prescribes by rule as necessary for the administration of this chapter.
If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner, or the holder's name has changed while holding the property, the holder must file with the report all known names and addresses of each previous holder of the property.
The report must be filed before November first of each year as of June thirtieth, next preceding, but the report of any life insurance company must be filed before May first of each year as of December thirty-first next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date or waive any interest fees or penalties.
Source: SL 1992, ch 312, § 17; SL 1993, ch 326, § 4; SL 2019, ch 194, § 2; SL 2025, ch 183, § 3.
43-41B-19. Notice and publication of names of persons appearing to be owners of unclaimed property.
(a) The administrator shall cause a notice to be published at least once in a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice. If no address is listed or the address is outside this state, the notice must be published in the county in which the holder of the property has its principal place of business within this state.
(b) The published notice must be entitled \"Notice of Names of Persons Appearing to be Owners of Unclaimed Property\" and contain:
(1) The names in alphabetical order and the last known city and state of residence, if any, of persons listed in the report and entitled to notice within the county as specified in subsection (a);
(2) A statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator; and
(3) A statement that if proof of claim is not presented by the owner and the owner's right to receive the property must be established to the administrator's satisfaction to whom all claims must be directed.
(c) The administrator is not required to publish in the notice any items of less than one hundred twenty-five dollars unless the administrator considers their publication to be in the public interest.
(d) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under § 43-41B-4.
Source: SL 1992, ch 312, § 18; SL 2012, ch 209, § 10; SL 2019, ch 194, § 3.
43-41B-20. Payment or delivery of abandoned property.
(a) Except as otherwise provided in subsections (b) and (c) of this section, a person who is required to file a report under this chapter shall, at the same time as the final date for filing the report as required, 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) Property reported under § 43-41B-18 for which the holder is not required to report the name of the apparent owner must be delivered to the administrator at the time of filing the report.
(d) The holder of any interest shall deliver a duplicate certificate or other evidence of ownership 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 provisions of this chapter to every person, including any person acquiring the original certificate or the duplicate of the certificate or the duplicate of the certificate issued to the department, for any losses or damages resulting to the person by the issuance and delivery to the department of the duplicate certificate.
Source: SL 1992, ch 312, § 19.
43-41B-21. 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 the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.
(b) A holder who has paid money to the administrator pursuant to this chapter may make payment to any person appearing to the holder to be entitled to payment and, upon filing proof of payment and proof that the payee was entitled thereto, the administrator shall promptly reimburse the holder for the payment without imposing any fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a travelers check or money order, the holder must be reimbursed under this subsection upon filing proof that the instrument was duly presented and that payment was made to a person who appeared to the holder to be entitled to payment. The holder must be reimbursed for payment made under this subsection even if the payment was made to a person whose claim was barred under subsection 43-41B-30(a).
(c) A holder who has delivered property (including a certificate of any interest in a business association) other than money to the administrator pursuant to this chapter may reclaim the property if still in the possession of the administrator, without paying any fee or other charge, upon filing proof that the owner has claimed the property from the holder.
(d) The administrator may accept the holder's affidavit as sufficient proof of the facts that entitle the holder to recover money and property under this section.
(e) If the holder pays or delivers property to the administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim.
(f) For the purposes of this section, \"good faith\" means:
(1) Payment or delivery was made in a reasonable attempt to comply with this chapter;
(2) The person delivering the property was not a fiduciary then in breach of trust in respect to the property and had a reasonable basis for believing, based on the facts then known to him, that the property was abandoned for the purposes of this chapter; and
(3) There is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.
(g) Property removed from a safe deposit box or other safekeeping repository is received by the administrator subject to the holder's right under this subsection to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges when the charges do not exceed the value of the property. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator's selling cost.
Source: SL 1992, ch 312, § 20.
43-41B-22. Crediting of dividends, interest, or increments to owner's account.
Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereof into money.
