CHAPTER 471-C CUSTODY AND ESCHEAT OF UNCLAIMED AND ABANDONED PROPERTY
Section 471-C:10
471-C:10 Stock and Other Intangible Interests in Business Associations. –
I. Stock or other equity interest in a business association other than a consumers' cooperative association, is presumed abandoned 3 years after the earliest of:
(a) The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner; or
(b) The date a statement of account or other notification or communication was returned as undeliverable.
II. Paragraph I applies to the underlying stock, share, or other intangible ownership interest of an owner, as well as to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate. At the time the property is presumed abandoned, any other property right accrued or accruing to the owner as the result of the property interest and not previously presumed abandoned, is also presumed abandoned.
III. The running of the 3-year period of abandonment ceases immediately if the apparent owner has:
(a) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(b) 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 or authorized agent of the association.
(c) Presented an instrument issued to pay interest or a dividend or other cash distribution. If any future dividend, distribution, or other sum payable to the owner as a result of the ownership interest is subsequently not claimed by the owner a new period in which the property is presumed abandoned commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.
IV. Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owing by a business association for or to its shareholder, certificate holder, member, or holder of other equity interest who has not claimed it, or corresponded in writing with the business association concerning it, within 3 years after the date prescribed for payment or delivery, is presumed unclaimed.
Source. 1986, 204:1. 1990, 105:16, I. 1995, 295:5-7. 2001, 197:6. 2008, 120:27, eff. Aug. 2, 2008.