Utah Code 67-4a-603. Payment or delivery of property to administrator
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Terms Used In Utah Code 67-4a-603
- 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
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- 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
- Nonfreely transferable security: includes a worthless security. 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
- Person: means :
(28)(a) an individual;(28)(b) an estate;(28)(c) a business association;(28)(d) a public corporation;(28)(e) a government entity;(28)(f) an agency;(28)(g) a trust;(28)(h) an instrumentality; or(28)(i) any other legal or commercial entity. 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- Security: means :
(32)(a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or(32)(b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:(32)(b)(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;(32)(b)(ii) payable to the order of the person;(32)(b)(iii) specifically endorsed to the person; or(32)(b)(iv) an equity interest in a business association not included in this Subsection (32). 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
(1)(a) Except as otherwise provided in this section, on filing a report under Section 67-4a-401 the holder shall pay or deliver to the administrator the property described in the report.(1)(b) If property in a report under Section 67-4a-401 is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the administrator at the time of the report, the date for payment of the property to the administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the administrator of the extended date.(2) Tangible property in a safe-deposit box may not be delivered to the administrator until 120 days after filing the report under Section 67-4a-401.(3) If property reported to the administrator under Section 67-4a-401 is a security, the administrator may:(3)(a) make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, the transfer agent, or the securities intermediary to transfer the security; or(3)(b) dispose of the security under Section 67-4a-702.(4)(4)(a) If the holder of property reported to the administrator under Section 67-4a-401 is the issuer of a certificated security, the administrator may obtain a replacement certificate in physical or book-entry form under Section 70A-8-405.(4)(b) An indemnity bond is not required under Subsection (4)(a).(5) The administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.(6) An issuer, holder, and transfer agent or other person acting in good faith under this section under instructions of and on behalf of the issuer or holder is not liable to the apparent owner for, and shall be indemnified by the state against, a claim arising with respect to property after the property has been delivered to the administrator.(7)(7)(a) A holder is not required to deliver to the administrator a security identified by the holder as a nonfreely transferable security in a report filed under Section 67-4a-401.(7)(b) If the administrator or holder determines that a security is no longer a nonfreely transferable security, the holder shall deliver the security on the next regular date prescribed for delivery of securities under this chapter.(7)(c) The holder shall make a determination annually whether a security identified in a report filed under Section 67-4a-401 as a nonfreely transferable security is no longer a nonfreely transferable security. - Person: means :