[§523A-11]  Custody by State; recovery by
holder; defense of holder.  (a)  In this section, payment or delivery is
made in "good faith" if:



(1)  Payment or delivery was made in a reasonable
attempt to comply with this part;



(2)  The holder was not then in breach of a fiduciary
obligation with respect to the property and had a reasonable basis for
believing, based on the facts then known, that the property was presumed
abandoned; and



(3)  There is no showing that the records under which
the payment or delivery was made did not meet reasonable commercial standards
of practice.



(b)  Upon payment or delivery of property to
the administrator, the State shall assume custody and responsibility for the
safekeeping of the property.  A holder who pays or delivers property to the
administrator in good faith shall be relieved of all liability arising
thereafter with respect to the property.



(c)  A holder who has paid money to the
administrator pursuant to this part may subsequently make payment to a person
reasonably appearing to the holder to be entitled to payment.  Upon a filing by
the holder of proof of payment and proof that the payee was entitled to the
payment, the administrator shall promptly reimburse the holder for the payment
without imposing a fee or other charge.  If reimbursement is sought for a
payment made on a negotiable instrument, including a traveler's check or money
order, the holder shall be reimbursed upon filing proof that the instrument was
duly presented and that payment was made to a person who reasonably appeared to
be entitled to payment.  The holder shall be reimbursed for payment made even
if the payment was made to a person whose claim was barred under section
523A-19(a).



(d)  A holder who has delivered property other
than money to the administrator pursuant to this part may reclaim the property
if it is still in the possession of the administrator, without paying any fee
or other charge, upon filing proof that the apparent owner has claimed the
property from the holder.



(e)  The administrator may accept a holder's
affidavit as sufficient proof of the holder's right to recover money and
property under this section.



(f)  If a holder pays or delivers property to
the administrator in good faith and thereafter another person claims the property
from the holder or another state claims the money or property under its laws
relating to escheat or abandoned or unclaimed property, the administrator, upon
written notice of the claim, shall defend the holder against the claim and
indemnify the holder against any liability on the claim resulting from payment
or delivery of the property to the administrator.



(g)  Property removed from a safe deposit box
or other safekeeping depository shall be received by the administrator subject
to the holder's right to be reimbursed for the cost of the opening and to any
valid lien or contract providing for the holder to be reimbursed for unpaid
rent or storage charges.  The administrator shall reimburse the holder out of
the proceeds remaining after deducting the expense incurred by the
administrator in selling the property. [L 2008, c 55, pt of §1]