[§523A-3]  Presumptions of abandonment. 
(a)  Property is presumed abandoned if it is unclaimed by the apparent owner
during the time set forth below for the particular property:



(1)  Traveler's check, fifteen years after issuance;



(2)  Money order, seven years after issuance;



(3)  Stock or other equity interest in a business
association or financial organization, including a security entitlement under
article 8 of the Uniform Commercial Code – Investment Securities, five years
after the earlier of:



(A)  The date of the most recent dividend,
stock split, or other distribution unclaimed by the apparent owner; or



(B)  The date of the second mailing of a
statement of account or other notification or communication that was returned
as undeliverable or after the holder discontinued mailings, notifications, or
communications to the apparent owner;



(4)  Debt of a business association or financial
organization, other than a bearer bond or an original issue discount bond, five
years after the date of the most recent interest payment unclaimed by the
apparent owner;



(5)  A demand, savings, or time deposit, including a
deposit that is automatically renewable, five years after the earlier of
maturity or the date of the last indication by the owner of interest in the property;
provided that a deposit that is automatically renewable is deemed matured for
purposes of this section upon its initial date of maturity, unless the owner
has consented to a renewal at or about the time of the renewal and the consent
is in writing or is evidenced by a memorandum or other record on file with the
holder;



(6)  Money or credits owed to a customer as a result
of a retail business transaction, five years after the obligation accrued;



(7)  Gift certificate not exempt under section 523A-3.5,
five years after December 31 of the year in which the certificate was sold, but
if redeemable in merchandise only, the amount abandoned shall be deemed to be
one hundred per cent of the certificate's face value;



(8)  Amount owed by an insurer on a life or endowment
insurance policy or an annuity that has matured or terminated, five years after
the obligation to pay arose or, in the case of a policy or annuity payable upon
proof of death, three years after the insured has attained, or would have
attained if living, the limiting age under the mortality table on which the
reserve is based;



(9)  Property distributable by a business association
or financial organization in a course of dissolution, one year after the
property becomes distributable;



(10)  Property received by a court as proceeds of a
class action, and not distributed pursuant to the judgment, one year after the
distribution date;



(11)  Property held by a court, government,
governmental subdivision, agency, or instrumentality, one year after the property
becomes distributable;



(12)  Wages or other compensation for personal
services, one year after the compensation becomes payable;



(13)  Deposit or refund owed to a subscriber by a
utility, one year after the deposit or refund becomes payable;



(14)  Property in an individual retirement account,
defined benefit plan, or other account or plan that is qualified for tax
deferral under the income tax laws of the United States, three years after the
earliest of the date of the distribution or attempted distribution of the
property, the date of the required distribution as stated in the plan or trust
agreement governing the plan, or the date, if determinable by the holder,
specified in the income tax laws of the United States by which distribution of
the property shall begin to avoid a tax penalty; and



(15)  All other property, five years after the owner's
right to demand the property or after the obligation to pay or distribute the
property arises, whichever first occurs.



(b)  At the time that an interest is presumed
abandoned under subsection (a), any other property right accrued or accruing to
the owner as a result of the interest, and not previously presumed abandoned,
shall also be presumed abandoned.



(c)  Property is unclaimed if, for the
applicable period set forth in subsection (a), the apparent owner has not
communicated in writing or by other means reflected in a contemporaneous record
prepared by or on behalf of the holder, with the holder concerning the property
or the account in which the property is held, and has not otherwise indicated
an interest in the property.  A communication with an owner by a person other
than the holder or its representative who has not in writing identified the
property to the owner shall not be an indication of interest in the property by
the owner.



(d)  An indication of an owner's interest in
property includes:



(1)  The presentment of a check or other instrument of
payment of a dividend or other distribution made with respect to an account or
underlying stock or other interest in a business association or financial
organization or, in the case of a distribution made by electronic or similar
means, evidence that the distribution has been received;



(2)  Owner-directed activity in the account in which
the property is held, including a direction by the owner to increase, decrease,
or change the amount or type of property held in the account;



(3)  The making of a deposit to or withdrawal from a
bank account; and



(4)  The payment of a premium with respect to a
property interest in an insurance policy; but the application of an automatic
premium loan provision or other nonforfeiture provision contained in an
insurance policy shall not prevent a policy from maturing or terminating if the
insured has died or the insured or the beneficiary of the policy has otherwise
become entitled to the proceeds before the depletion of the cash surrender
value of a policy by the application of those provisions.



(e)  Property shall be payable or distributable
for purposes of this part notwithstanding the owner's failure to make demand or
present an instrument or document otherwise required to obtain payment. [L
2008, c 55, pt of §1]