§ 33-21.1-10 Stock and other intangibleinterests in business associations. – (a) Except as provided in subsections (b) and (e), stock or other intangibleownership interest in a business association, the existence of which isevidenced by records available to the association, is presumed abandoned and,with respect to the interest, the association is the holder, if a dividend,distribution, or other sum payable as a result of the interest has remainedunclaimed by the owner for five (5) years and the owner within five (5) yearshas not:
(1) Communicated in writing with the association regardingthe interest or a dividend, distribution, or other sum payable as a result ofthe interest; or
(2) Otherwise communicated with the association regarding theinterest or a dividend, distribution, or other sum payable as a result of theinterest, as evidenced by a memorandum or other record on file with theassociation prepared by an employee of the association.
(b) At the expiration of a five (5) year period following thefailure of the owner to claim a dividend, distribution, or other sum payable tothe owner as a result of the interest, the interest is not presumed abandonedunless there have been at least five (5) dividends, distributions, or othersums paid during the period, none of which has been claimed by the owner. Iffive (5) dividends, distributions, or other sums are paid during the five (5)year period, the period leading to a presumption of abandonment commences onthe date payment of the first unclaimed dividend, distribution, or other sumbecame due and payable. If five (5) dividends, distributions, or other sums arenot paid during the presumptive period, the period continues to run until therehave been five (5) dividends, distributions, or other sums that have not beenclaimed by the owner.
(c) The running of the five (5) year period of abandonmentceases immediately upon the occurrence of a communication referred to insubsection (a). If any future dividend, distribution, or other sum payable tothe owner as a result of the interest is subsequently not claimed by the owner,a new period of abandonment commences and relates back to the time a subsequentdividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under thissection, any dividend distribution, or other sum then held for or owing to theowner as a result of the interest, and not previously presumed abandoned, ispresumed abandoned.
(e) This chapter does not apply to any stock or otherintangible ownership interest enrolled in a plan that provides for theautomatic reinvestment of dividends, distributions, or other sums payable as aresult of the interest unless the records available to the administrator of theplan show, with respect to any intangible ownership interest not enrolled inthe reinvestment plan, that the owner has not within five (5) yearscommunicated in any manner described in subsection (a).
§ 33-21.1-10 Stock and other intangibleinterests in business associations. – (a) Except as provided in subsections (b) and (e), stock or other intangibleownership interest in a business association, the existence of which isevidenced by records available to the association, is presumed abandoned and,with respect to the interest, the association is the holder, if a dividend,distribution, or other sum payable as a result of the interest has remainedunclaimed by the owner for five (5) years and the owner within five (5) yearshas not:
(1) Communicated in writing with the association regardingthe interest or a dividend, distribution, or other sum payable as a result ofthe interest; or
(2) Otherwise communicated with the association regarding theinterest or a dividend, distribution, or other sum payable as a result of theinterest, as evidenced by a memorandum or other record on file with theassociation prepared by an employee of the association.
(b) At the expiration of a five (5) year period following thefailure of the owner to claim a dividend, distribution, or other sum payable tothe owner as a result of the interest, the interest is not presumed abandonedunless there have been at least five (5) dividends, distributions, or othersums paid during the period, none of which has been claimed by the owner. Iffive (5) dividends, distributions, or other sums are paid during the five (5)year period, the period leading to a presumption of abandonment commences onthe date payment of the first unclaimed dividend, distribution, or other sumbecame due and payable. If five (5) dividends, distributions, or other sums arenot paid during the presumptive period, the period continues to run until therehave been five (5) dividends, distributions, or other sums that have not beenclaimed by the owner.
(c) The running of the five (5) year period of abandonmentceases immediately upon the occurrence of a communication referred to insubsection (a). If any future dividend, distribution, or other sum payable tothe owner as a result of the interest is subsequently not claimed by the owner,a new period of abandonment commences and relates back to the time a subsequentdividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under thissection, any dividend distribution, or other sum then held for or owing to theowner as a result of the interest, and not previously presumed abandoned, ispresumed abandoned.
(e) This chapter does not apply to any stock or otherintangible ownership interest enrolled in a plan that provides for theautomatic reinvestment of dividends, distributions, or other sums payable as aresult of the interest unless the records available to the administrator of theplan show, with respect to any intangible ownership interest not enrolled inthe reinvestment plan, that the owner has not within five (5) yearscommunicated in any manner described in subsection (a).
§ 33-21.1-10 Stock and other intangibleinterests in business associations. – (a) Except as provided in subsections (b) and (e), stock or other intangibleownership interest in a business association, the existence of which isevidenced by records available to the association, is presumed abandoned and,with respect to the interest, the association is the holder, if a dividend,distribution, or other sum payable as a result of the interest has remainedunclaimed by the owner for five (5) years and the owner within five (5) yearshas not:
(1) Communicated in writing with the association regardingthe interest or a dividend, distribution, or other sum payable as a result ofthe interest; or
(2) Otherwise communicated with the association regarding theinterest or a dividend, distribution, or other sum payable as a result of theinterest, as evidenced by a memorandum or other record on file with theassociation prepared by an employee of the association.
(b) At the expiration of a five (5) year period following thefailure of the owner to claim a dividend, distribution, or other sum payable tothe owner as a result of the interest, the interest is not presumed abandonedunless there have been at least five (5) dividends, distributions, or othersums paid during the period, none of which has been claimed by the owner. Iffive (5) dividends, distributions, or other sums are paid during the five (5)year period, the period leading to a presumption of abandonment commences onthe date payment of the first unclaimed dividend, distribution, or other sumbecame due and payable. If five (5) dividends, distributions, or other sums arenot paid during the presumptive period, the period continues to run until therehave been five (5) dividends, distributions, or other sums that have not beenclaimed by the owner.
(c) The running of the five (5) year period of abandonmentceases immediately upon the occurrence of a communication referred to insubsection (a). If any future dividend, distribution, or other sum payable tothe owner as a result of the interest is subsequently not claimed by the owner,a new period of abandonment commences and relates back to the time a subsequentdividend, distribution, or other sum became due and payable.
(d) At the time an interest is presumed abandoned under thissection, any dividend distribution, or other sum then held for or owing to theowner as a result of the interest, and not previously presumed abandoned, ispresumed abandoned.
(e) This chapter does not apply to any stock or otherintangible ownership interest enrolled in a plan that provides for theautomatic reinvestment of dividends, distributions, or other sums payable as aresult of the interest unless the records available to the administrator of theplan show, with respect to any intangible ownership interest not enrolled inthe reinvestment plan, that the owner has not within five (5) yearscommunicated in any manner described in subsection (a).