Source: SL 1992, ch 312, § 21.
43-41B-23. Public sale of abandoned property.
(a) No earlier than three years after the receipt of abandoned property, the administrator shall sell the property to the highest bidder at a public sale or by means of an internet auction, depending on which method of sale the administrator determines affords the most favorable market for the property. The administrator may decline the highest bid and reoffer the property for sale if the administrator determines that the bid is insufficient. If the administrator determines that the probable cost of the sale will exceed the value of the property, the administrator need not offer the property for sale. Any sale held under this section shall be preceded by a publication of notice, at least three weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(b) Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
(c) The state treasurer shall sell all stocks, bonds, and other negotiable instruments within one hundred eighty days of confirmed receipt of such instruments, unless the property is on an open claim. The state treasurer is not liable for any loss or gain in the value that the instrument would have obtained had the instrument been held instead of being sold.
(d) The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims by the owner or previous holder of the property and by all persons claiming through or under the owner or previous holder.
(e) The administrator shall execute all documents necessary to complete the transfer of ownership.
Source: SL 1992, ch 312, § 22; SL 2017, ch 190, § 1, eff. Mar. 10, 2017; SL 2018, ch 258, § 1; SL 2019, ch 194, § 4.
43-41B-23.1. Sale of securities, stocks, bonds, and other intangible ownership interests.
All securities, stocks, bonds, or other intangible ownership interests in business associations held by the Unclaimed Property Division with any value shall be sold after March 10, 2017.
Source: SL 2017, ch 190, § 3, eff. Mar. 10, 2017.
43-41B-24. Unclaimed property moneys received--Unclaimed property operating fund--Record required.
Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund all moneys received under this chapter, including the proceeds from the sale of abandoned property under § 43-41B-23, not to exceed the general fund contribution limit, as defined in § 43-41B-24.3, in a fiscal year.
The administrator shall maintain in a separate unclaimed property operating fund an amount not more than five hundred thousand dollars from which the administrator must make prompt payment of claims duly allowed. Before making the deposit, the administrator must record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary, and with respect to each policy or contract listed in the report of an insurance company, its number, the name of the company, and the amount due. The record must be available for public inspection at all reasonable business hours.
Source: SL 1992, ch 312, § 23; SL 1993, ch 327, § 1; SL 2024, ch 180, § 1; SL 2025, ch 184, § 1.
43-41B-24.1. Unclaimed property operating fund--Continuous appropriation--Purpose--Informational budget.
Money in the unclaimed property operating fund for the payment of claims and costs incurred in examining records of holders of property and in collecting the property from those holders is continuously appropriated. Expenditures for claims and costs incurred in examining records of holders of property and in collecting the property from those holders must be paid upon warrants drawn by the state auditor pursuant to vouchers authorized by the state treasurer. All moneys paid out by the state treasurer for claims and costs incurred in examining records of holders of property and in collecting the property from those holders under chapter 43-41B must be set forth in an informational budget as described in § 4-7-7.2 and be annually reviewed by the Legislature.
Source: SL 1993, ch 327, §§ 2, 3; SL 2012, ch 210, § 1; SL 2024, ch 180, § 2; SL 2025, ch 184, § 2.
43-41B-24.2. Operational expenses not continuously appropriated.
The operational expenses for unclaimed property, including costs in connection with the sale of abandoned property, personnel, costs of mailing and publication, and service charges, must be paid from general appropriations in the general appropriations act.
Source: SL 2024, ch 180, § 3.
43-41B-24.3. Unclaimed property moneys received--General fund contribution limit.
For purposes of § 43-41B-24, \"general fund contribution limit\" means an amount equal to the cost of operational expenses for the Unclaimed Property Division in each of the following fiscal years plus:
(1) For fiscal year 2026, $61,384,827;
(2) For fiscal year 2027, $58,000,000;
(3) For fiscal year 2028, $54,000,000;
(4) For fiscal year 2029, $50,000,000;
(5) For fiscal year 2030, $46,000,000;
(6) For fiscal year 2031, $42,000,000;
(7) For fiscal year 2032, $38,000,000;
(8) For fiscal year 2033, $34,000,000;
(9) For fiscal year 2034, $30,000,000; and
(10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000.
