Utah Code 67-4a-605. Recovery of property by holder from administrator
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(1) A holder that under this chapter pays money to the administrator may file a claim for reimbursement from the administrator of the amount paid if the holder:
Terms Used In Utah Code 67-4a-605
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Money order: includes an express money order and a personal money order on which the remitter is the purchaser. 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- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
- Statute: A law passed by a legislature.
(1)(a) paid the money in error; or(1)(b) after paying the money to the administrator, paid money to a person the holder reasonably believed entitled to the money.(2)(2)(a) If a claim for reimbursement under Subsection (1) is made for a payment made on a negotiable instrument, including a traveler’s check, money order, or similar instrument, the holder shall submit proof that the instrument was presented and payment was made to a person the holder reasonably believed entitled to payment.(2)(b) The holder may claim reimbursement even if the payment was made to a person whose claim was made after expiration of a period of limitation on the owner‘s right to receive or recover property, whether specified by contract, statute, or court order.(3) If a holder is reimbursed by the administrator under Subsection (1)(b), the holder may also recover from the administrator income or gain under Section 67-4a-607 that would have been paid to the owner if the money had been claimed from the administrator by the owner to the extent the income or gain was paid by the holder to the owner.(4)(4)(a) A holder that under this chapter delivers property other than money to the administrator may file a claim for return of the property from the administrator if:(4)(a)(i) the holder delivered the property in error; or(4)(a)(ii) the apparent owner has claimed the property from the holder.(4)(b) If a claim for return of property under Subsection (4)(a) is made, the holder shall include with the claim evidence sufficient to establish that the apparent owner has claimed the property from the holder or that the property was delivered by the holder to the administrator in error.(5) The administrator may determine that an affidavit submitted by a holder is evidence sufficient to establish that the holder is entitled to reimbursement or to recover property under this section.(6) A holder is not required to pay a fee or other charge for reimbursement or return of property under this section.(7)(7)(a) Not later than 90 days after a claim is filed under Subsection (1) or (4), the administrator shall allow or deny the claim and give the claimant notice of the decision in a record.(7)(b) If the administrator does not take action on a claim during the 90-day period, the claim is considered denied.(8) The claimant may initiate a proceeding under Section 63G-4-301, for review of the administrator’s decision or the considered denial under Subsection (7)(b) not later than:(8)(a) 30 days following receipt of the notice of the administrator’s decision; or(8)(b) 120 days following the filing of a claim under Subsection (1) or (4) in the case of a considered denial under Subsection (7)(b).(9) A final decision in an administrative proceeding initiated under Subsection (8) is subject to judicial review by the court as a matter of right in a de novo proceeding on the record in which either party is entitled to introduce evidence as a supplement to the record. - Person: means :