§2061. When property presumed abandoned

Subject to section 2070, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified:   [PL 2019, c. 498, §22 (NEW).]

1.  Traveler's check.  A traveler's check, 15 years after issuance;

[PL 2019, c. 498, §22 (NEW).]

2.  Money order.  A money order, 7 years after issuance;

[PL 2019, c. 498, §22 (NEW).]

3.  State or municipal bond.  A state or municipal bond, bearer bond or original issue discount bond, 3 years after the date the bond matures or is called or the obligation to pay the principal of the bond arises, whichever is earlier;

[PL 2019, c. 498, §22 (NEW).]

4.  Debt of a business association.  A debt of a business association, 3 years after the obligation to pay arises;

[PL 2019, c. 498, §22 (NEW).]

5.  Payroll card or demand, savings or time deposit.  A payroll card or demand, savings or time deposit, including a deposit that is automatically renewable, 3 years after the maturity of the deposit, except that a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal;

[PL 2019, c. 498, §22 (NEW).]

6.  Money or credit owed.  Money or a credit owed to a customer as a result of a retail business transaction, 3 years after the obligation arose;

[PL 2019, c. 498, §22 (NEW).]

7.  Amount owed on insurance policy or annuity contract.  An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant:

A. With respect to an amount owed on a life or endowment insurance policy, 3 years after the earlier of the date:

(1) The insurance company has knowledge of the death of the insured; and

(2) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and   [PL 2019, c. 498, §22 (NEW).]

B. With respect to an amount owed on an annuity contract, 3 years after the date the insurance company has knowledge of the death of the annuitant;   [PL 2019, c. 498, §22 (NEW).]

[PL 2019, c. 498, §22 (NEW).]

8.  Distributable property.  Property distributable by a business association in the course of dissolution, one year after the property becomes distributable;

[PL 2019, c. 498, §22 (NEW).]

9.  Property held by a court.  Property held by a court, including property received as proceeds of a class action, one year after the property becomes distributable;

[PL 2019, c. 498, §22 (NEW).]

10.  Property held by a government.  Property held by a government or governmental subdivision, agency or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, one year after the property becomes distributable;

[PL 2019, c. 498, §22 (NEW).]

11.  Wages, commissions, bonuses or reimbursements.  Wages, commissions, bonuses or reimbursements to which an employee is entitled or other compensation for personal services, one year after the amount becomes payable;

[PL 2019, c. 498, §22 (NEW).]

12.  Deposit or refund owed by a utility.  A deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable;

[PL 2019, c. 498, §22 (NEW).]

13.  Prearranged funeral or burial plan.  Notwithstanding subsection 5, property contained in a prearranged funeral or burial plan described in Title 32, section 1401, including deposits containing funds from such a plan, 3 years after the death of a person on whose behalf funds were paid into the plan;

[PL 2019, c. 498, §22 (NEW).]

14.  Nonactivated stored-value obligation or electronic payment medium.  Funds represented by a nonactivated stored-value obligation or other nonactivated electronic payment medium that require activation for use, one year after the funds would have otherwise first been available to the owner; and

[PL 2019, c. 498, §22 (NEW).]

15.  Property not specified.  Property not specified in this section or sections 2062 to 2072, 3 years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises, whichever is earlier.

[PL 2019, c. 498, §22 (NEW).]

SECTION HISTORY

PL 2019, c. 498, §22 (NEW).