556.1 DEFINITIONS AND USE OF TERMS.
As used in this chapter, unless the context otherwise requires:
1. "Banking organization" means any bank, trust company,
savings bank, industrial bank, land bank, safe deposit company, or a
private banker engaged in business in this state.
2. "Business association" means a corporation, cooperative
association, joint stock company, business trust, investment company,
partnership, limited liability company, trust company, mutual fund,
or other business entity consisting of one or more persons, whether
or not for profit.
3. "Cooperative association" means any of the following:
a. An entity which is structured and operated on a
cooperative basis, including an association of persons organized
under chapter 497, 498, or 499; or an entity composed of entities
organized under those chapters.
b. A cooperative organized under chapter 501.
c. A cooperative organized under chapter 501A.
d. A cooperative association organized under chapter 490.
e. Any other entity recognized pursuant to 26 U.S.C. §
1381(a) which meets the definitional requirements of an association
as provided in 12 U.S.C. § 1141(j)(a) or 7 U.S.C. § 291.
4. "Financial organization" means any savings and loan
association, building and loan association, credit union, cooperative
bank or investment company, engaged in business in this state.
5. "Holder" means any person in possession of property
subject to this chapter belonging to another, or who is trustee in
case of a trust, or is indebted to another on an obligation subject
to this chapter.
6. "Life insurance corporation" means any association or
corporation transacting within this state the business of insurance
on the lives of persons or insurance appertaining thereto, including,
but not by way of limitation, endowments and annuities.
7. "Mineral" means gas, oil, and coal; other gaseous, liquid,
and solid hydrocarbons; oil shale; cement material; sand and gravel;
road material; building stone; chemical raw material; gemstone;
fissionable and nonfissionable ores; colloidal and other clays; steam
and other geothermal resources; and any other substance defined as a
mineral by a law of this state.
8. "Mineral proceeds" means amounts payable for the
extraction, production, or sale of minerals, or upon the abandonment
of those payments, all payments that become payable thereafter.
"Mineral proceeds" includes amounts payable as follows:
a. For the acquisition and retention of a mineral lease,
including bonuses, royalties, compensatory royalties, shut-in
royalties, minimum royalties, and delay rentals.
b. For the extraction, production, or sale of minerals,
including net revenue interests, royalties, overriding royalties,
extraction payments, and production payments.
c. Under an agreement or option, including a joint operating
agreement, unit agreement, pooling agreement, and farm-out agreement,
relating to the extraction, production, or sale of minerals.
9. "Money order" includes an express money order and a
personal money order, on which the remitter is the purchaser.
"Money order" does not include a bank money order or any other
instrument sold by a banking or financial organization if the seller
has obtained the name and address of the payee.
10. "Owner" means a depositor in case of a deposit, a
beneficiary in case of a trust, a creditor, claimant, or payee in
case of other choses in action, or any person having a legal or
equitable interest in property subject to this chapter, or that
person's legal representative.
11. "Person" means any individual, business association,
government or political subdivision, public corporation, public
authority, estate, trust, two or more persons having a joint or
common interest, or any other legal or commercial entity.
12. "Property" means a fixed and certain interest in or right
in an intangible that is held, issued, or owed in the course of a
holder's business, or by a government or governmental entity, and all
income or increment therefrom, including that which is referred to as
or evidenced by any of the following:
a. Money, check, draft, deposit, interest, dividend, and
income.
b. Credit balance, customer overpayment, gift certificate,
security deposit, refund, credit memorandum, unpaid wage, unused
airline ticket, unused ticket, mineral proceeds, and unidentified
remittance and electronic fund transfer.
c. Stock or other evidence of ownership interests in a
business association.
d. Bond, debenture, note, or other evidence of indebtedness.
e. Money deposited to redeem stocks, bonds, coupons, and
other securities, or to make distributions.
f. An amount due and payable under the terms of an insurance
policy, including policies providing life insurance, property and
casualty insurance, workers' compensation insurance, or health and
disability benefits insurance.
g. An amount distributable from a trust or custodian fund
established under a plan to provide health, welfare, pension,
vacation, severance, retirement, death, stock purchase, profit
sharing, employee savings, supplemental unemployment insurance, or
similar benefits.
h. Amounts distributable from a mineral interest in land.
i. Any other fixed and certain interest or right in an
intangible that is held, issued, or owing in the course of a holder's
business, or by a government or governmental entity.
"Property" does not include credits, advance payments,
overpayments, refunds, or credit memoranda shown on the books and
records of a business association with respect to another business
association unless the balance is property described in section 556.2
held by a banking organization or financial organization.
13. "Utility" means any person who owns or operates within
this state, for public use, any plant, equipment, property,
franchise, or license for the transmission of communications or the
production, storage, transmission, sale, delivery, or furnishing of
electricity, water, steam, or gas. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.1] Section History: Recent Form
95 Acts, ch 34, §1; 96 Acts, ch 1173, § 1, 2; 2001 Acts, ch 142,
§4, 5; 2001 Acts, ch 152, §1; 2003 Acts, ch 44, §99; 2005 Acts, ch
135, §116; 2007 Acts, ch 60, §1
556.2 PROPERTY HELD BY BANKING OR FINANCIAL
ORGANIZATIONS OR BY BUSINESS ASSOCIATIONS.
The following property held or owing by a banking or financial
organization or by a business association is presumed abandoned:
1. Any demand, savings, or matured time deposit made in this
state with a banking organization, together with any interest or
dividend, excluding any charges that may lawfully be withheld, unless
the owner has, within three years:
a. Increased or decreased the amount of the deposit, or
presented the passbook or other similar evidence of the deposit for
the crediting of interest.
b. Corresponded in writing with the banking organization
concerning the deposit.
c. Otherwise indicated an interest in the deposit as
evidenced by a memorandum on file with the banking organization.
Such memorandum shall be dated and may have been prepared by the
banking organization, in which case it shall be signed by an official
of the bank, or it may have been prepared by the owner.
d. Had another relationship with the bank in which the owner
has:
(1) Communicated in writing with the bank.
(2) Otherwise indicated an interest as evidenced by a memorandum
or other record on file prepared by an employee of the bank and if
the bank communicates in writing with the owner with regard to the
property that would otherwise be abandoned under this subsection at
the address to which communications regarding the other relationship
are regularly sent.
e. Been sent any written correspondence, notice, or
information by first class mail regarding the deposit by the banking
organization on or after July 1, 1992, if the correspondence, notice,
or information requests an address correction on the face of the
envelope, and is not returned to the bank organization for
nondelivery, and if the bank organization maintains a record of all
returned mail.