Source: SL 2025, ch 184, § 3.
43-41B-24.4. Trust fund for unclaimed property--Administration--Purpose--Appropriation.
There is created in the state treasury the trust fund for unclaimed property. The fund consists of any net receipts from unclaimed property that exceed the maximum deposit requirements of § 43-41B-24.3.
The state treasurer shall administer the fund. The purpose of the fund is to provide for the return of unclaimed property, provide for the payment of audit expenses, and deposit into the general fund the distribution amount, in accordance with § 43-41B-24.5. Distribution amounts from the fund must be budgeted through the general appropriation bill as provided for in § 43-41B-24.5 or expended by special appropriation. Moneys comprising the principal amount in the trust fund for unclaimed property may not be appropriated by the general appropriation bill or by special appropriation.
Source: SL 2025, ch 184, § 4.
43-41B-24.5. Net receipts reduction--Distribution amount.
Beginning in fiscal year 2026 and each fiscal year thereafter, the state treasurer shall, after paying from the unclaimed property operating fund all claims and any administrative costs associated with the sale of unclaimed property, deposit into the general fund the net receipts from unclaimed property, up to the general fund contribution limit, as established in § 43-41B-24.3.
Any net receipts from unclaimed property that exceed the general fund contribution limit as defined in § 43-41B-24.3, must be deposited into the trust fund for unclaimed property.
The state investment officer shall calculate an amount equal to four percent of the market value of the trust fund for unclaimed property, without invading principal, as eligible for distribution to the general fund. Until fiscal year 2031, the distribution must be based on the market value as of each December thirty-first, beginning with the market value as of December 31, 2025. Beginning with the distribution in fiscal year 2031, the market value must be determined by adding the market value of the trust fund at the end of the sixteen most recent calendar quarters as of December thirty-first, and dividing the sum by sixteen. Upon notice of the amount by the state investment officer, the state treasurer shall transfer the distribution amount from the trust fund to the general fund as soon as practicable after July first of the next fiscal year.
Source: SL 2025, ch 184, § 5.
43-41B-25. Filing claim with administrator--Handling of claims by administrator.
(a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant.
(b) The administrator shall consider each claim within one hundred eighty days after it is filed and provide notice to the claimant if the claim is denied in whole or in part. The notice may be sent by mail to the last address of the claimant stated in the claim for the receipt of notices. In the alternative, the notice may be sent electronically to the last e-mail address of the claimant or to the e-mail address stated in the claim for the receipt of notices.
If no address for notices is stated in the claim, the notice may be mailed to the last address, or e-mailed to the last e-mail address of the claimant, as stated in the claim. No notice of denial need be given if the claim fails to state either the last mailing or e-mail address to which notices are to be sent or the mailing or e-mail address of the claimant.
(c) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if the property has been sold by the administrator, together with any additional amount required by § 43-41B- 22.
If the claim is for property that is presumed abandoned under § 43-41B-10 and that was sold by the administrator within one hundred eighty days of confirmed receipt of the property, the amount payable for that claim is the net proceeds of sale. When property is paid or delivered to the administrator under this chapter, the owner is not entitled to receive income or other increments accruing thereafter.
Source: SL 1992, ch 312, § 24; SL 2017, ch 190, § 2, eff. Mar. 10, 2017; SL 2018, ch 258, § 2; SL 2019, ch 194, § 5.
43-41B-26. Claim of another state to recover property--Procedure.
