(1) Except as in Subsection (2), if records of a holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, this state may take custody of property presumed abandoned, whether located in this state or another state.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Utah Code 67-4a-303

  • Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
  • Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
  • Owner: includes :
              (26)(b)(i) a depositor, for a deposit;
              (26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;
              (26)(b)(iii) a creditor, claimant, or payee, for other property; and
              (26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
  • Property: includes :
              (29)(b)(i) all income from or increments to the property;
              (29)(b)(ii) property referred to as or evidenced by:
                   (29)(b)(ii)(A) money, virtual currency, interest, or a dividend, check, draft, or deposit;
                   (29)(b)(ii)(B) a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
                   (29)(b)(ii)(C) a security except for:
                        (29)(b)(ii)(C)(I) a worthless security; or
                        (29)(b)(ii)(C)(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
              (29)(b)(iii) a bond, debenture, note, or other evidence of indebtedness;
              (29)(b)(iv) money deposited to redeem a security, make a distribution, or pay a dividend;
              (29)(b)(v) an amount due and payable under an annuity contract or insurance policy;
              (29)(b)(vi) an amount 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 a similar benefit; and
              (29)(b)(vii) an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-102
(2) If it appears from records of the holder that the most recently recorded address of the apparent owner under Subsection (1) is a temporary address and this state is the state of the next most recently recorded address that is not a temporary address, this state may take custody of the property presumed abandoned.