2. Any funds paid in this state toward the purchase of shares or
other interest in a financial organization or any deposit made in
this state, and any interest or dividends, excluding any charges that
may lawfully be withheld, unless the owner has within three years:
a. Increased or decreased the amount of the funds or deposit,
or presented an appropriate record for the crediting of interest or
dividends.
b. Corresponded in writing with the financial organization
concerning the funds or deposit.
c. Otherwise indicated an interest in the funds or deposit as
evidenced by a memorandum on file with the financial organization.
Such memorandum shall be dated and may have been prepared by the
financial organization, in which case it shall be signed by an
officer of the financial organization, or it may have been prepared
by the owner.
d. Had another relationship with the financial organization
in which the owner has:
(1) Communicated in writing with the financial organization.
(2) Otherwise indicated an interest as evidenced by a memorandum
or other record on file prepared by an employee of the financial
organization and if the financial organization communicates in
writing with the owner with regard to the property that would
otherwise be abandoned under this subsection at the address to which
communications regarding the other relationship are regularly sent.
e. Been sent any written correspondence, notice, or
information by first class mail regarding the funds or deposits by
the financial organization on or after July 1, 1992, if the
correspondence, notice, or information requests an address correction
on the face of the envelope, and is not returned to the financial
organization for nondelivery, and if the financial organization
maintains a record of all returned mail.
3. Any property described in subsections 1 and 2 which is
automatically renewable is matured for purposes of subsections 1 and
2 upon the expiration of its initial time period, but in the case of
any renewal to which the owner consents at or about the time of
renewal by communicating in writing with the banking or financial
organization or otherwise indicating consent as evidenced by a
memorandum or other record on file prepared by an employee of the
organization, the property is matured upon the expiration of the last
time provided for which consent was given. However, consent to
renewal is deemed to have been given if the owner is sent written
notice of the renewal by first class mail which requests an address
correction on the face of the envelope, the notice is not returned
for nondelivery, and the banking or financial organization maintains
a record of all returned mail. If at the time period for delivery in
section 556.13, a penalty or forfeiture in the payment of interest
would result from the delivery of the property, the time period for
delivery is extended until the time when no penalty or forfeiture
would result.
4. Any funds or other personal property, tangible or intangible,
removed from a safe deposit box or any other safekeeping repository
or agency or collateral deposit box in this state on which the lease
or rental period has expired due to nonpayment of rental charges or
other reason, or any surplus amounts arising from the sale thereof
pursuant to law, that have been unclaimed by the owner for more than
three years from the date on which the lease or rental period
expired.
5. A banking organization or financial organization shall send to
the owner of each account, to which none of the actions specified in
paragraphs "a" through "e" of subsection 1 or "a" through
"e" of subsection 2 have occurred during the preceding three
calendar years, a notice by certified mail stating in substance the
following:
According to our records, we have had no contact with you
regarding (describe account) for more than three years. Under Iowa
law, if there is a period of three years without contact, we may be
required to transfer this account to the custody of the treasurer of
state of Iowa as unclaimed property. You may prevent this by taking
some action, such as a deposit or withdrawal, which indicates your
interest in this account or by signing this form and returning it to
us.
I desire to keep the above account open and active.
.........
Your signature
The notice required under this section shall be mailed within
thirty days of the lapse of the three-year period in which there is
no activity. The cost of the certified mail of the notice required
in this section may be deducted from the account by the banking or
financial organization. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.2] Section History: Recent Form
84 Acts, ch 1295, § 1--7; 85 Acts, ch 233, § 1--3; 91 Acts, ch
267, § 623--625; 92 Acts, ch 1085, § 1--4; 95 Acts, ch 34, §2; 96
Acts, ch 1173, § 3
Referred to in § 524.812, 524.813, 533.320, 533.321, 556.1,
556.10, 556.12
556.2A TRAVELER'S CHECKS AND MONEY ORDERS.
1. Subject to subsection 4, any sum payable on a traveler's check
that has been outstanding for more than fifteen years after its
issuance is deemed abandoned unless the owner, within fifteen years,
has communicated in writing with the issuer concerning it or
otherwise indicated an interest as evidenced by a memorandum or other
record on file prepared by an employee of the issuer.
2. Subject to subsection 4, any sum payable on a money order that
has been outstanding for more than seven years after its issuance is
deemed abandoned unless the owner, within seven years, has
communicated in writing with the issuer concerning it or otherwise
indicated an interest as evidenced by a memorandum or other record on
file prepared by an employee of the issuer.
3. A holder shall not deduct from the amount of a traveler's
check or money order any charge imposed by reason of the failure to
present the instrument for payment unless there is a valid and
enforceable written contract between the issuer and the owner of the
instrument pursuant to which the issuer may impose a charge and the
issuer regularly imposes such charges and does not regularly reverse
or otherwise cancel them.
4. A sum payable on a traveler's check or money order described
in subsection 1 or 2 shall not be subjected to the custody of this
state as unclaimed property unless any of the following apply:
a. The records of the issuer show that the traveler's check
or money order was purchased in this state.
b. The issuer has its principal place of business in this
state and the records of the issuer do not show the state in which
the traveler's check or money order was purchased.
c. The issuer has its principal place of business in this
state, the records of the issuer show the state in which the
traveler's check or money order was purchased, and the laws of the
state of purchase do not provide for the escheat or custodial taking
of the property or its escheat or unclaimed property law is not
applicable to the property. Section History: Recent Form
96 Acts, ch 1173, §4
Referred to in § 556.2B
556.2B CHECKS, DRAFTS, AND SIMILAR INSTRUMENTS ISSUED
OR CERTIFIED BY BANKING AND FINANCIAL ORGANIZATIONS.
1. Any sum payable on a check, draft, or similar instrument,
except those subject to section 556.2A, on which a banking or
financial organization is directly liable, including a cashier's
check and a certified check, which has been outstanding for more than
three years after it was payable or after its issuance if payable on
demand, is deemed abandoned, unless the owner, within three years,
has communicated in writing with the banking or financial
organization concerning it or otherwise indicated an interest as
evidenced by a memorandum or other record on file prepared by an
employee of the banking or financial organization.
2. A holder shall not deduct from the amount of any instrument
subject to this section any charge imposed by reason of the failure
to present the instrument for payment unless there is a valid and
enforceable written contract between the holder and the owner of the
instrument pursuant to which the holder may impose a charge and the
holder regularly imposes such charges and does not regularly reverse
or otherwise cancel them. Section History: Recent Form
96 Acts, ch 1173, §5
556.2C OUTSTANDING STATE WARRANTS.