(a) At any time after property has been paid or delivered to the administrator under this chapter another state may recover the property if:
(1) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this chapter, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(2) 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 the property has escheated to or become subject to a claim of abandonment by that state;
(3) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(4) The property was subjected to custody by this state under subdivision 43-41B-3(6) and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state; or
(5) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under § 43-41B-4, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
(b) The claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within ninety days after it is presented. The administrator shall allow the claim if he determines that the other state is entitled to the abandoned property under subsection (a).
(c) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.
Source: SL 1992, ch 312, § 25.
43-41B-27. Action to establish claim.
A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety days after its filing may bring an action to establish the claim in the circuit court, naming the administrator as a defendant. The action must be brought within ninety days after the decision of the administrator or within one hundred eighty days after the filing of the claim if he has failed to act on it. The action shall be trial de novo without a jury.
Source: SL 1992, ch 312, § 26.
43-41B-28. Election to take payment or delivery.
(a) The administrator may decline to receive any property reported under this chapter which he considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified.
(b) A holder, with the written consent of the administrator and upon conditions and terms prescribed by him, may report and deliver property before the property is presumed abandoned. Property delivered under this subsection must be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this chapter.
Source: SL 1992, ch 312, § 27.
43-41B-29. Destruction or disposition of property having insubstantial commercial value--Immunity from liability.
If the administrator determines after investigation that any property delivered under this chapter has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator pursuant to this section.
Source: SL 1992, ch 312, § 28.
43-41B-30. Period of limitation.
(a) The expiration, before or after July 1, 1993, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this chapter.
(b) No action or proceeding may be commenced by the administrator with respect to any duty of a holder under this chapter more than ten years after the duty arose.
Source: SL 1992, ch 312, § 29.
43-41B-31. Requests for reports and examination of records.
(a) The administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter. The administrator may contract with the Department of Revenue to conduct such examinations.
(b) The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter.
(c) If a person is treated under § 43-41B-13, as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator, pursuant to subsection (b), may examine the records of the person if the administrator has given the notice required by subsection (b) to both the person and the business association at least sixty days before the examination.
(d) If an examination of the records of a person results in the disclosure of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the rate of one hundred dollars a day for each examiner, but in no case may the charges exceed the value of the property found to be reportable and deliverable.
Source: SL 1992, ch 312, § 30; SL 1993, ch 326, § 5; SL 1996, ch 261, § 1; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011.
43-41B-32. Retention of records.
(a) Every holder required to file a report under § 43-41B-18, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for ten years after the property becomes reportable, except to the extent that a shorter time is provided in subsection (b) or by rule of the administrator.
(b) Any holder that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the holder is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.
Source: SL 1992, ch 312, § 31.
43-41B-33. Enforcement.
The administrator may bring an action in a court of competent jurisdiction to enforce this chapter.
Source: SL 1992, ch 312, § 32.
43-41B-34. Interstate agreements and cooperation--Joint and reciprocal actions with other states.
(a) To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the administrator, so far as is consistent with the purposes, policies, and provisions of this chapter, before adopting, amending, or repealing rules, may advise and consult with administrators in other jurisdictions that enact substantially the Uniform Unclaimed Property Act and take into consideration the rules of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act.
(b) The administrator may join with other states to seek enforcement of this chapter against any person who is or may be holding property reportable under this chapter.
(c) The administrator may enter into agreements with other states to exchange information.
Source: SL 1992, ch 312, § 33; SL 1993, ch 326, § 6.
43-41B-35. Interest on untimely payments.
A person who fails to pay or deliver property within the time prescribed by this chapter shall pay to the administrator interest at the Category A rate on the property or value thereof from the date the property should have been paid or delivered.
Source: SL 1992, ch 312, § 34.
43-41B-36. Agreements to locate reported property.
