Payment or delivery of abandoned property.

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§523A-9 Payment or delivery of abandoned property. (a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by section 523A-8, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed; provided that if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance shall be extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository shall not be delivered to the administrator until an additional one hundred twenty days after the time for payment or delivery to the administrator of property presumed abandoned as required by this subsection.

(b) If the property reported to the administrator is a security or security entitlement under article 8 of the Uniform Commercial Code – Investment Securities, the administrator shall be an appropriate person to make an indorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with article 8 of the Uniform Commercial Code – Investment Securities.

(c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator shall have the right to obtain a replacement certificate pursuant to section 490:8-405; provided that an indemnity bond shall not be required.

(d) An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section shall not be liable to the apparent owner and shall be indemnified against claims of any person in accordance with section 523A-11. [L 2008, c 55, pt of §1; am L 2012, c 229, §1]


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