Chapter 04-057

2004 -- H 7679

Enacted 06/11/04

A N A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY

Introduced By: Representatives Rose, Savage, Dennigan, Moura, and Story

Date Introduced: February 11, 2004

It is enacted by the General Assembly as follows:

SECTION 1. Section 33-21.1-17 of the General Laws in Chapter 33-21.1 entitled

"Unclaimed Intangible and Tangible Property" is hereby amended to read as follows:

33-21.1-17. Report of abandoned property. [Effective July 1, 2004.] -- (a) A person

holding property tangible or intangible, presumed abandoned and subject to custody as unclaimed

property under this chapter, shall report to the administrator concerning the property as provided

in this section.

(b) The report must be verified and must include:

(1) Except with respect to travelers checks and money orders, the name, if known, and

last known address, if any, of each person appearing from the records of the holder to be the

owner of property of the value of fifty ($50.00) dollars or more presumed abandoned under this

chapter;

(2) In the case of unclaimed funds of fifty dollars ($50.00) or more held or owing under

any life or endowment insurance policy or annuity contract, the full name and last known address

of the insured or annuitant and of the beneficiary according to the records of the insurance

company holding or owing the funds;

(3) In the case of the contents of a safe deposit box or other safekeeping repository or of

other tangible property, a description of the property and the place where it is held and may be

inspected by the administrator and any amounts owing to the holder;

(4) The nature and identifying number, if any, or description of the property and the

amount appearing from the records to be due, but items of value under fifty dollars ($50.00) each

shall be reported in the aggregate;

(5) The date the property became payable, demandable, or returnable, and the date of the

last transaction with the apparent owner with respect to the property; and

(6) Other information the administrator prescribes by rule as necessary for the

administration of this chapter.

unclaimed property is a successor to other persons who previously held the property for the

apparent owner or the holder has changed his or her name while holding the property, he or she

shall file with his or her report all known names and addresses of each previous holder of the

property.

(d) The report must be filed before November 1 of each year as of June 30, next

preceding, ~~but~~ and the report of any life insurance company, including the report of unclaimed

insurance company demutualization proceeds made pursuant to section 33-21.1-16.1, must be

filed before ~~May~~ November 1 of each year as of ~~December 31~~ June 30 next preceding. On written

request by any person required to file a report, the administrator may postpone the reporting date.

(e) Not more than one hundred and twenty (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 this chapter shall send written notice to the apparent owner at his or her

last known address informing him or her that the holder is in possession of property subject to

this chapter if:

(1) The holder has in its records an address for the apparent owner which the holder's

records do not disclose to be inaccurate,

(2) The claim of the apparent owner is not barred by the statute of limitations, and

(3) The property has a value of fifty dollars ($50.00) or more.

SECTION 2. This act shall take effect on July 1, 2004.

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LC02304

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