44-308. Payment or delivery of abandoned
property
A. On filing the report prescribed in section 44-307, the holder of property that
is presumed abandoned shall pay, deliver or cause to be paid or delivered to the
department the property described in the report as unclaimed. If the property is an
automatically renewable deposit and a penalty or forfeiture in the payment of interest
would result, the time for compliance is extended until a penalty or forfeiture would no
longer result. The holder of tangible property held in a safe deposit box or any other
safekeeping depository shall deliver the property to the department on filing the report
prescribed in section 44-307.
B. If the property reported to the department is a security or security entitlement
pursuant to title 47, chapter 8, the department may make an endorsement, instruction or
entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its
transfer agent or the securities intermediary to transfer or dispose of the security or
the security entitlement in accordance with title 47, chapter 8.
C. If the holder of property reported to the department is the issuer of a
certificated security, the department has the right to obtain a replacement certificate
pursuant to section 47-8405, but an indemnity bond is not required.
D. An issuer, the holder and any transfer agent or other person who acts pursuant
to the instructions and on behalf of the issuer or holder in accordance with this section
are not liable to the apparent owner and are indemnified against all claims of any person
in accordance with section 44-310.
E. Each month a holder of property reported pursuant to section 44-307, subsection
H shall remit the property with the report of property presumed abandoned or other form
prescribed by the department.
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