[§523A-12]  Crediting of dividends,
interest, and increments to owner's account.  If property other than money
is delivered to the administrator under this part, the owner shall be entitled
to receive from the administrator any income or gain realized or accruing on
the property at or before liquidation or conversion of the property into
money.  If the property was an interest-bearing demand, savings, or time
deposit, including a deposit that is automatically renewable, the administrator
shall pay simple interest at the legal rate of interest established in section
478-2, or any lesser rate the property earned while in the possession of the
administrator.  Interest shall begin to accrue when the property is delivered
to the administrator and ceases on the earlier of the expiration of ten years
after delivery or the date on which payment is made to the owner.  Interest on
interest-bearing property shall not be payable for any property delivered to
the administrator before July 1, 2009. [L 2008, c 55, pt of §1]



 



Revision Note



 



  "July 1, 2009" substituted for "the effective
date of this chapter".