43-41B-20. Payment or delivery of abandoned property.
281 words·~1 min read·
/sd/title-43/chapter-43-41/43-41b-20A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.