Montana Code Annotated 2001

MCA ContentsSearchPart Contents


     70-9-701. Abandoned capital -- disposition -- escheatment. (1) A foreign capital depository, as defined in 32-8-103, shall presume that capital on deposit in a depository account is abandoned in accordance with the provisions of 70-9-804.
     (2) A depository shall dispose of the abandoned capital in the manner provided for in this chapter, except that:
     (a) a notice of the property presumed abandoned may not be published as prescribed in 70-9-810.
     (b) the record of deposit required under 70-9-808 may not be made available for public inspection; and
     (c) all money received by the department of revenue as a consequence of the abandonment of capital in a depository must be deposited in the general fund.
     (3) A foreign capital depository may deduct from property that is presumed to be abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the depository and the owner under which the depository may impose the charge and if the depository regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction is limited to an amount that is not unconscionable.

     History: En. Sec. 64, Ch. 382, L. 1997.

Previous SectionHelpNext Section
Provided by Montana Legislative Services