1. a. An unpaid, outdated warrant that is canceled pursuant
to section 8A.519 shall be included in a list of outstanding state
warrants maintained by the director of the department of
administrative services. On or before July 1 of each year, the
director of the department of administrative services shall provide
the office of the treasurer of state with a consolidated list of such
outstanding warrants that have not been previously reported to the
office.
b. The consolidated list shall be accompanied by supporting
information as specified by the treasurer of state. The treasurer of
state may include information regarding the outstanding warrants in
the notice published pursuant to section 556.12 and on the treasurer
of state's official internet website.
c. The reporting requirements of this section do not apply to
outdated warrants charged to federal grants or other nonstate funds
for which funding is no longer available as described in section
25.2.
2. An agreement to pay compensation to recover or assist in the
recovery of an outstanding warrant made within twenty-four months
after the date the warrant is canceled is unenforceable. However, an
agreement made after twenty-four months from the date the warrant is
canceled is valid if the fee or compensation agreed upon is not more
than fifteen percent of the recoverable property, the agreement is in
writing and signed by the payee, and the writing discloses the nature
and value of the property and the name and address of the person in
possession. This subsection does not apply to a payee who has a bona
fide fee contract with a practicing attorney regulated under chapter
602, article 10. Section History: Recent Form
2006 Acts, ch 1185, §102
Referred to in § 22.7, 25.2, 556.18
556.3 UNCLAIMED FUNDS HELD BY LIFE INSURANCE
CORPORATIONS.
1. "Unclaimed funds," as defined in this section, held and
owing by a life insurance corporation shall be presumed abandoned if
the last known address, according to the records of the corporation,
of the person entitled to the funds is within this state. If a
person other than the insured or annuitant is entitled to the funds
and no address of such person is known to the corporation or if it is
not definite and certain from the records of the corporation what
person is entitled to the funds, it is presumed that the last known
address of the person entitled to the funds is the same as the last
known address of the insured or annuitant according to the records of
the corporation.
2. "Unclaimed funds," as used in this section, means all
moneys held and owing by any life insurance corporation unclaimed and
unpaid for more than three years after the moneys became due and
payable as established from the records of the corporation under any
life or endowment insurance policy or annuity contract which has
matured or terminated. A life insurance policy not matured by actual
proof of the death of the insured is deemed to be matured and the
proceeds thereof are deemed to be due and payable if the policy was
in force when the insured attained the limiting age under the
mortality table on which the reserve is based and shall be presumed
abandoned and to be unclaimed funds as defined in this section if
unclaimed and unpaid for more than two years thereafter, unless the
person appearing entitled thereto has within the two-year period
assigned, readjusted, or paid premiums on the policy, or subjected
the policy to loan or corresponded in writing with the life insurance
corporation concerning the policy. Moneys otherwise payable
according to the records of the corporation are deemed due and
payable although the policy or contract has not been surrendered as
required. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.3] Section History: Recent Form
84 Acts, ch 1295, § 8; 91 Acts, ch 267, §626
556.3A UNCLAIMED DEMUTUALIZATION PROCEEDS HELD BY
INSURANCE COMPANIES.
1. Property distributable in the course of demutualization or
related reorganization of an insurance company occurring on or after
January 1, 2003, that remains unclaimed is deemed abandoned two years
after the earlier of:
a. The first date on which the property of an insurance
company being demutualized or reorganized was distributable.
b. The date of last contact by the insurance company with a
policyholder.
2. Property distributable in the course of demutualization or
related reorganization of an insurance company occurring before
January 1, 2003, that remains unclaimed is deemed abandoned two years
after the first date on which the property of an insurance company
being demutualized or reorganized was distributable. Section History: Recent Form
2003 Acts, ch 46, §1, 5
Referred to in § 556.11
556.4 DEPOSITS AND REFUNDS HELD BY UTILITIES.
The following funds held or owing by any utility are presumed
abandoned:
1. Any deposit made by a subscriber with a utility to secure
payment for, or any sum paid in advance for, utility services to be
furnished in this state, less any lawful deductions, that has
remained unclaimed by the person appearing on the records of the
utility entitled to the deposit for more than one year after the
termination of the services for which the deposit or advance payment
was made.
2. Any sum which a utility has been ordered to refund and which
was received for utility services rendered in this state, together
with any interest on the refund, less any lawful deductions, that has
remained unclaimed by the person appearing on the records of the
utility entitled to the refund for more than one year after the date
it became payable in accordance with the final determination or order
providing for the refund. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.4] Section History: Recent Form
83 Acts, ch 191, § 12, 26, 27; 91 Acts, ch 267, §627
Referred to in § 556.18
556.5 STOCKS AND OTHER INTANGIBLE INTERESTS IN
BUSINESS ASSOCIATIONS.
1. Any stock, shareholding, or other intangible ownership
interests in a business association, the existence of which is
evidenced by records available to the association, is deemed
abandoned and, with respect to the interest, the association is the
holder, if both of the following apply:
a. The interest in the association is owned by a person who
for more than three years has neither claimed a dividend,
distribution, nor other sum payable as a result of the interest, or
who has not communicated with the association regarding the interest
or a dividend, distribution, or other sum payable as the result of
the interest, as evidenced by a memorandum or other record on file
with the association prepared by an employee of the association.
b. The association does not know the location of the owner at
the end of the three-year period.
2. The return of official shareholder notifications or
communications by the postal service as undeliverable shall be
evidence that the association does not know the location of the
owner.
3. This section shall be applicable to both the underlying stock,
shareholdings, or other intangible ownership interests of an owner,
and any stock, shareholdings, or other intangible ownership interest
of which the business association is in possession of the certificate
or other evidence or indicia of ownership, and to the stock,
shareholdings, or other intangible ownership interests of dividend
and nondividend paying business associations whether or not the
interest is represented by a certificate.
4. At the time an interest is deemed abandoned under this
section, the following shall apply:
a. Except as provided in paragraph "b", any dividend,
distribution, or other sum then held for or owing to the owner as a
result of the interest, and not previously deemed abandoned, is
deemed abandoned.
b. A disbursement held by a cooperative association shall not
be deemed abandoned under this chapter if the disbursement is
retained by a cooperative association organized under chapter 490 as
provided in section 490.629, by a cooperative association organized
under chapter 499 as provided in section 499.30A, or by a cooperative
as provided in section 501A.1008.
