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«CHAPTER 12 UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT Section 89-12-1. Short title. 89-12-3. Definitions. 89-12-5. Presumed abandonment of ...»

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CHAPTER 12

UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT

Section

89-12-1. Short title.

89-12-3. Definitions.

89-12-5. Presumed abandonment of property held or owing by bank or other business

association.

89-12-7. Presumed abandonment of unclaimed funds held or owing by life insurance

corporation.

89-12-9. Presumed abandonment of funds held or owing by utility.

89-12-11. Presumed abandonment of dividend, interest and the like held or owing by business association for or to shareholder, bondholder and the like.

89-12-13. Presumed abandonment of intangible personal property held by fiduciary.

89-12-14. Presumed abandonment of intangible property held by business association, federal, state or local government or governmental subdivision, agency or entity.

89-12-15. Presumed abandonment of intangible personal property held in ordinary course of holder's business.

89-12-16. Presumed abandonment of tangible personal property or intangible personal property held by federal government, federal agency, or any officer or appointee thereof.

89-12-17. Additional conditions for presumption of abandonment of intangible personal property.

89-12-19. Additional conditions for presumption of abandonment of sum payable on money order, traveler's check and the like.

89-12-21. Recovery by another state of property paid or delivered to treasurer under this chapter.

89-12-23. Report to treasurer by holder of property presumed abandoned.

89-12-25. Agreements to locate property presumed abandoned; prohibitions; approval.

89-12-27. Published notice of names of persons appearing to own property presumed abandoned; mailed notice.

89-12-29. Payment or delivery of abandoned property to treasurer.

89-12-30. Sale of securities listed on stock exchange.

89-12-31. Holder relieved from liability upon payment or delivery of abandoned property to treasurer.

89-12-33. Owner entitled to further income or increments.

89-12-35. Effect of expiration of period of limitation.

89-12-37. Abandoned property fund; abandoned property claims payment fund.

89-12-39. Claim for abandoned property paid or delivered to treasurer; determination;

interest.

89-12-41. Judicial review of action of treasurer upon claim.

89-12-43. Treasurer may decline to receive property presumed abandoned.

89-12-45. Examination of records by treasurer or designated regulatory authority.

89-12-47. Penalties for failure to make reports or to pay or deliver abandoned property.

89-12-49. Rules and regulations.

89-12-51. Repealed.

89-12-53. Chapter inapplicable to property of minor or incompetent.

89-12-55. Uniformity of interpretation.

89-12-57. Provisions of chapter supplemental to § 21-39-21.

§ 89-12-1. Short title.

Statute text This chapter shall be known and may be cited as the "Uniform Disposition of Unclaimed Property Act."

History Sources: Laws, 1982, ch. 497, § 1, eff from and after July 1, 1982.

Annotations Cross references- Authority of municipalities with respect to lost, stolen, abandoned or misplaced personal property, see § 21-39-21.

Liquidated state trust company unclaimed property, see § 81-27-8.005 et seq.

Comparable Law Notes- Alabama Code, §§ 35-12-20 through 35-12-48.

Arkansas Code Annotated, §§ 18-28-201 through 18-28-233.

Tennessee Code Annotated, §§ 66-29-101 through 66-29-137.

Annotations

ATTORNEY GENERAL OPINIONS

Uniform Disposition of Unclaimed Property Act (Miss. Code Sections 89-12-1 et seq.) provides procedure for return of forfeited property where promptness requirement of Miss. Code Section 41-29-177 was not complied with, and for disposing of property where owners cannot be located. Magee, Jan. 8, 1993, A.G. Op. #92-0909.

RESEARCH AND PRACTICES REFERENCES

ALR. Uniform Disposition of Unclaimed Property Act. 98 A.L.R.2d 304.

Am Jur. 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property §§ 1 et seq.

Jurisdictions adopting Uniform Disposition of Unclaimed Property Act, see Am. Jur. 2d Desk Book, Item No. 124.

25 Am. Jur. Proof of Facts 2d 685, Abandonment of Tangible Personal Property.

CJS. 30A C.J.S., Escheat §§ 1 et seq.

§ 89-12-3. Definitions.

Statute text

As used in this chapter, unless the context otherwise requires:

(a) "Banking organization" means any national or state bank, trust company, savings bank, land bank, private banker, or any similar organization which is engaged in business in this state.

(b) "Business association" means any corporation, joint stock company, business trust, partnership, or any association for business purposes of two (2) or more individuals, whether organized for profit or nonprofit, including, but not limited to, a banking organization, financial organization, life insurance corporation and utility.

(c) "Financial organization" means any federal or state savings and loan association, building and loan association, credit union, cooperative bank or investment company, or any similar organization which is engaged in business in this state.

(d) "Holder" means any person in possession of property subject to the provisions of this chapter belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to the provisions of this chapter.





(e) "Insurance corporation" means any association or corporation transacting in this state the business of insurance involving in any manner a person or property.

(f) "Intangible personal property" includes, but is not limited to:

(i) Monies, checks, drafts, deposits, interest, dividends, and income;

(ii) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;

(iii) Monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(iv) Amounts due and payable under the terms of insurance policies;

(v) Amounts distributable from a trust or custodial 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;

(vi) Shares of corporate stock and other intangible ownership interests in business associations; and (vii) Bonds, notes and other debt obligations.

