Property held or owing by banking, financial organization or businesspresumed abandoned, when--exception.
447.505. The following property held or owing by a banking orfinancial organization or by a business association is presumed abandoned;provided, however, that neither this section nor any other provision ofsections 447.500 to 447.595 shall apply to an instrument issued as an offerto settle a claim when failure to present the instrument for payment may bedeemed a refusal of the offer to settle:
(1) Any deposit held in this state with a banking organization,together with any interest or dividend thereon that would be due had theowner not abandoned the account, excluding any charges that may lawfully bewithheld, unless the owner has, within seven years or five years asprovided in section 447.536:
(a) Increased or decreased the amount of the deposit, or presentedthe passbook or other similar evidence of the deposit for the crediting ofinterest; or
(b) Corresponded in writing with, or accepted mail from, the bankingorganization concerning the deposit; and the term "accepted mail from thebanking organization" shall mean the banking organization did sendcorrespondence in writing to the owner by first class mail postage prepaid,marked "Address Correction Requested", and such correspondence was notreturned by the post office; or
(c) Otherwise indicated an interest in the deposit as evidenced by amemorandum on file with the banking organization;
(2) Any funds paid in this state toward the purchase of shares orother interest in a financial organization, or any deposit made therewithin this state, and any interest or dividends thereon that would be due hadthe owner not abandoned the account, excluding any charges that maylawfully be withheld, unless the owner has within seven years or five yearsas provided in section 447.536:
(a) Increased or decreased the amount of the funds or deposit, orpresented an appropriate record for the crediting of interest or dividends;or
(b) Corresponded in writing with, or accepted mail from, thefinancial organization concerning the funds or deposit; and the term"accepted mail from the financial organization" shall mean the financialorganization did send correspondence in writing to the owner by first classmail postage prepaid, marked "Address Correction Requested", and suchcorrespondence was not returned by the post office; or
(c) Otherwise indicated an interest in the funds or deposit asevidenced by a memorandum on file with the financial organization;
(3) Any sum payable on checks certified in this state or on writteninstruments issued in this state on which a banking or financialorganization or business association is directly liable, including, by wayof illustration but not of limitation, certificates of deposit, drafts,money orders, and traveler's checks, that, with the exception of traveler'schecks and money orders, has been outstanding for more than seven years orfive years as provided in section 447.536 from the date it was payable, orfrom the date of its issuance if payable on demand, or, in the case oftraveler's checks, that has been outstanding for more than fifteen yearsfrom the date of its issuance, unless the owner has within seven years orfive years as provided in section 447.536, or within fifteen years in thecase of traveler's checks, corresponded in writing with the banking orfinancial organization or business association concerning it, or otherwiseindicated an interest as evidenced by a memorandum on file with the bankingor financial organization or business association;
(a) No holder may deduct from the amount of any money order anycharges imposed by reason of the failure to present those instruments forpayment unless there is a valid and enforceable written contract betweenthe issuer and the owner of the property pursuant to which the issuer mayimpose those charges and the issuer regularly imposes those charges anddoes not regularly reverse or otherwise cancel those charges with respectto the property. Disclosure of the amount of any such charges shall bedeemed adequate if set forth on the money order;
(b) No sum payable on a traveler's check, money order, or similarwritten instrument (other than a third-party bank check) described in thissubdivision may be subjected to the custody of this state as unclaimedproperty unless:
a. The records of the issuer show that the traveler's check, moneyorder, or similar written instrument was purchased in this state;
b. The issuer has its principal place of business in this state andthe records of the issuer do not show the state in which the traveler'scheck, money order, or similar written instrument was purchased; or
c. The issuer has its principal place of business in this state, therecords of the issuer show the state in which the traveler's check, moneyorder, or similar written instrument was purchased and the laws of thestate of purchase do not provide for the escheat or custodial taking of theproperty or its escheat or unclaimed property law is not applicable to theproperty;
(4) Any funds or other personal property, tangible or intangible,removed from a safe deposit box or any other safekeeping repository oragency or collateral deposit box in this state on which the lease or rentalperiod has expired due to nonpayment of rental charges or other reason, orany surplus amounts arising from the sale thereof pursuant to law, thathave been unclaimed by the owner for more than seven years or five years asprovided in section 447.536 from the date on which the lease or rentalperiod expired;
(5) Gift certificates, credit memos and credit balances that areredeemable in merchandise only shall be reportable at a rate equal to sixtypercent of their respective face value. The state treasurer shallreimburse the owner the full face value.