5. This section does not apply to any stock or other intangible
ownership interest enrolled in a plan that provides for the automatic
reinvestment of dividends, distributions, or other sums payable as a
result of the interest unless one or more of the following applies:
a. The records available to the administrator of the plan
show, with respect to any intangible ownership interest not enrolled
in the reinvestment plan, that the owner has not within three years
communicated in any manner described in subsection 1.
b. Three years have elapsed since the location of the owner
became unknown to the association, as evidenced by the return of
official shareholder notifications or communications by the postal
service as undeliverable, and the owner has not within those three
years communicated in any manner described in subsection 1. The
three-year period from the return of official shareholder
notifications or communications shall commence from the earlier of
the return of the second such mailing or the time the holder
discontinues mailings to the shareholder. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.5] Section History: Recent Form
84 Acts, ch 1295, § 9; 85 Acts, ch 195, §50; 91 Acts, ch 267,
§628; 93 Acts, ch 178, §33, 34; 94 Acts, ch 1023, §116; 96 Acts, ch
1173, § 6; 2001 Acts, ch 142, §6; 2005 Acts, ch 135, §117
Referred to in § 490.629, 499.30A, 501A.1008, 556.10, 556.14,
556.17
556.6 PROPERTY OF BUSINESS ASSOCIATIONS AND BANKING
OR FINANCIAL ORGANIZATIONS HELD IN COURSE OF DISSOLUTION.
Except as provided in section 490.1440, all intangible personal
property distributable in the course of a voluntary dissolution of a
business association, banking organization, or financial organization
organized under the laws of or created in this state, that is
unclaimed by the owner within one year after the date for final
distribution, is presumed abandoned. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.6] Section History: Recent Form
84 Acts, ch 1295, § 10; 90 Acts, ch 1205, § 59
Referred to in § 556.10
556.7 PROPERTY HELD BY FIDUCIARIES.
All intangible personal property and any income or increment
thereon, held in a fiduciary capacity for the benefit of another
person is presumed abandoned unless the owner has, within three years
after it becomes payable or distributable, increased or decreased the
principal, accepted payment of principal or income, corresponded in
writing concerning the property, or otherwise indicated an interest
as evidenced by a memorandum on file with the fiduciary which shall
have been dated and may have been prepared by the fiduciary or by the
owner:
1. If the property is held by a banking organization or a
financial organization, or by a business association organized under
the laws of or created in this state; or
2. If it is held by a business association, doing business in
this state, but not organized under the laws of or created in this
state, and the records of the business association indicate that the
last known address of the person entitled thereto is in this state;
or
3. If it is held in this state by any other person. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.7] Section History: Recent Form
84 Acts, ch 1295, § 11; 91 Acts, ch 267, §629
Referred to in § 556.10
556.8 PROPERTY HELD BY STATE COURTS AND PUBLIC
OFFICERS AND AGENCIES -- ABANDONMENT.
All intangible personal property held for the owner by any court,
public corporation, public authority, agency, instrumentality,
employee, or public officer of this state, or the United States, or a
political subdivision of the state, another state, or the United
States, that has remained unclaimed by the owner for more than two
years after becoming payable or distributable is presumed abandoned.
Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.8] Section History: Recent Form
84 Acts, ch 1295, § 12; 89 Acts, ch 287, §4
Referred to in § 602.8105
556.9 MISCELLANEOUS PERSONAL PROPERTY HELD FOR
ANOTHER PERSON -- WAGES -- GIFT CERTIFICATES.
1. All intangible personal property, not otherwise covered by
this chapter, including any income or increment earned on the
property and deducting any lawful charges, that is held or owing in
this state in the ordinary course of the holder's business and has
remained unclaimed by the owner for more than three years after it
became payable or distributable is presumed abandoned. However,
unpaid wages, including wages represented by payroll checks or other
compensation for personal services owing in the ordinary course of
the holder's business that remain unclaimed by the owner for more
than one year after becoming payable are presumed abandoned.
2. An issuer of a gift certificate shall not deduct from the face
value of the gift certificate any charge imposed due to the failure
of the owner of the gift certificate to present the gift certificate
in a timely manner, unless a valid and enforceable written contract
exists between the issuer and the owner of the gift certificate
pursuant to which the issuer regularly imposes such charges and does
not regularly reverse or otherwise cancel them. For purposes of this
subsection, "gift certificate" means a merchandise certificate or
electronic gift card conspicuously designated as a gift certificate
or electronic gift card, and generally purchased by a buyer for use
by a person other than the buyer. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.9] Section History: Recent Form
84 Acts, ch 1295, § 13; 2002 Acts, ch 1059, §1; 2003 Acts, ch 46,
§2; 2004 Acts, ch 1011, §1
Referred to in § 556.10
556.9A OUT-OF-STATE PROPERTY ISSUED WITHIN THE
STATE.
1. As used in this section, unless the context requires
otherwise:
a. "Property" means intangible personal property located
outside the state, but issued by the state of Iowa, a state agency, a
political subdivision of the state, or a person formed or otherwise
located within the state as a corporation, trust, partnership,
limited partnership, association, cooperative, union, or
organization.
b. "Temporary custodian" means an entity holding property
outside of this state, including but not limited to a person, the
United States government, or an agency or instrumentality of the
United States government, and any other state or agency or political
subdivision of that state.
2. Property and income derived from the property, including but
not limited to dividends, earnings, and interest, which are held by a
temporary custodian are presumed abandoned and after deducting lawful
charges are subject to the custody of this state as unclaimed
property, if all the following apply:
a. The owner has not claimed the property or income derived
from the property or corresponded in writing with the temporary
custodian of the property within three years after the date
prescribed for delivery of the property or payment of income from the
property.
b. The last known address of the owner is unknown.
3. This section does not apply to property or income derived from
the property subject to any other provision of this chapter providing
for a different procedure for determining when property is presumed
abandoned and subject to state custody. Section History: Recent Form
90 Acts, ch 1095, § 1; 92 Acts, ch 1038, § 1--3
556.10 RECIPROCITY FOR PROPERTY PRESUMED ABANDONED OR
ESCHEATED UNDER THE LAWS OF ANOTHER STATE.
