§ 55-210.8. When intangible personal property held in fiduciary capacitypresumed abandoned.
All intangible personal property and any income or increment thereon, held ina fiduciary capacity for the benefit of another person is presumed abandonedunless the owner has, within five years after it becomes payable, increasedor decreased the principal, accepted payment of principal or income,corresponded in writing concerning the property, or otherwise indicated aninterest as evidenced by a memorandum or other record on file with andprepared by the fiduciary or an employee of the fiduciary.
Funds in an individual retirement account, a retirement plan forself-employed individuals or a similar account or plan established pursuantto the Internal Revenue laws of the United States are not payable within themeaning of this section unless, under the terms of the account or plan,distribution of all or part of the funds would then be mandatory.
For the purpose of this section, a person who holds property as an agent fora business association is deemed to hold the property in a fiduciary capacityfor that business association alone, unless such person's agreement with thebusiness association provides otherwise. A person who is so deemed to holdproperty in a fiduciary capacity for a business association alone is theholder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733, 745.)
§ 55-210.8. When intangible personal property held in fiduciary capacitypresumed abandoned.
All intangible personal property and any income or increment thereon, held ina fiduciary capacity for the benefit of another person is presumed abandonedunless the owner has, within five years after it becomes payable, increasedor decreased the principal, accepted payment of principal or income,corresponded in writing concerning the property, or otherwise indicated aninterest as evidenced by a memorandum or other record on file with andprepared by the fiduciary or an employee of the fiduciary.
Funds in an individual retirement account, a retirement plan forself-employed individuals or a similar account or plan established pursuantto the Internal Revenue laws of the United States are not payable within themeaning of this section unless, under the terms of the account or plan,distribution of all or part of the funds would then be mandatory.
For the purpose of this section, a person who holds property as an agent fora business association is deemed to hold the property in a fiduciary capacityfor that business association alone, unless such person's agreement with thebusiness association provides otherwise. A person who is so deemed to holdproperty in a fiduciary capacity for a business association alone is theholder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733, 745.)
§ 55-210.8. When intangible personal property held in fiduciary capacitypresumed abandoned.
All intangible personal property and any income or increment thereon, held ina fiduciary capacity for the benefit of another person is presumed abandonedunless the owner has, within five years after it becomes payable, increasedor decreased the principal, accepted payment of principal or income,corresponded in writing concerning the property, or otherwise indicated aninterest as evidenced by a memorandum or other record on file with andprepared by the fiduciary or an employee of the fiduciary.
Funds in an individual retirement account, a retirement plan forself-employed individuals or a similar account or plan established pursuantto the Internal Revenue laws of the United States are not payable within themeaning of this section unless, under the terms of the account or plan,distribution of all or part of the funds would then be mandatory.
For the purpose of this section, a person who holds property as an agent fora business association is deemed to hold the property in a fiduciary capacityfor that business association alone, unless such person's agreement with thebusiness association provides otherwise. A person who is so deemed to holdproperty in a fiduciary capacity for a business association alone is theholder of the property only insofar as the interest of the businessassociation in the property is concerned, and the business association is theholder of the property insofar as the interest of any other person in theproperty is concerned.
(1960, c. 330; 1981, c. 47; 1982, c. 331; 1984, c. 121; 2000, cc. 733, 745.)