Property held or owing by banking, financial organization or businesspresumed abandoned, when--exception.
447.505. The following property held or owing by a banking orfinancial organization or by a business association is presumed abandoned;provided, however, that neither this section nor any other provision ofsections 447.500 to 447.595 shall apply to an instrument issued as an offerto settle a claim when failure to present the instrument for payment may bedeemed a refusal of the offer to settle:
(1) Any deposit held in this state with a banking organization,together with any interest or dividend thereon that would be due had theowner not abandoned the account, excluding any charges that may lawfully bewithheld, unless the owner has, within seven years or five years asprovided in section 447.536:
(a) Increased or decreased the amount of the deposit, or presentedthe passbook or other similar evidence of the deposit for the crediting ofinterest; or
(b) Corresponded in writing with, or accepted mail from, the bankingorganization concerning the deposit; and the term "accepted mail from thebanking organization" shall mean the banking organization did sendcorrespondence in writing to the owner by first class mail postage prepaid,marked "Address Correction Requested", and such correspondence was notreturned by the post office; or
(c) Otherwise indicated an interest in the deposit as evidenced by amemorandum on file with the banking organization;
(2) Any funds paid in this state toward the purchase of shares orother interest in a financial organization, or any deposit made therewithin this state, and any interest or dividends thereon that would be due hadthe owner not abandoned the account, excluding any charges that maylawfully be withheld, unless the owner has within seven years or five yearsas provided in section 447.536:
(a) Increased or decreased the amount of the funds or deposit, orpresented an appropriate record for the crediting of interest or dividends;or
(b) Corresponded in writing with, or accepted mail from, thefinancial organization concerning the funds or deposit; and the term"accepted mail from the financial organization" shall mean the financialorganization did send correspondence in writing to the owner by first classmail postage prepaid, marked "Address Correction Requested", and suchcorrespondence was not returned by the post office; or
(c) Otherwise indicated an interest in the funds or deposit asevidenced by a memorandum on file with the financial organization;
(3) Any sum payable on checks certified in this state or on writteninstruments issued in this state on which a banking or financialorganization or business association is directly liable, including, by wayof illustration but not of limitation, certificates of deposit, drafts,money orders, and traveler's checks, that, with the exception of traveler'schecks and money orders, has been outstanding for more than seven years orfive years as provided in section 447.536 from the date it was payable, orfrom the date of its issuance if payable on demand, or, in the case oftraveler's checks, that has been outstanding for more than fifteen yearsfrom the date of its issuance, unless the owner has within seven years orfive years as provided in section 447.536, or within fifteen years in thecase of traveler's checks, corresponded in writing with the banking orfinancial organization or business association concerning it, or otherwiseindicated an interest as evidenced by a memorandum on file with the bankingor financial organization or business association;
(a) No holder may deduct from the amount of any money order anycharges imposed by reason of the failure to present those instruments forpayment unless there is a valid and enforceable written contract betweenthe issuer and the owner of the property pursuant to which the issuer mayimpose those charges and the issuer regularly imposes those charges anddoes not regularly reverse or otherwise cancel those charges with respectto the property. Disclosure of the amount of any such charges shall bedeemed adequate if set forth on the money order;
(b) No sum payable on a traveler's check, money order, or similarwritten instrument (other than a third-party bank check) described in thissubdivision may be subjected to the custody of this state as unclaimedproperty unless:
a. The records of the issuer show that the traveler's check, moneyorder, or similar written instrument was purchased in this state;
b. The issuer has its principal place of business in this state andthe records of the issuer do not show the state in which the traveler'scheck, money order, or similar written instrument was purchased; or
c. The issuer has its principal place of business in this state, therecords of the issuer show the state in which the traveler's check, moneyorder, or similar written instrument was purchased and the laws of thestate of purchase do not provide for the escheat or custodial taking of theproperty or its escheat or unclaimed property law is not applicable to theproperty;
(4) Any funds or other personal property, tangible or intangible,removed from a safe deposit box or any other safekeeping repository oragency or collateral deposit box in this state on which the lease or rentalperiod has expired due to nonpayment of rental charges or other reason, orany surplus amounts arising from the sale thereof pursuant to law, thathave been unclaimed by the owner for more than seven years or five years asprovided in section 447.536 from the date on which the lease or rentalperiod expired;
(5) Gift certificates, credit memos and credit balances that areredeemable in merchandise only shall be reportable at a rate equal to sixtypercent of their respective face value. The state treasurer shallreimburse the owner the full face value.