If specific property which is subject to the provisions of
sections 556.2, 556.5, 556.6, 556.7 and 556.9 is held for or owed or
distributable to an owner whose last known address is in another
state by a holder who is subjected to the jurisdiction of that state,
the specific property is not presumed abandoned in this state and
subject to this chapter if:
1. It may be claimed as abandoned or escheated under the laws of
such other state; and
2. The laws of such other state make reciprocal provision that
similar specific property is not presumed abandoned or escheatable by
such other state when held for or owed or distributable to an owner
whose last known address is within this state by a holder who is
subject to the jurisdiction of this state. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.10]
556.11 REPORT OF ABANDONED PROPERTY.
1. Every person holding funds or other property, tangible or
intangible, presumed abandoned under this chapter shall report to the
state treasurer with respect to the property as hereinafter provided.
2. The report shall be verified and shall include:
a. Except with respect to traveler's checks, money orders,
cashier's checks, official checks, or similar instruments, the name,
if known, and last known address, if any, of each person appearing
from the records of the holder to be the owner of any property of the
value of fifty dollars or more presumed abandoned under this chapter.
b. In case of unclaimed funds of life insurance corporations,
the full name of the insured or annuitant and the insured's or
annuitant's last known address according to the life insurance
corporation's records.
c. The nature and identifying number, if any, or description
of the property and the amount appearing from the records to be due,
except that items of value under fifty dollars each may be reported
in aggregate.
d. The date when the property became payable, demandable, or
returnable, and the date of the last transaction with the owner with
respect to the property.
e. Other information which the state treasurer prescribes by
rule as necessary for the administration of this chapter.
3. If the person holding property presumed abandoned is a
successor to other persons who previously held the property for the
owner, or if the holder has changed names while holding the property,
the holder shall file with the holder's report all prior known names
and addresses of each holder of the property.
4. The report shall be filed annually before November 1 for the
fiscal year ending on the preceding June 30. However, the report of
unclaimed demutualization proceeds as provided in section 556.3A
shall be made before May 1 for the preceding calendar year. The
treasurer of state may postpone the reporting date upon written
request by any person required to file a report.
5. If the holder of property presumed abandoned under this
chapter knows the whereabouts of the owner and if the owner's claim
has not been barred by the statute of limitations, the holder shall,
before filing the annual report, communicate with the owner and take
necessary steps to prevent abandonment from being presumed. The
holder shall exercise due diligence to ascertain the whereabouts of
the owner. A holder is not required to make a due diligence mailing
to owners whose property has an aggregate value of less than fifty
dollars. The treasurer of state may charge a holder that fails to
timely exercise due diligence, as required in this subsection, five
dollars for each name and address account reported if thirty-five
percent or more of the accounts are claimed within the twenty-four
months immediately following the filing of the holder report.
6. Verification, if made by a partnership, shall be executed by a
partner; if made by an unincorporated association or private
corporation, by an officer; and if made by a public corporation, by
its chief fiscal officer.
7. The initial report filed under this chapter shall include all
items of property that would have been presumed abandoned if this
chapter had been in effect during the ten-year period preceding its
effective date.
8. a. A holder required to file a report under this section
shall maintain its records containing the information required to be
included in the report until the holder files the report and for four
years after the date of filing, unless a shorter time is provided in
paragraph "b" or by rule of the treasurer of state.
b. A business association that sells, issues, or provides to
others for sale or issue in this state, traveler's checks, money
orders, or similar written instruments other than third-party bank
checks, on which the business association is directly liable, shall
maintain a record of the instruments while they remain outstanding,
indicating the state and date of issue, for four years after the date
of filing.
9. Other than the notice to owners required by subsection 5,
published notice required by section 556.12, subsection 1, and other
discretionary means employed by the treasurer of state for notifying
owners of the existence of abandoned property, all information
provided in reports shall be confidential, unless written consent
from the person entitled to the property is obtained by the treasurer
of state, and may be disclosed only to governmental agencies for the
purposes of returning abandoned property to its owners or to those
individuals who appear to be the owner of the property or otherwise
have a valid claim to the property.
10. All agreements to pay compensation to recover or assist in
the recovery of property reported under this section, made within
twenty-four months after the date payment or delivery is made under
section 556.13, are unenforceable. However, such agreements made
after twenty-four months from the date of payment or delivery are
valid if the fee or compensation agreed upon is not more than fifteen
percent of the recoverable property, the agreement is in writing and
signed by the owner, and the writing discloses the nature and value
of the property and the name and address of the person in possession.
A person shall not attempt to collect or collect a fee or
compensation for discovering property presumed abandoned under this
chapter unless the person is licensed as a private investigation
business pursuant to chapter 80A. This section does not prevent an
owner from asserting, at any time, that an agreement to locate
property is based upon excessive or unjust consideration. This
section does not apply to an owner who has a bona fide fee contract
with a practicing attorney and counselor as described in chapter 602,
article 10. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.11] Section History: Recent Form
84 Acts, ch 1295, § 14, 26; 89 Acts, ch 287, §5; 95 Acts, ch 34,
§3; 2000 Acts, ch 1191, §1; 2003 Acts, ch 46, §3, 5; 2003 Acts, ch
64, §1--4; 2003 Acts, 1st Ex, ch 2, §40, 209
Referred to in § 22.7, 499.30A, 501A.1008, 556.12, 556.13, 556.22,
714.8
556.12 NOTICE AND PUBLICATION OF LISTS OF ABANDONED
PROPERTY.
1. If a report has been filed with the treasurer of state, or
property has been paid or delivered to the treasurer of state, for
the fiscal year ending on June 30 or, in the case of unclaimed
demutualization proceeds, for the preceding calendar year as required
by section 556.11, the treasurer of state shall provide for the
publication annually of at least one notice not later than the
following November 30. Each notice shall be published at least once
each week for two successive weeks in an English language newspaper
of general circulation in the county in this state in which is
located the last known address of any person to be named in the
notice. If an address is not listed or if the address is outside
this state, the notice shall be published in the county in which the
holder of the abandoned property has its principal place of business
within this state.
2. The published notice shall contain:
a. The names in alphabetical order and last known addresses,
if any, of persons listed in the report and entitled to notice within
the county as hereinbefore specified.
b. A statement that information concerning the amount or
description of the property and the name and address of the holder
may be obtained by any persons possessing an interest in the property
by addressing an inquiry to the state treasurer.
3. The treasurer of state is not required to publish in such
notice any item of less than one hundred dollars unless the treasurer
deems the publication to be in the public interest.
4. The treasurer of state may mail a notice to each person listed
in a report filed by the holder of unclaimed property, at the last
known address of that person if the treasurer deems such notice to be
in the best interests of that person and has reason to believe that
the address submitted by the holder is sufficient to ensure that
delivery of such notice will likely occur.
