Arizona Laws 44-316. Claim of another state to recover property
A. After property has been paid or delivered to the department pursuant to this chapter, another state may recover the property if any of the following applies:
Terms Used In Arizona Laws 44-316
- Apparent owner: means a person whose name appears on the records of a holder as the person entitled to property held, issued or owing by the holder. See Arizona Laws 44-301
- Department: means the department of revenue. See Arizona Laws 44-301
- Domicile: means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation. See Arizona Laws 44-301
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
- Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Arizona Laws 44-301
- Owner: means a person who has a legal or equitable interest in property that is subject to this chapter or the person's legal representative. See Arizona Laws 44-301
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. See Arizona Laws 44-301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession that is subject to the jurisdiction of the United States. See Arizona Laws 44-301
1. The property was paid or delivered to the custody of this state because the records of the holder did not indicate a last known location of the apparent owner within the borders of the other state and the other state establishes that the apparent owner or other person who is entitled to the property was last known to be located within the borders of that state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state.
2. The property was paid or delivered to the custody of this state because at the time of the payment or delivery the laws of the other state did not provide for the escheat or custodial taking of the property, but after the payment or delivery the other state enacts laws that cause the property to escheat or become subject to a claim of abandonment by that state.
3. The records of the holder did not accurately identify the owner of the property and the last known location of the owner within the borders of another state and under the laws of that state the property has escheated or become subject to a claim of abandonment by that state.
4. The property was subjected to custody by this state pursuant to section 44-304, paragraph 6 and under the laws of the state of domicile of the holder the property has escheated or become subject to a claim of abandonment by that state.
5. The property is a sum that is payable on a traveler’s check, money order or similar instrument that was purchased in the other state and delivered to the custody of this state pursuant to section 44-304, paragraph 7 and under the laws of the other state the property has escheated or become subject to a claim of abandonment by that state.
B. In order to file a claim to recover escheated or abandoned property, another state shall present the claim in a form prescribed by the department. The department shall decide the claim within ninety days after the claim is presented. The department shall allow the claim on determining that the other state is entitled to the abandoned property pursuant to subsection A of this section.
C. Before recovering property under this section, the department shall require the other state to agree to indemnify this state and its officers and employees against any liability on a claim to the property.