Property held or owing by banking, financial organization or businesspresumed abandoned, when--exception.
447.505. The following property held or owing by a banking orfinancial organization or by a business association is presumed abandoned;provided, however, that neither this section nor any other provision ofsections 447.500 to 447.595 shall apply to an instrument issued as an offerto settle a claim when failure to present the instrument for payment may bedeemed a refusal of the offer to settle:
(1) Any deposit held in this state with a banking organization,together with any interest or dividend thereon that would be due had theowner not abandoned the account, excluding any charges that may lawfully bewithheld, unless the owner has, within seven years or five years asprovided in section 447.536:
(a) Increased or decreased the amount of the deposit, or presentedthe passbook or other similar evidence of the deposit for the crediting ofinterest; or
(b) Corresponded in writing with, or accepted mail from, the bankingorganization concerning the deposit; and the term "accepted mail from thebanking organization" shall mean the banking organization did sendcorrespondence in writing to the owner by first class mail postage prepaid,marked "Address Correction Requested", and such correspondence was notreturned by the post office; or
(c) Otherwise indicated an interest in the deposit as evidenced by amemorandum on file with the banking organization;
(2) Any funds paid in this state toward the purchase of shares orother interest in a financial organization, or any deposit made therewithin this state, and any interest or dividends thereon that would be due hadthe owner not abandoned the account, excluding any charges that maylawfully be withheld, unless the owner has within seven years or five yearsas provided in section 447.536:
(a) Increased or decreased the amount of the funds or deposit, orpresented an appropriate record for the crediting of interest or dividends;or
(b) Corresponded in writing with, or accepted mail from, thefinancial organization concerning the funds or deposit; and the term"accepted mail from the financial organization" shall mean the financialorganization did send correspondence in writing to the owner by first classmail postage prepaid, marked "Address Correction Requested", and suchcorrespondence was not returned by the post office; or
(c) Otherwise indicated an interest in the funds or deposit asevidenced by a memorandum on file with the financial organization;
(3) Any sum payable on checks certified in this state or on writteninstruments issued in this state on which a banking or financialorganization or business association is directly liable, including, by wayof illustration but not of limitation, certificates of deposit, drafts,money orders, and traveler's checks, that, with the exception of traveler'schecks and money orders, has been outstanding for more than seven years orfive years as provided in section 447.536 from the date it was payable, orfrom the date of its issuance if payable on demand, or, in the case oftraveler's checks, that has been outstanding for more than fifteen yearsfrom the date of its issuance, unless the owner has within seven years orfive years as provided in section 447.536, or within fifteen years in thecase of traveler's checks, corresponded in writing with the banking orfinancial organization or business association concerning it, or otherwiseindicated an interest as evidenced by a memorandum on file with the bankingor financial organization or business association;
(a) No holder may deduct from the amount of any money order anycharges imposed by reason of the failure to present those instruments forpayment unless there is a valid and enforceable written contract betweenthe issuer and the owner of the property pursuant to which the issuer mayimpose those charges and the issuer regularly imposes those charges anddoes not regularly reverse or otherwise cancel those charges with respectto the property. Disclosure of the amount of any such charges shall bedeemed adequate if set forth on the money order;
(b) No sum payable on a traveler's check, money order, or similarwritten instrument (other than a third-party bank check) described in thissubdivision may be subjected to the custody of this state as unclaimedproperty unless:
a. The records of the issuer show that the traveler's check, moneyorder, or similar written instrument was purchased in this state;
b. The issuer has its principal place of business in this state andthe records of the issuer do not show the state in which the traveler'scheck, money order, or similar written instrument was purchased; or
c. The issuer has its principal place of business in this state, therecords of the issuer show the state in which the traveler's check, moneyorder, or similar written instrument was purchased and the laws of thestate of purchase do not provide for the escheat or custodial taking of theproperty or its escheat or unclaimed property law is not applicable to theproperty;
(4) Any funds or other personal property, tangible or intangible,removed from a safe deposit box or any other safekeeping repository oragency or collateral deposit box in this state on which the lease or rentalperiod has expired due to nonpayment of rental charges or other reason, orany surplus amounts arising from the sale thereof pursuant to law, thathave been unclaimed by the owner for more than seven years or five years asprovided in section 447.536 from the date on which the lease or rentalperiod expired;
(5) Gift certificates, credit memos and credit balances that areredeemable in merchandise only shall be reportable at a rate equal to sixtypercent of their respective face value. The state treasurer shallreimburse the owner the full face value.
