70-9-201. Property held by banking or financial organization or business association. The following property held or owing by a banking or financial organization or by a business association is presumed abandoned:
     (1) any demand, savings, or matured time deposit made in this state with a banking organization, together with any interest or dividend thereon, excluding any charges that may lawfully be withheld, unless the owner has within 5 years:
     (a) increased or decreased the amount of the deposit or presented the passbook or other similar evidence of the deposit for the crediting of interest;
     (b) corresponded in writing with the banking organization concerning the deposit; or
     (c) otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization;
     (2) any funds paid in this state toward the purchase of shares or other interest in a financial organization or any deposit made therewith in this state and any interest or dividends thereon, excluding any charges that may lawfully be withheld, unless the owner has within 5 years:
     (a) increased or decreased the amount of the funds or deposit or presented an appropriate record for the crediting of interest or dividends;
     (b) corresponded in writing with the financial organization concerning the funds or deposit; or
     (c) otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on file with the financial organization;
     (3) any sum payable on checks certified in this state or on written instruments issued in this state on which a banking or financial organization or business association is directly liable, including, by way of illustration but not of limitation, certificates of deposit, drafts, money orders, and travelers' checks that, with the exception of travelers' checks, has been outstanding for more than 5 years from the date it was payable or from the date of its issuance if payable on demand or, in the case of travelers' checks, that has been outstanding for more than 15 years from the date of its issuance unless the owner has within 5 years or within 15 years in the case of travelers' checks corresponded in writing with the banking or financial organization or business association concerning it or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association;
     (4) any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in this state on which the lease or rental period has expired due to nonpayment of rental charges or other reason or any surplus amounts arising from the sale thereof pursuant to law that have been unclaimed by the owner for more than 5 years from the date on which the lease or rental period expired;
     (5) any funds, documents, or other items of personal property, tangible or intangible, held in escrow that have been unclaimed by parties to the escrow agreement for a period of 5 years from the date on which full performance of the instrument held in escrow was to have been completed or for a period of 5 years from the date of the initial defaulted payment in a continuous series of defaulted payments due pursuant to the instrument held in escrow.

     History: En. Sec. 2, Ch. 244, L. 1963; amd. Sec. 1, Ch. 226, L. 1967; R.C.M. 1947, 67-2202; amd. Sec. 2, Ch. 5, L. 1987; amd. Sec. 1, Ch. 143, L. 1989.