State Codes and Statutes
Statutes > Utah > Title-67 > Chapter-04a > 67-4a-20867-4a-208. Stock and other intangible interests in business associations.
(1) Any stock, shareholding, or other intangible ownership interest in a businessassociation that is evidenced by records available to the association is considered abandoned if:
(a) the interest in the association is owned by a person who for more than three years hasfailed to:
(i) claim a dividend, distribution, or other sum payable as a result of the interest; or
(ii) communicate with the association regarding the interest or a dividend, distribution, orother sum payable as the result of the interest, as evidenced by a memorandum or other record onfile with the association prepared by an employee of the association; and
(b) the association does not know the location of the owner at the end of the three-yearperiod.
(2) The return of official shareholder notifications or communications by the postalservice as undeliverable is evidence that the association does not know the location of the owner.
(3) This section applies to:
(a) the underlying stock, shareholdings, or other intangible ownership interests of anowner;
(b) any stock, shareholdings, or other intangible ownership interest of an owner when thebusiness association is in possession of the certificate or other evidence of ownership; and
(c) the stock, shareholdings, or other intangible ownership interests of dividend andnondividend paying business associations whether or not the interest is represented by acertificate.
(4) At the time an interest is considered abandoned under this section, any dividend,distribution, or other sum then held for or owing to the owner as a result of the interest, and notpreviously considered abandoned, is considered abandoned.
(5) (a) This section does not apply to any stock or other intangible ownership interestenrolled in a plan that provides for the automatic reinvestment of dividends, distributions, orother sums payable as a result of the interest unless:
(i) the records available to the administrator of the plan show, with respect to anyintangible ownership interest not enrolled in the reinvestment plan, that the owner has notcommunicated in any manner described in this section within three years; or
(ii) three years have elapsed since the location of the owner became unknown to theassociation, as evidenced by the return of official shareholder notifications or communications bythe postal service as undeliverable, and the owner has not within those three years communicatedin any manner described in this section.
(b) The three-year period from the return of official shareholder notifications orcommunications begins at the earlier of the return of the second of those notifications orcommunications or the time the holder discontinues mailings to the shareholder.
Amended by Chapter 18, 2007 General Session