5. The mailed notice shall contain a statement that, according to
a report filed with the treasurer of state, property is being held to
which the addressee appears entitled.
6. This section is not applicable to sums payable on traveler's
checks, money orders, cashier's checks, official checks, or similar
instruments presumed abandoned under section 556.2. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.12] Section History: Recent Form
84 Acts, ch 1295, § 15; 95 Acts, ch 34, §4; 2003 Acts, ch 46, §4,
5; 2003 Acts, ch 64, §5, 6; 2007 Acts, ch 37, §2, 3
Referred to in § 216A.102, 556.2C, 556.11
556.13 PAYMENT OR DELIVERY OF ABANDONED PROPERTY.
1. Except for property held in a safe deposit box or other
safekeeping depository, upon filing the report required by section
556.11, the holder of property presumed abandoned shall pay, deliver,
or cause to be paid or delivered to the administrator the property
described in the report as unclaimed, but if the property is an
automatically renewable deposit, and a penalty or forfeiture in the
payment of interest would result, the time for compliance is extended
until a penalty or forfeiture would no longer result. At the
direction of the treasurer of state, the holder of tangible property
held in a safe deposit box or other safekeeping depository shall
deliver the property to the treasurer of state at the same time as or
after filing the abandoned property report required in section
556.11.
2. If the property reported to the treasurer of state is a
security or security entitlement under the Uniform Commercial Code,
chapter 554, article 8, the treasurer of state is an appropriate
person to make an indorsement, instruction, or entitlement order on
behalf of the apparent owner to invoke the duty of the issuer or its
transfer agent or the securities intermediary to transfer or dispose
of the security or the security entitlement in accordance with the
Uniform Commercial Code, chapter 554, article 8.
3. If the holder of property reported to the treasurer of state
is the issuer of a certificated security, the treasurer of state has
the right to obtain a replacement certificate pursuant to section
554.8405 but an indemnity bond is not required.
4. An issuer, the holder, and any transfer agent or other person
acting pursuant to the instructions of and on behalf of the issuer or
holder in accordance with this section is not liable to the apparent
owner and shall be indemnified against claims of any person in
accordance with section 556.14. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.13] Section History: Recent Form
84 Acts, ch 1295, § 16; 92 Acts, ch 1243, § 32; 96 Acts, ch 1173,
§ 7; 98 Acts, ch 1100, §76; 2007 Acts, ch 37, §4
Referred to in § 556.2, 556.11
556.14 RELIEF FROM LIABILITY BY PAYMENT OR
DELIVERY.
1. Upon the payment or delivery of property to the treasurer of
state, the state assumes custody and responsibility for the
safekeeping of the property. A person who pays or delivers property
to the treasurer of state in good faith is relieved of all liability
to the extent of the value of the property paid or delivered for any
claim then existing or which may arise or be made in respect to the
property.
2. If the holder pays or delivers property to the treasurer of
state in good faith and thereafter another person claims the property
from the holder or another state claims the money or property under
its laws relating to escheat or abandoned or unclaimed property, the
treasurer of state, upon written notice of the claim, shall defend
the holder against any liability on the claim.
3. The holder of an interest under section 556.5 shall deliver a
duplicate certificate or other evidence of ownership if the holder
does not issue certificates of ownership to the treasurer of state.
Upon delivery of a duplicate certificate to the treasurer of state,
the holder and any transfer agent, registrar, or other person acting
for or on behalf of a holder in executing or delivering the duplicate
certificate is relieved of all liability in accordance with
subsections 1 and 2 to every person, including any person acquiring
the original certificate or the duplicate of the certificate issued
to the treasurer of state, for any losses or damages resulting to any
person by the issuance and delivery to the treasurer of state of the
duplicate certificate.
4. A holder who has paid money to the treasurer of state under
this chapter may make payment to any person appearing to the holder
to be entitled to payment and upon filing proof of payment and proof
that the payee is entitled thereto, the treasurer of state shall
reimburse the holder for the payment without imposing any fee or
other charge. If reimbursement is sought for payment made on a
negotiable instrument, including a traveler's check or money order,
the holder must be reimbursed under this subsection upon filing proof
that the instrument was duly presented and that payment was made to a
person who appeared to the holder to be entitled to payment. The
holder must be reimbursed for payment made under this subsection even
if the payment was made to a person whose claim was barred under
section 556.16.
5. A holder who has delivered property including a certificate of
any interest in a business association, other than money, to the
treasurer of state may reclaim the property if the property is still
in the possession of the treasurer of state without paying any fee or
other charge, upon filing proof that the owner has claimed the
property from the holder.
6. The treasurer of state may accept the holder's affidavit as
sufficient proof of the facts that entitle the holder to recover
money and property under this section.
7. For purposes of this section, "good faith" means that:
a. Payment or delivery was made in a reasonable attempt to
comply with this chapter.
b. The person delivering the property was not a fiduciary
then in breach of trust in respect to the property and had a
reasonable basis for believing, based on the facts then known to the
person, that the property was abandoned for the purposes of this
chapter.
c. There is no showing that the records pursuant to which the
delivery was made did not meet reasonable commercial standards of
practice in the industry. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.14] Section History: Recent Form
84 Acts, ch 1295, § 17
Referred to in § 524.1305, 524.1310, 556.13
556.15 INCOME ACCRUING AFTER PAYMENT OR DELIVERY.
When property other than money is paid or delivered to the
treasurer of state under this chapter, the owner is entitled to
receive from the treasurer of state any dividends, interest, or other
increments realized or accruing on the property at or before
liquidation or conversion into money. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.15] Section History: Recent Form
84 Acts, ch 1295, § 18
Referred to in § 524.1305, 524.1310
556.16 PERIODS OF LIMITATION NOT A BAR.
The expiration of any period of time specified by statute or court
order, during which an action or proceeding may be commenced or
enforced to obtain payment of a claim for money or recovery of
property, shall not prevent the money or property from being presumed
abandoned property, nor affect any duty to file a report required by
this chapter or to pay or deliver abandoned property to the state
treasurer. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.16]
Referred to in § 524.1305, 524.1310, 556.14
556.17 SALE OF ABANDONED PROPERTY.
1. All abandoned property other than money delivered to the
treasurer of state under this chapter which remains unclaimed one
year after the delivery to the treasurer may be sold to the highest
bidder in a manner that affords in the treasurer's judgment the most
favorable market for the property involved. The treasurer of state
may decline the highest bid and reoffer the property for sale if the
treasurer considers the price bid insufficient. The treasurer need
not offer any property for sale if, in the treasurer's opinion, the
probable cost of sale exceeds the value of the property. The
treasurer may order destruction of the property when the treasurer
has determined that the probable cost of offering the property for
sale exceeds the value of the property. If the treasurer determines
that the property delivered does not have any substantial commercial
value, the treasurer may destroy or otherwise dispose of the property
at any time. An action or proceeding may not be maintained against
the treasurer or any officer or against the holder for or on account
of an act the treasurer made under this section, except for
intentional misconduct or malfeasance.
