Unclaimed property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned five years after the earlier of the date:
(1) of last contact with the policyholder; or
(2) the property became payable or distributable.
This section does not apply to amounts due and owing to the State or a political subdivision of the State.
HISTORY: 2003 Act No. 58, Section 1.