A. Except as otherwise provided in the Uniform Unclaimed Property Act, all intangible personal property, including income or increment derived from the property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder’s business and has remained unclaimed by the owner for more than five (5) years after becoming payable or distributable is presumed abandoned.
B. Holders of presumed abandoned intangible property shall report annually and remit all proceeds accrued to date, including the current balance held by the holder. When and if any part of the proceeds has been held for the statutory abandonment period or longer, the holder must report and remit all interest, additions, and increments accrued to the account of the owner. Any additional amounts accruing to an owner of the same intangible property presumed abandoned previously reported will be reported and remitted on an annual basis, including additional amounts from the “as of date” of the previous report year through the “as of date” of the current report year.
C. In no event shall mineral interest proceeds be required to be reported or remitted sooner than six (6) months after the date of first sale from the applicable well.
D. Property is payable or distributable for the purposes of this act notwithstanding the owner’s failure to demand the property or to present an instrument or document required to receive payment of the property.
Added by Laws 1967, c. 107, § 8, emerg. eff. April 24, 1967. Amended by Laws 1982, c. 278, § 6, eff. Jan. 1, 1983; Laws 1991, c. 331, § 15, eff. Sept. 1, 1991; Laws 2003, c. 224, § 5, eff. July 1, 2003; Laws 2004, c. 318, § 3, eff. July 1, 2004.