(a) Except as otherwise provided in § 66-29-113, property held in an account established under title 35, chapter 7, is presumed abandoned if it is unclaimed by or on behalf of the minor on whose behalf the account was opened three (3) years after the later of:
(1) The date a second consecutive communication sent by the holder by first-class United States mail to the custodian of the minor on whose behalf the account was opened is returned undelivered to the holder by the United States postal service, or, if the second communication is sent later than thirty (30) days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States postal service; or
(2) The date on which the minor on whose behalf the account was opened reaches the statutory age of majority in accordance with title 35, chapter 7, under which the account was opened.
(b) If the custodian of the minor on whose behalf an account described in subsection (a) was opened does not receive communications from the holder by first-class United States mail, the holder shall attempt to confirm the custodian's interest in the property by sending the custodian an electronic mail communication not later than two (2) years after the custodian's last indication of interest in the property. If the holder receives notification that the electronic mail communication was not received, or if the custodian does not respond to the electronic mail communication within thirty (30) days after the communication was sent, the holder shall promptly attempt to contact the custodian by first-class United States mail. If the mail is returned undelivered to the holder by the United States postal service, the property is presumed abandoned three (3) years after the later of:
(1) The date a second consecutive communication to contact the custodian by first-class United States mail is returned to the holder undelivered by the United States postal service; or
(2) The date established by subdivision (a)(2).
(c) When the minor on whose behalf an account described in subsection (a) reaches the age required for transfer to a minor of custodial property under applicable law, the property in the account is no longer subject to this section.
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