All agreements to pay compensation to recover or assist in the recovery of property reported under § 43-41B-18, made within twelve months prior to the reporting and remitting of abandoned property accounts and within twenty-four months after the date payment or delivery is made under § 43-41B-20, are unenforceable. No agreement entered into after twenty-four months of the required date of delivery of the property by the holder to the state treasurer is valid if a person thereby undertakes to locate property included in a report for a fee or other compensation exceeding twenty-five percent of the value of the recoverable property unless the agreement is in writing and signed by the owner. Nothing in this section may be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon excessive or unjust consideration. A violation of this section is a Class 1 misdemeanor.
Source: SL 1992, ch 312, § 35; SL 1993, ch 326, § 7; SL 1994, ch 342.
43-41B-37. Effect of new provisions--Clarification of application.
(a) This chapter does not relieve a holder of a duty that arose before July 1, 1993, to report, pay, or deliver property. A holder who did not comply with the law in effect before July 1, 1993, is subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect for the purpose of this subsection, subject to subdivision 43-41B-30(b).
(b) Except to the extent previously reported to a state, the initial report filed under this chapter for property that was not required to be reported before July 1, 1993, but which is subject to this chapter must include all items of property that would have been presumed abandoned during the ten-year period preceding July 1, 1993, as if this chapter had been in effect during that period.
Source: SL 1992, ch 312, § 36; SL 1993, ch 326, § 8.
43-41B-38. Rules.
The administrator may promulgate rules, pursuant to chapter 1-26, to carry out the provisions of this chapter.
Source: SL 1992, ch 312, § 37.
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43-41B-40. Open-loop prepaid cards exempt.
The provisions of this chapter do not apply to open-loop prepaid cards for which the underlying funds do not expire and the records of the depository institution do not disclose the identity of the actual owner. For the purposes of this section, an open-loop prepaid card is an electronic payment device that meets the following conditions:
(1) Is purchased or loaded, or both, on a prepaid basis for the future purchase or delivery of any goods or services; and
(2) Can be used to purchase goods and services at multiple unaffiliated merchants or service providers.
Source: SL 2010, ch 215, § 1.
43-41B-41. Rewards cards exempt.
Notwithstanding § 43-41B-40, the provisions of this chapter do not apply to any rewards card. For the purposes of §§ 43-41B-40 to 43-41B-42, inclusive, a rewards card is any awards, rewards, rebate, loyalty, incentive, or promotional card for which no money was paid by the cardholder.
Source: SL 2010, ch 215, § 2.
43-41B-42. Unredeemed gift certificates, closed-loop cards, open-loop cards, and rewards cards not subject to state claim.
Any unredeemed gift certificate or closed-loop card that meets the requirements of § 43-41B-43 or any open-loop prepaid card or rewards card is subject only to any rights of a purchaser or owner of the gift certificate or card and is not subject to any claim made by any state acting on behalf of a purchaser or owner.
Source: SL 2010, ch 215, § 3; SL 2011, ch 198, § 2.
43-41B-43. Certain gift certificates and closed-loop prepaid cards exempt.
The provisions of this chapter do not apply to any gift certificate or closed-loop prepaid card that has no expiration date and that is not subject to a dormancy, inactivity, or service fee. For purposes of this chapter, a closed-loop prepaid card is an electronic payment device that meets the following conditions:
(1) Is purchased or loaded, or both, on a prepaid basis in exchange for payment for the future purchase or delivery of goods or services; and
(2) Is redeemable upon presentation to a single merchant or an affiliated group of merchants for goods and services.
Source: SL 2011, ch 198, § 1.
43-41B-44. United States savings bonds.
(a) Notwithstanding the provisions of §§ 43-41B-3, 43-41B-14, 43-41B-18, 43-41B-19, 43-41B-20, 43-41B-21, 43-41B-23, and 43-41B-36, United States savings bonds which are unclaimed property and subject to the provisions of chapter 43-41B shall escheat to this state three years after becoming unclaimed property and subject to the provisions of chapter 43-41B and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest solely in this state.
