Notice to apparent owner. Not more than 120 days nor less than 60 days before filing the report required by this article, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send by certified mail, and with return receipt requested, written notice to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to this chapter if:
a. The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;
b. The claim of the apparent owner is not barred by the statute of limitations; and
c. The property has a value of $50.00 or more.