Section 35-12-22

Property held by banking or financial organizations or business associations.

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 five 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; or

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. Any correspondence in writing from a banking organization to the owner, such as the mailing of a statement, report of interest paid or credited or other written advice relating to the deposit shall be construed to mean that the owner has indicated an interest in the deposit if the correspondence in writing is not returned to the banking organization for nondelivery thereof.

d. For the purposes of paragraphs (1)a, (1)b, and (1)c of this section, any activity or indication of interest by an owner in any other deposits in a banking organization shall be construed to be activity and indication of interest in all other deposits of the owner in the banking organization.

(2) Any funds paid toward the purchase of shares or other interest in a financial organization or any deposit made therewith and any interest or dividends thereon, excluding any charges that may lawfully be withheld, unless the owner has within five years:

a. Increased or decreased the amount of the funds or deposit or presented an appropriate record for the crediting of interest or dividends; or

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. Any correspondence in writing from a financial organization to the owner, such as the mailing of a statement, report of interest or dividends paid or credited, or other written advice relating to the shares or other interest in the financial organization shall be construed to mean that the owner has indicated an interest in such shares if the correspondence in writing is not returned to the financial organization for nondelivery thereof.

d. For the purposes of paragraphs (2)a, (2)b, and (2)c of this section, any activity or indication of interest by an owner in any other shares in a financial organization shall be construed to be activity and indication of interest in all other shares of the owner in 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 traveler's checks, that, with the exception of traveler's checks, has been outstanding for more than five years from the date it was payable, or from the date of its issuance if payable on demand, or in the case of traveler's checks, that has been outstanding for more than 15 years from the date of its issuance, unless the owner has within five years, or within 15 years in the case of traveler's 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 the 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 five years from the date on which the lease or rental period expired.

(Acts 1971, No. 63, p. 101, §2; Acts 1973, No. 1084, p. 1844, §1; Acts 1991, 1st Ex. Sess., No. 91-788, §1; Acts 1996, No. 96-724, p. 1197, §1.)