2. a. Any sale held under this section shall be preceded by a
single publication of notice of the sale at least three weeks in
advance of sale in an English language newspaper of general
circulation in the county from which the property was received, or in
an English language newspaper of general circulation in the state.
b. If the treasurer holds an internet auction or a sale on
the internet, the treasurer may elect to provide notice of the sale
or auction on the treasurer's website at least seven days in advance
of the sale or auction in lieu of providing notice as otherwise
provided in accordance with paragraph "a".
3. The purchaser at any sale conducted by the state treasurer
pursuant to this chapter shall receive title to the property
purchased, free from all claims of the owner or prior holder thereof
and of all persons claiming through or under them. The state
treasurer shall execute all documents necessary to complete the
transfer of title.
4. Unless the treasurer of state considers it to be in the best
interest of the state to do otherwise, all securities, other than
those presumed abandoned under section 556.5, delivered to the
treasurer of state must be held for at least one year before the
treasurer of state may sell them.
5. Unless the treasurer of state considers it to be in the best
interest of the state to do otherwise, all securities presumed
abandoned under section 556.5 and delivered to the treasurer of state
must be held for at least one year before the treasurer of state may
sell them. If the treasurer of state sells any securities delivered
pursuant to section 556.5 before the expiration of the one-year
period, any person making a claim pursuant to this chapter before the
end of the one-year period is entitled to either the proceeds of the
sale of the securities or the market value of the securities at the
time the claim is made, whichever amount is greater, less any
deduction for fees pursuant to section 556.18, subsection 2. A
person making a claim under this chapter after the expiration of this
period is entitled to receive either the securities delivered to the
treasurer of state by the holder, if they still remain in the hands
of the treasurer of state, or the proceeds received from the sale,
less any amounts deducted pursuant to section 556.18, subsection 2,
but no person has any claim under this chapter against the state, the
holder, any transfer agent, registrar, or other person acting for or
on behalf of a holder for any appreciation in the value of the
property occurring after delivery by the holder to the treasurer of
state. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.17] Section History: Recent Form
84 Acts, ch 1295, § 19; 94 Acts, ch 1188, §37; 2003 Acts, ch 64,
§7; 2009 Acts, ch 181, §40
Referred to in § 524.1305, 524.1310, 556.18
556.18 DEPOSIT OF FUNDS.
1. Except as provided in subsection 3, all funds received under
this chapter, including the proceeds from the sale of abandoned
property under section 556.17, shall be deposited quarterly by the
treasurer of state in the general fund of the state. However, the
treasurer of state shall retain in a separate trust fund a sufficient
amount from which the treasurer of state shall make prompt payment of
claims duly allowed under section 556.20. Before making the deposit,
the treasurer of state shall record the name and last known address
of each person appearing from the holders' reports to be entitled to
the abandoned property and the name and last known address of each
insured person or annuitant, and with respect to each policy or
contract listed in the report of a life insurance corporation, its
number, the name of the corporation, and the amount due. The record
shall be available for public inspection at all reasonable business
hours.
2. Before making any deposit to the credit of the general funds,
the state treasurer may deduct:
a. Any costs in connection with sale of abandoned property.
b. Any costs of mailing and publication in connection with
any abandoned property.
c. Reasonable service charges.
d. Any costs in connection with information on outstanding
state warrants addressed pursuant to section 556.2C.
3. The treasurer of state shall annually credit all moneys
received under section 556.4 to the general fund of the state.
Moneys credited to the general fund of the state pursuant to this
subsection are subject to the requirements of subsections 1 and 2 and
section 8.60. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.18] Section History: Recent Form
83 Acts, ch 191, § 13, 14, 27; 84 Acts, ch 1295, § 20; 88 Acts, ch
1175, §4; 89 Acts, ch 287, §6; 91 Acts, ch 253, §24; 91 Acts, ch 260,
§1248; 93 Acts, ch 131, §26, 27; 94 Acts, ch 1107, §96, 97, 100; 94
Acts, ch 1188, §38; 2006 Acts, ch 1185, §103
Referred to in § 524.1305, 524.1310, 556.17
556.19 CLAIM FOR ABANDONED PROPERTY PAID OR
DELIVERED.
Any person claiming an interest in any property delivered to the
state under this chapter may file a claim thereto or to the proceeds
from the sale thereof on the form prescribed by the state treasurer.
Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.19]
Referred to in § 22.7, 524.1305, 524.1310, 714.8
556.20 DETERMINATION OF CLAIMS.
1. The treasurer of state shall consider any claim filed under
this chapter and may hold a hearing and receive evidence concerning
the claim. If a hearing is held, the treasurer shall prepare a
finding and a decision in writing on each claim filed, stating the
substance of any evidence heard by the treasurer and the reasons for
the treasurer's decision. The decision shall be a public record.
2. If the claim is allowed, the treasurer of state shall make
payment forthwith. The claim shall be paid without deduction for
costs of notices or sale or for service charges. The treasurer or an
employee thereof shall not be held liable in any action for any claim
paid in good faith pursuant to this section. However, a claimant,
attorney in fact, or attorney or any other person representing a
claimant to whom such payment is made may be held liable to a person
who proves a superior right to the payment.
