44-304. Rules for taking custody

431 words·~2 min read·/az/title-44/44-304

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Except as otherwise provided in this chapter or by another statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if any of the following applies:

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 either:

(a)The last known address of the person entitled to the property is in this state.

(b)The holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality 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.

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 for the escheat or custodial taking of the property and the holder is domiciled in this state or is a government or governmental subdivision, agency or instrumentality 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 domiciled in this state or is a government or governmental subdivision, agency or instrumentality of this state.

6. The transaction out of which the property arose occurred in this state, the holder is domiciled in a state that does not provide for the escheat or custodial taking of the property and the last known address of the apparent owner or other person who is entitled to the property is unknown or is in a state that does not provide for the escheat or custodial taking of the property.

7. The property is a traveler's check or money order that was purchased in this state or the issuer of the traveler's check or money order has its principal place of business in this state and the issuer's records show that the instrument was purchased in a state that does not provide for the escheat or custodial taking of the property or the records do not show the state in which the instrument was purchased.