Utah Code 67-4a-610. Periods of limitation and repose
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(1) Expiration, before, on, or after the effective date of this chapter, of a period of limitation on an owner‘s right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator.
Terms Used In Utah Code 67-4a-610
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Contract: A legal written agreement that becomes binding when signed.
- 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- Statute: A law passed by a legislature.
(2) An action or proceeding may not be maintained by the administrator to enforce this chapter in regard to the reporting, delivery, or payment of property more than five years after the holder:(2)(a)(2)(a)(i) filed a nonfraudlent report under Section 67-4a-401 with the administrator; and(2)(a)(ii) specifically identified the property in the report filed with the administrator under Subsection (2)(a); or(2)(b) gave express notice to the administrator of a dispute regarding the property.(3)(3)(a) In the absence of a report or other express notice under Subsection (2), the period of limitation is tolled.(3)(b) The period of limitation is also tolled by the filing of a report that is fraudulent.(4) The administrator may not commence an action, proceeding, or examination regarding the duty of a holder under this chapter on a day that is more than 10 years after the day on which the duty arises. - Property: includes :