3. As a condition precedent to payment of any claim filed under
this chapter, the treasurer of state may require that the claimant or
owner of the unclaimed or abandoned property furnish the treasurer
with a surety bond containing terms and provisions acceptable to the
treasurer and issued by a corporate surety authorized to do business
in this state or with such other form of indemnification and
protection that is determined by the treasurer to be acceptable and
sufficient to protect the treasurer and the state against any loss,
liability, or damage which may arise out of or result from the
payment of the claim by the treasurer. The claimant or owner shall
be responsible for all premiums, costs, fees, or other expenses
associated with any such surety bond or other form of indemnification
and protection required pursuant to this subsection. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.20] Section History: Recent Form
83 Acts, ch 191, § 15, 27; 84 Acts, ch 1295, § 21; 2007 Acts, ch
37, §5
Referred to in § 499.30A, 501A.1008, 524.1305, 524.1310, 556.18,
642.2
556.21 JUDICIAL ACTION UPON DETERMINATIONS.
Any person aggrieved by a decision of the state treasurer or as to
whose claim the treasurer has failed to act within ninety days after
the filing of the claim, may commence an action in the district court
to establish that person's claim. The proceeding shall be brought
within ninety days after the decision of the treasurer or within one
hundred eighty days from the filing of the claim if the treasurer
fails to act. The action shall be tried de novo without a jury. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.21]
Referred to in § 499.30A, 501A.1008, 524.1305, 524.1310
556.22 ELECTIONS BY THE TREASURER OF STATE.
1. The treasurer of state may elect to allow a holder to file a
report as provided in section 556.11, or to deliver or pay property
to the treasurer, before the property is presumed abandoned, upon
consent of the treasurer and according to terms and conditions
prescribed by the treasurer.
2. The treasurer of state, after receiving reports of property
deemed abandoned pursuant to this chapter, may decline to receive any
property reported which the treasurer deems to have a value less than
the cost of giving notice and holding sale, or the treasurer may, if
the treasurer deems it desirable because of the small sum involved,
postpone taking possession until a sufficient sum accumulates.
Unless the holder of the property is notified to the contrary within
one hundred twenty days after filing the report required under
section 556.11, the treasurer shall be deemed to have elected to
receive the custody of the property. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.22] Section History: Recent Form
95 Acts, ch 34, §5
556.23 EXAMINATION OF RECORDS.
The treasurer of state may at reasonable times and upon reasonable
notice examine the records of any person if the treasurer of state
has reason to believe that the person has failed to report property
that should have been reported pursuant to this chapter. If an
examination of the records of a person results in the disclosure of
property reportable and deliverable under this chapter, the treasurer
of state may assess the cost of the examination against the holder at
a rate not to exceed one hundred dollars a day for each examiner, but
in no case may the charges exceed the value of the property found to
be reportable and deliverable. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.23] Section History: Recent Form
84 Acts, ch 1295, § 22
556.24 PROCEEDING TO COMPEL DELIVERY OF ABANDONED
PROPERTY.
If any person refuses to deliver property to the state treasurer
as required under this chapter, the treasurer shall bring an action
in a court of appropriate jurisdiction to enforce such delivery. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.24]
556.24A PUBLIC RECORDS.
1. The treasurer of state shall maintain a public record of the
name and last known address of each person appearing to be entitled
to unclaimed or abandoned property paid or delivered to the treasurer
pursuant to this chapter.
2. Notwithstanding any other provision of law, any other
identifying information set forth in any report, record, claim, or
other document submitted to the treasurer of state pursuant to this
chapter concerning unclaimed or abandoned property is a confidential
record as provided in section 22.7 and shall be made available for
public examination or copying only in the discretion of the
treasurer. Section History: Recent Form
2007 Acts, ch 37, §6
556.25 INTEREST AND PENALTIES.
1. A person who fails to pay or deliver property within the time
prescribed by this chapter shall pay the treasurer of state interest
at the annual rate of ten percent on the property or value of the
property from the date the property should have been paid or
delivered but in no event prior to July 1, 1984.
2. A person who willfully fails to pay or deliver property to the
treasurer of state as required under this chapter shall pay a civil
penalty equal to twenty-five percent of the value of the property
that should have been paid or delivered.
3. The interest or penalty or any part of the interest or penalty
as imposed in subsection 1 or 2 may be waived or remitted by the
treasurer of state if the person's failure to pay abandoned funds or
deliver property is satisfactorily explained to the treasurer of
state and if the failure has resulted from a mistake by the person in
understanding or applying the law or the facts which require that
person to pay abandoned funds or deliver property as provided in this
chapter. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.25] Section History: Recent Form
84 Acts, ch 1295, § 23; 85 Acts, ch 195, §51; 93 Acts, ch 178,
§35, 36
556.26 RULES.
The state treasurer is hereby authorized to make necessary rules
to carry out the provisions of this chapter. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.26]
556.27 EFFECT OF LAWS OF OTHER STATES.
This chapter shall not apply to any property that has been
presumed abandoned or escheated under the laws of another state prior
to July 1, 1967. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.27]
556.28 INTERSTATE AGREEMENTS AND COOPERATION.
1. The treasurer of state may enter into agreements with other
states to exchange information needed to enable this or another state
to audit or otherwise determine unclaimed property that it or another
state may be entitled to subject to a claim of custody. The
treasurer of state by rule may require the reporting of information
needed to enable compliance with agreements made pursuant to this
section and prescribe the form.
2. To avoid conflicts between the treasurer of state's procedures
and the procedures of unclaimed property administrators in other
jurisdictions that enact the uniform unclaimed property Act, the
treasurer of state, so far as is consistent with the purposes,
policies, and provisions of this chapter, before adopting, amending
or repealing rules, shall advise and consult with the unclaimed
property administrators in other jurisdictions that enact
substantially the uniform unclaimed property Act and take into
consideration the rules of unclaimed property administrators in other
jurisdictions that enact the uniform unclaimed property Act.
3. The treasurer of state may join with other states to seek
enforcement of this chapter against any person who is or may be
holding property reportable under this chapter.
4. At the request of another state, the attorney general of this
state may bring an action in the name of the unclaimed property
administrator of the other state in any court of competent
jurisdiction to enforce the unclaimed property laws of the other
state against a holder in this state of property subject to escheat
or a claim of abandonment by the other state, if the other state has
agreed to pay expenses incurred by the attorney general in bringing
the action.
5. The treasurer of state may request that the attorney general
of another state or any other person bring an action in the name of
the unclaimed property administrator in the other state. The state
shall pay all expenses including attorney's fees in any action under
this subsection. Any expenses paid pursuant to this subsection may
not be deducted from the amount that is subject to the claim by the
owner under this chapter. Section History: Recent Form
84 Acts, ch 1295, § 24
556.29 UNIFORMITY OF INTERPRETATION.
This chapter shall be so construed as to effectuate its general
purpose to make uniform the law of those states which enact it. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.28] Section History: Recent Form
C85, § 556.29
556.30 SHORT TITLE.
This chapter may be cited as the "Uniform Disposition of
Unclaimed Property Act". Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 556.29] Section History: Recent Form
C85, § 556.30
556.31 THROUGH 556.36 Repealed by 84 Acts, ch 1295,
§ 25.