(1) The administrator may decline to take custody of property reported under Section 67-4a-401 if the administrator determines that:

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Terms Used In Utah Code 67-4a-608

  • Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
  • 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
  • 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
  • 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
     (1)(a) the property has a value less than the estimated expenses of notice and sale of the property; or
     (1)(b) taking custody of the property would be unlawful.
(2) A holder may pay or deliver property to the administrator before the property is presumed abandoned under this chapter if the holder:

     (2)(a) sends the apparent owner of the property notice required by Section 67-4a-501 and provides the administrator evidence of the holder’s compliance with this Subsection (2);
     (2)(b) includes with the payment or delivery a report regarding the property conforming to Section 67-4a-402; and
     (2)(c) first obtains the administrator’s consent in a record to accept payment or delivery.
(3)

     (3)(a) A holder’s request for the administrator’s consent under Subsection (2)(c) shall be in a record.
     (3)(b) If the administrator fails to respond to the request not later than 30 days after receipt of the request, the administrator is considered to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.
(4) On payment or delivery of property under Subsection (2), the property is presumed abandoned.