Revised Uniform Unclaimed Property Act

The act governs unclaimed property — dormant bank and tax-deferred accounts, custodial accounts for minors, securities, insurance and annuity proceeds, stored-value cards, money orders and traveler's checks, and the contents of safe-deposit boxes — and defines when such property is presumed abandoned because the apparent owner has shown no interest in it for a specified period. It obligates holders to attempt notice to apparent owners, file reports describing the property, retain supporting records, and then pay or deliver the property to a state administrator, who provides further public notice and works with other officials to locate owners. It also fixes priority rules for which state may take custody — turning primarily on the apparent owner's last known address, and otherwise on the holder's domicile or where the transaction occurred — and addresses the effect of transfer on the holder, including recovery of property from the administrator in appropriate cases.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.