70-9-301. Report of abandoned property -- duty to prevent abandonment prior to filing. (1) Except as provided in 70-9-203(2), a person holding money or other property, tangible or intangible, presumed abandoned under parts 1 through 3 shall report the property to the department as provided in this part.
     (2) The report must be verified and must include:
     (a) except with respect to travelers' checks and money orders, the name, if known, and the last-known address, if any, of each person appearing from the records of the holder to be the owner of any property of value of $25 or more presumed abandoned under parts 1 through 3;
     (b) in case of unclaimed money of life insurance corporations, the full name of the insured or annuitant and the last-known address according to the life insurance corporation's records;
     (c) the nature and identifying number, if any, or description of the property and the amount appearing from the records to be due. Items less than $25 of value each may be reported in aggregate.
     (d) the date when the property became payable, demandable, or returnable and the date of the last transaction with the owner with respect to the property; and
     (e) other information that the department prescribes by rule as necessary for the administration of parts 1 through 3.
     (3) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner or if the holder's name has changed while holding the property, the holder shall file with the report all prior known names and addresses of each holder of the property.
     (4) The report must be filed before November 1 every year as of the preceding June 30, but the reports of life insurance corporations, banking and financial organizations, and cooperatives must be filed before May 1 of each year as of the preceding December 31. The department may postpone the reporting date upon written request by any person required to file a report. The department shall furnish forms for this report.
     (5) Not more than 120 days before filing the report required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under parts 1 through 3 shall send written notice to the apparent owner at the last-known address informing the apparent owner that the holder is in possession of property subject to this chapter if:
     (a) the holder has in the holder's records an address for the apparent owner that the holder's records do not disclose to be inaccurate;
     (b) the claim of the apparent owner is not barred by the statute of limitations; and
     (c) the property has a value of $100 or more.
     (6) Verification if made by a partnership must be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

     History: En. Sec. 11, Ch. 244, L. 1963; amd. Sec. 1, Ch. 21, L. 1967; amd. Sec. 2, Ch. 226, L. 1967; amd. Sec. 1, Ch. 216, L. 1971; amd. Sec. 24, Ch. 391, L. 1973; amd. Sec. 1, Ch. 195, L. 1977; R.C.M. 1947, 67-2211(1) thru (6); amd. Sec. 6, Ch. 269, L. 1983; amd. Sec. 10, Ch. 5, L. 1987; amd. Sec. 2, Ch. 654, L. 1991; amd. Sec. 3, Ch. 263, L. 1993.