(1) The administrator may decline to take custody of property reported under Section 67-4a-401 if the administrator determines that: (a) the property has a value less than the estimated expenses of notice and sale of the property; or (b) taking custody of the property would be unlawful.
(a) the property has a value less than the estimated expenses of notice and sale of the property; or
(b) taking custody of the property would be unlawful.
(2) A holder may pay or deliver property to the administrator before the property is presumed abandoned under this chapter if the holder: (a) sends the apparent owner of the property notice required by Section 67-4a-501 and provides the administrator evidence of the holder's compliance with this Subsection (2); (b) includes with the payment or delivery a report regarding the property conforming to Section 67-4a-402; and (c) first obtains the administrator's consent in a record to accept payment or delivery.
(a) sends the apparent owner of the property notice required by Section 67-4a-501 and provides the administrator evidence of the holder's compliance with this Subsection (2);
(b) includes with the payment or delivery a report regarding the property conforming to Section 67-4a-402; and
(c) first obtains the administrator's consent in a record to accept payment or delivery.
(3) (a) A holder's request for the administrator's consent under Subsection (2)(c) shall be in a record. (b) If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is considered to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(a) A holder's request for the administrator's consent under Subsection (2)(c) shall be in a record.
(b) If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is considered to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(4) On payment or delivery of property under Subsection (2), the property is presumed abandoned.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.