70-9-204. Stock, dividends, and distributions of business association. (1) Any stock or other certificate of ownership or any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder, or other security holder or a participating patron of a cooperative, who has not claimed it or corresponded in writing with the business association concerning it within 5 years after the date prescribed for payment or delivery is presumed abandoned if it is held or owing by a business association:
     (a) organized under the laws of or created in this state; or
     (b) doing business in this state but not organized under the laws of or created in this state and the records of the business association indicate that the last-known address of the person entitled thereto is in this state.
     (2) Any intangible interest in a business association as evidenced by the stock or membership records of the association is presumed abandoned and the association deemed the holder thereof when:
     (a) the interest in the association is owned by a person who for more than 5 years has not claimed a dividend or other sum referred to in subsection (1);
     (b) the records of the association indicate that the last-known address of the person entitled to the dividend is in this state; and
     (c) the association is:
     (i) organized under the laws of or created in this state; or
     (ii) doing business in this state but not organized under the laws of or created in this state.
     (3) Any dividends or other distributions held for or owing to a person at the time an intangible interest in a business association is presumed abandoned pursuant to subsection (2) are presumed abandoned.

     History: En. Sec. 5, Ch. 244, L. 1963; R.C.M. 1947, 67-2205; amd. Sec. 1, Ch. 575, L. 1979; amd. Sec. 5, Ch. 5, L. 1987.