(1) Subject to Subsection (2), the holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 67-4a-502 in a format acceptable to the administrator not more than 180 days nor less than 60 days before filing the report under Section 67-4a-401 if:

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Terms Used In Utah Code 67-4a-501

  • Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
  • 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
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102
  • Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. 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
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
     (1)(a) the holder has in the holder’s records an address for the apparent owner that the holder’s records do not disclose to be invalid and is sufficient to direct the delivery of first-class United States mail to the apparent owner; and
     (1)(b) the value of the property is $50 or more.
(2) If an apparent owner has consented to receive electronic mail delivery from the holder, the holder shall send the notice described in Subsection (1) both by first-class United States mail to the apparent owner’s last-known mailing address and by electronic mail, unless the holder believes that the apparent owner’s electronic mail address is invalid.