70-9-111. General rules for taking custody of intangible unclaimed property. (1) Unless otherwise provided by law, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under part 2 are satisfied and:
     (a) the last-known address of the apparent owner, as shown on the records of the holder, is in this state;
     (b) 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;
     (c) 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; or
     (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;
     (d) the last-known address of the apparent owner, as shown on the records of the holder, 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;
     (e) the last-known address of the apparent owner, as shown on the records of the holder, is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
     (f) 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.
     (2) No sum payable on a traveler's check, money order, or similar written instrument, other than a third-party bank check, may be subjected to the custody of this state as unclaimed property unless:
     (a) the records of the issuer show that the traveler's check, money order, or similar written instrument was purchased in this state;
     (b) 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 traveler's check, money order, or similar written instrument was purchased; or
     (c) the issuer has its principal place of business in this state, the records of the issuer show the state in which the traveler's 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.

     History: En. Sec. 3, Ch. 269, L. 1983.