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Section 602 - Dormancy charge.

UT Code § 67-4a-602 (2019) (N/A)
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(1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: (a) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and (b) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.

(a) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and

(b) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.

(2) The amount of the deduction under Subsection (1) is limited to an amount that is not unconscionable considering all relevant factors, including: (a) the marginal transactional costs incurred by the holder in maintaining the apparent owner's property; and (b) any services received by the apparent owner.

(a) the marginal transactional costs incurred by the holder in maintaining the apparent owner's property; and

(b) any services received by the apparent owner.

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