Section 35-12-31

Report of abandoned property.

(a) Every person holding funds or other property, tangible or intangible, presumed abandoned under this article shall report to the Treasurer with respect to the property and deliver the property to the Treasurer as hereinafter provided. Unless otherwise authorized in writing by the Treasurer, the holder of the property shall simultaneously with the filing of the report as required in this section deliver such property to the Treasurer.

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

(1) Except with respect to traveler's 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 any property of a value reasonably believed to be ten dollars ($10) or more presumed abandoned under this section. No appraisal shall be required of the holder to determine the value of the property, and the holder may also include in property of a value less than ten dollars ($10) in the report;

(2) In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant and his or her last known address according to the life insurance corporation's records;

(3) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due;

(4) The date when the property became payable, demandable, or returnable and the date of the last transaction with the owner with respect to the property;

(5) A sworn statement that the holder has exercised due diligence pursuant to subsection (e) of this section; and

(6) Other information which the Treasurer prescribes by rule as necessary for the administration of this article.

(c) If the person holding property presumed abandoned is successor to other persons who previously held the property for the owner or if the holder's name has changed since the holder acquired the property, the holder shall file with the holder's report all prior known names and addresses of each holder of the property.

(d) Reports required under this article shall be filed before November 1 of each year as of June 30 next preceding, but the reports filed by insurance corporations shall be filed before May 1 of each year as of December 31 next preceding. Any request for postponement must be submitted to the Treasurer, in writing, and prior to the expiration of the reporting period required in this section. Any decision regarding any postponement of the required reporting date shall be within the Treasurer's discretion.

(e) If the holder of property presumed abandoned under this article knows the whereabouts of the owner and if the owner's claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, attempt to communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner. The holder's obligations under this subsection shall be satisfied if the holder mails written notice by certified mail, or any other method approved by the State Treasurer, regarding the property to the owner at the last address of the owner known to the holder, if any, at least 30 days prior to filing the annual report.

(f) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

(Acts 1971, No. 63, p. 101, §11; Acts 1973, No. 1084, p. 1844, §2; Acts 1996, No. 96-724, p. 1197, §1.)