(a)  Except as otherwise provided by this chapter, all intangible property, including any income or increment derived from intangible property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder‘s business and has remained unclaimed by the owner for more than three (3) years after it became payable or distributable is presumed abandoned.

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Terms Used In Rhode Island General Laws 33-21.1-2

  • Holder: means a person, wherever organized or domiciled, who is:

    (i)  In possession of property belonging to another,

    (ii)  A trustee, or

    (iii)  Indebted to another on an obligation. See Rhode Island General Laws 33-21.1-1

  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Intangible property: includes :

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

    (ii)  Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances;

    (iii)  Stocks and other intangible ownership interests in business associations;

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

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

    (vi)  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. See Rhode Island General Laws 33-21.1-1

  • Owner: means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative. See Rhode Island General Laws 33-21.1-1

(b)  Property is payable or distributable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.

History of Section.
P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.