(b) Within one hundred eighty days after the three year period in subsection (a), if no claim has been filed in accordance with the provisions of chapter 43-41B for such United States savings bonds, the administrator shall commence a civil action in the Sixth Judicial Circuit for a determination that such United States savings bonds shall escheat to this state. The administrator may postpone the bringing of such action until sufficient United States savings bonds have accumulated in the administrator's custody to justify the expense of the proceedings.
(c) The administrator shall make service by publication of the proceeding in Hughes County in accordance with § 15-9-7. The notice shall name any defendant to be served and notify the defendant:
(1) The defendant has been sued in a named court;
(2) The defendant shall answer the petition or other pleading or otherwise defend, on or before a specified date, not less than forty-one days after the date the notice is first published; and
(3) If the defendant does not answer or otherwise defend, the petition or other pleading will be taken as true and judgment, the nature of which will be stated, will be rendered accordingly.
In addition, before service by publication under this section can be made, the administrator or the administrator's attorney shall file an affidavit or a declaration stating all of the following facts that apply:
(i) The residences of all named defendants sought to be served, if known, and the names of all defendants whose residences are unknown after reasonable effort to ascertain them and the specific efforts made to ascertain their residences;
(ii) The affiant or declarant has made a reasonable but unsuccessful effort to ascertain the names and residences of any defendants sought to be served as unknown parties and the specific efforts made to ascertain the names and residences;
(iii) The party seeking service by publication is unable to obtain service of summons on the defendants in this state; and
(iv) The case is one in which the party with due diligence is unable to serve summons on the defendant in this state and:
(A) The case relates to or involves real or personal property in this state, if any defendant has or claims a lien or interest, vested or contingent, in the property; or
(B) In which the relief demanded consists wholly or partly in excluding the defendant from any interest in the property.
(d) If no person files a claim or appears at the hearing to substantiate a claim, or where the court determines that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of this state, shall enter a judgment that the subject United States savings bonds have escheated to this state, and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, have vested solely to this state.
(e) The administrator shall redeem such United States savings bonds escheated to the state and the proceeds from the redemption of United States savings bonds shall be deposited into an account in the state treasury in accordance with the provisions of § 43-41B-24.
(f) Any person making a claim for the United States savings bonds escheated to the state under this section, or for the proceeds from such bonds, may file a claim in accordance with the provisions of chapter 43-41B. Upon providing sufficient proof of the validity of the person's claim, the administrator may pay the claim in accordance with the provisions of chapter 43-41B.
Source: SL 2014, ch 210, § 1.
43-41B-45. Virtual currency--Promulgation of rules--Liquidation--Gain in value.
Virtual currency is deemed abandoned three years after the latest indication of interest. The administrator may decline to accept virtual currency presumed abandoned if, in the administrator's discretion:
(1) The virtual currency is not freely transferable;
(2) The virtual currency is of nominal value; or
(3) The value of the virtual currency is less than the estimated expenses of maintenance, notice, or sale.
The administrator may prescribe, by rule promulgated pursuant to chapter 1-26, classes or types of virtual currency exempt from reporting or liquidation.
Except as otherwise provided in this section, a holder of unclaimed virtual currency shall liquidate the virtual currency within thirty days prior to the filing of the report required by § 43-41B-18 and remit the proceeds to the administrator.
If the holder is unable to liquidate the virtual currency, or reasonably believes the virtual currency cannot be liquidated, the holder must promptly provide written notice to the administrator explaining why the virtual currency cannot be liquidated as required by this section, and the administrator must direct the holder concerning an alternate disposition of the virtual currency.
An owner does not have recourse against the administrator or the holder to recover any gain in value that occurs after the liquidation of the virtual currency pursuant to this section.
For purposes of this section, \"indication of interest\" means any action or communication by an apparent owner that demonstrates the apparent owner's knowledge of the existence of property held, issued, or owing by the holder or the apparent owner's intent to retain ownership of property held, issued, or owing by the holder.
Source: SL 2025, ch 183, § 2.