70-9-830. When security presumed abandoned.

280 words·~1 min read·/mt/title-70/chapter-9/part-8/70-9-830

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70-9-830 . When security presumed abandoned.

(1)A security is presumed abandoned 3 years after:

(a)except as provided in subsection (1)(b), the date a second consecutive communication sent by the holder by first-class United States mail to the apparent owner is returned to the holder undelivered by the United States postal service; or

(b)if the second communication is sent later than 30 days after the date the first communication is returned to the holder undelivered by the United States postal service, the date the first communication was returned to the holder undelivered by the United States postal service.

(2)If the holder does not send communications to the apparent owner of a security by first-class United States mail, the holder shall attempt to confirm the apparent owner's interest in the security by sending the apparent owner an electronic mail communication not later than 2 years after the apparent owner's last indication of interest in the security. However, the holder shall promptly attempt to contact the apparent owner by first-class United States mail if:

(a)the holder does not have the information needed to send the apparent owner an electronic mail communication or the holder believes that the apparent owner's electronic mail address in the holder's records is invalid;

(b)the holder receives notification that the electronic mail communication was not received; or

(c)the apparent owner does not respond to the electronic mail communication within 30 days after the communication was sent.

(3)If first-class United States mail sent under subsection

(2)is returned to the holder undelivered by the United States postal service, the security is presumed abandoned 3 years after the date the mail is returned.