(1) Except as otherwise provided in sections 38-13-302, 38-13-303, and 38-13-304, the administrator may take custody of property presumed abandoned whether located in this state or another state if:
The transaction out of which the property arose took place in this state;
The holder is domiciled in a state that does not provide for the custodial taking of theproperty; except that, if the property is specifically exempt from custodial taking under the law of the state of the holder's domicile, the property is not subject to the custody of the administrator; and
The last-known address of the apparent owner or other person entitled to the propertyis unknown or in a state that does not provide for the custodial taking of the property; except that, if the property is specifically exempt from custodial taking under the law of the state of the last-known address, the property is not subject to the custody of the administrator.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 426, § 1, effective July 1, 2020.
Traveler's check, money order, or similar instrument. The administrator may take custody of sums payable on a traveler's check, money order, or similar instrument presumed abandoned to the extent permissible under federal law.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 426, § 1, effective July 1, 2020.
Burden of proof to establish administrator's right to custody. (1) If the administrator asserts a right to custody of unclaimed property, the administrator has the burden to prove:
The existence and amount of the property;
That the property is presumed abandoned; and
That the property is subject to the custody of the administrator.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 426, § 1, effective July 1, 2020.