(g) "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 the provisions of this chapter, or his legal representative.

(h) "Apparent owner" means the person who appears from the records of the holder to be entitled to property held by the holder.

(i) "Person" means any individual, business association, government or political subdivision or agency, corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity whether such person is acting in his own right or in a representative capacity.

(j) "Treasurer" means the State Treasurer of the State of Mississippi.

(k) "Utility" means any person who owns or operates in 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.

History Sources: Laws, 1982, ch. 497, § 2; Laws, 1991, ch. 451, § 1, eff from and after July 1, 1991.

Annotations Cross references- State treasurer, generally, see §§ 7-9-1 et seq.

Annotations

ATTORNEY GENERAL OPINIONS

Money qualifies as "intangible personal property" under Miss. Code Section 89-12f)(i). Magee, Jan. 8, 1993, A.G. Op. #92-0909.

§ 89-12-5. Presumed abandonment of property held or owing by bank or other business association.

Statute text (1) Subject to the provisions of Sections 89-12-17 and 89-12-19, the following property held or owing by a banking or financial organization or by a business association shall be

presumed abandoned:

(a) Any demand, savings, or matured time deposit made in this state with a banking organization or financial organization, together with any interest or dividend thereon,

excluding any charges that may have accrued, unless the owner has, within five (5) years:

(i) Increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or (ii) Corresponded in writing with the banking organization or financial organization concerning the deposit; or (iii) Otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization or financial organization.

(b) Any sum payable on checks certified in this state or on written instruments issued in this state on which a banking or financial organization or business association is directly liable, including, but not limited to, certificates of deposit, drafts, money orders and traveler's checks, that, with the exception of traveler's checks and money orders, has been outstanding for more than five (5) years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of traveler's checks, that has been outstanding for more than fifteen (15) years from the date of its issuance, or, in the case of money orders, that has been outstanding for more than seven (7) years from the date of its issuance, unless the owner has within five (5) years, or within fifteen (15) years in the case of traveler's checks or within seven (7) years in the case of money orders, corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association.

(2) Any certificate of deposit made in this state with a banking organization, together with an interest or dividend thereon, with a maturity date equal to or greater than ten (10) years shall be exempt from the time limit provisions of this chapter.

History Sources: Laws, 1982, ch. 497, § 3; Laws, 1991, ch. 451, § 2, eff from and after July 1, 1991.

Annotations Cross references- Sums payable on money orders or traveler's checks presumed abandoned under this section as exempt from notice requirement, see § 89-12-27.

Payment or delivery of abandoned property to treasurer, see § 89-12-29.

Annotations

RESEARCH AND PRACTICES REFERENCES

Am Jur. 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property § 7.

1 Am. Jur. Pl & Pr Forms (Rev), Abandoned, Lost and Unclaimed Property, Form 1.1 (complaint, petition, or declaration-allegation-property as subject to abandonment); Form 1.2 (allegation-relinquishment of possession to property); Form 1.3 (allegation-intent to abandon property); Form 1.4 (allegation-intent to abandon property-as voluntary and unconditional).

Young, Trial Handbook for Mississippi Lawyers § 19:19.

CJS. 30A C.J.S., Escheat § 3.

§ 89-12-7. Presumed abandonment of unclaimed funds held or owing by life insurance corporation.

Statute text (1) Subject to the provisions of Section 89-12-17, funds held or owing by a life insurance corporation under any life or endowment insurance policy or annuity contract which has matured or terminated shall be presumed abandoned if unclaimed and unpaid for more than five (5) years after the funds became due and payable as established from the records of the corporation.

(2) 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 shall be 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. This presumption is a presumption affecting the burden of proof.

(3) A life insurance policy not matured by actual proof of the death of the insured according to the records of the corporation shall be deemed to be matured and the

proceeds due and payable if:

(a) The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based;

(b) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in paragraph (a) of this subsection; and (c) Neither the insured nor any other person appearing to have an interest in the policy

has, within the preceding five (5) years, according to the records of the corporation:

(i) Assigned, readjusted, or paid premiums on the policy, (ii) Subjected the policy to loan, or (iii) Corresponded in writing with the life insurance corporation concerning the policy.

(4) Any funds otherwise payable according to the records of the corporation shall be deemed due and payable although the policy or contract has not been surrendered as required.

History Sources: Laws, 1982, ch. 497, § 4; Laws, 1991, ch. 451, § 3, eff from and after July 1, 1991.

Annotations Cross references- Regulation of the insurance industry, generally, see §§ 83-1-1 et seq.

Recovery by another state of property paid or delivered to treasurer under this chapter, see § 89-12-21.

Annotations

RESEARCH AND PRACTICES REFERENCES

Am Jur. 1 Am. Jur. 2d, Abandoned, Lost, and Unclaimed Property § 9.

1 Am. Jur. Pl & Pr Forms (Rev), Abandoned, Lost and Unclaimed Property, Form 1.1 (complaint, petition, or declaration-allegation-property as subject to abandonment); Form 1.2 (allegation-relinquishment of possession to property); Form 1.3 (allegation-intent to abandon property); Form 1.4 (allegation-intent to abandon property-as voluntary and unconditional).

Young, Trial Handbook for Mississippi Lawyers § 19:19.

CJS. 30A C.J.S., Escheat § 3.



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