§ 1244. Unclaimed demutualization proceeds
(a) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company is deemed abandoned two years after the date the property is first distributable if, at the time of the first distribution, the last known address of the owner on the books and records of the holder is known to be incorrect, or the distribution or statements are returned by the post office as undeliverable; and the owner has not:
(1) communicated in writing with the holder or its agent regarding the property; or
(2) otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.
(b) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection (a) of this section shall be reportable as otherwise provided by this chapter.
(c) Property subject to subsection (a) of this section shall be reported and delivered pursuant to this chapter no later than May 1 of the calendar year following the calendar year that the property is deemed abandoned. (Added 2005, No. 161 (Adj. Sess.), § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
