2016 North Dakota Century Code Title 47 Property Chapter 47-30.1 Uniform Unclaimed Property Act
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CHAPTER 47-30.1
UNIFORM UNCLAIMED PROPERTY ACT
47-30.1-01. Definitions and use of terms.
As used in this chapter:
1. "Administrator" means the administrator of the state abandoned property office.
2. "Apparent owner" means the person whose name appears on the records of the
holder as the person entitled to property held, issued, or owing by the holder.
3. "Banking organization" means a bank, trust company, savings bank, private banker, or
any organization defined by other law as a bank or banking organization.
4. "Business association" means a corporation, limited liability company, joint-stock
company, investment company, business trust, partnership, or association for business
purposes of two or more individuals, whether or not for profit, including a banking
organization, financial organization, insurance company, or utility.
5. "Domicile" means the state of incorporation of a corporation or state of organization of
a limited liability company and the state of the principal place of business of an
unincorporated person.
6. "Financial organization" means a savings and loan association or credit union.
7. "Holder" means a person, wherever organized or domiciled, who is:
a. In possession of property belonging to another;
b. A trustee; or
c. Indebted to another on an obligation.
8. "Insurance company" means an insurance company as defined by section 26.1-02-01
and also includes a benevolent society, nonprofit health service corporation, and
health maintenance organization.
9. "Intangible property" includes:
a. Moneys, checks, drafts, deposits, interest, dividends, and income.
b. Credit balances, customer overpayments, security deposits, refunds, credit
memos, unpaid wages, unused airline tickets, and unidentified remittances.
c. Stocks and other intangible ownership interests in business associations.
d. Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to
make distributions.
e. Amounts due and payable under the terms of insurance policies.
f. Amounts 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 similar benefits.
g. Amounts distributable from a mineral interest in land.
10. "Money order" includes an express money order and a personal money order, on
which the remitter is the purchaser. The term does not include a cashier's check, bank
money order, or any other instrument sold by a financial organization if the seller has
obtained the name and address of the payee.
11. "Mineral proceeds" means all obligations to pay resulting from the production and sale
of minerals, including net revenue interest, royalties, overriding royalties, production
payments, and joint operating agreements and all obligations for the acquisition and
retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and
minimum royalties.
12. "Owner" means a depositor in the case of a deposit, a beneficiary in case of a trust
other than a deposit in trust, a creditor, claimant, or payee in the case of other
intangible property, or a person having a legal or equitable interest in property subject
to this chapter or that person's legal representative.
13. "Person" means an individual, business association, state or other government
including the government of the United States, governmental subdivision or agency,
public corporation, public authority, estate, trust, two or more persons having a joint or
common interest, or any other legal or commercial entity.
Page No. 1
14.
15.
"State" means any state, district, commonwealth, territory, insular possession, or any
other area subject to the legislative authority of the United States.
"Utility" means a person who owns or operates for public use any plant, equipment,
property, franchise, or license for the transmission of communications or the
production, storage, transmission, sale, delivery, or furnishing of electricity, water,
steam, or gas.
47-30.1-02. Property presumed abandoned - General rule.
1. Except as otherwise provided by this chapter, all intangible property, including any
income or increment derived therefrom, less any lawful charges, that is held, issued, or
owing in the ordinary course of a holder's business and has remained unclaimed by
the owner for more than three years after it became payable or distributable is
presumed abandoned.
2. Property is payable or distributable for the purpose of this chapter notwithstanding the
owner's failure to make demand or to present any instrument or document required to
receive payment.
47-30.1-02.1. Uncashed checks.
1. Except as provided in sections 47-30.1-04 and 47-30.1-05, any checks held, issued, or
owing in the ordinary course of the holder's business which remain uncashed by the
owner for more than two years after becoming payable are presumed abandoned.
2. Any warrant issued by the state which the payee or legal holder fails to present for
payment within two years of issue is considered void and canceled. If the payee or
legal holder presents the void or canceled check for payment, the original issuing
agency may issue a new warrant and the state treasurer is authorized to pay the new
warrant.
47-30.1-03. General rules for taking custody of intangible unclaimed property.
Unless otherwise provided in this chapter or by other statute of this state, intangible
property is subject to the custody of this state as unclaimed property if the conditions raising a
presumption of abandonment under section 47-30.1-02 and sections 47-30.1-05 through
47-30.1-16 are satisfied and:
1. The last known address, as shown on the records of the holder, of the apparent owner
is in this state;
2. The records of the holder do not reflect the identity of the person entitled to the
property and it is established that the last known address of the person entitled to the
property is in this state;
3. The records of the holder do not reflect the last known address of the apparent owner,
and it is established that:
a. The last known address of the person entitled to the property is in this state; or
b. The holder is a domiciliary or a government or governmental subdivision or
agency of this state and has not previously paid or delivered the property to the
state of the last known address of the apparent owner or other person entitled to
the property;
4. The last known address, as shown on the records of the holder, of the apparent owner
is in a state that does not provide by law for the escheat or custodial taking of the
property or its escheat or unclaimed property law is not applicable to the property and
the holder is a domiciliary or a government or governmental subdivision or agency of
this state;
5. The last known address, as shown on the records of the holder, of the apparent owner
is in a foreign nation and the holder is a domiciliary or a government or governmental
subdivision or agency of this state; or
6. The transaction out of which the property arose occurred in this state, and
a. (1) The last known address of the apparent owner or other person entitled to
the property is unknown; or
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(2)
b.
The last known address of the apparent owner or other person entitled to
the property is in a state that does not provide by law for the escheat or
custodial taking of the property or its escheat or unclaimed property law is
not applicable to the property; and
The holder is a domiciliary of a state that does not provide by law for the escheat
or custodial taking of the property or its escheat or unclaimed property law is not
applicable to the property.
47-30.1-03.1. Property originated or issued by this state, any political subdivision of
this state, or any entity incorporated, organized, created, or otherwise located in this
state.
1. All intangible property, including any interest, dividend, or other earnings thereon, less
any lawful charges, held by a business association, federal, state, or local government
or governmental subdivision, agency, or entity, or any other person or entity,
regardless of where the holder may be found, if the owner has not claimed or
corresponded in writing concerning the property within three years after the date
prescribed for payment or delivery, is presumed abandoned and subject to the custody
of this state as unclaimed property if:
a. The address of the owner is unknown; and
b. The person or entity originating or issuing the intangible property is this state or
any political subdivision of this state, or is incorporated, organized, created, or
otherwise located in this state.
2. The provisions of subsection 1 do not apply to property that is or may be presumed
abandoned and subject to the custody of this state pursuant to any other provision of
law containing a dormancy period different from that prescribed in subsection 1.
3. The provisions of subsection 1 apply to all property held on July 1, 1991, or at any time
thereafter, regardless of when such property became or becomes presumptively
abandoned.
47-30.1-04. Traveler's checks and money orders.
1. Subject to subsection 4, any sum payable on a traveler's check that has been
outstanding for more than fifteen years after its issuance is presumed abandoned
unless the owner, within fifteen years, has communicated in writing with the issuer
concerning it or otherwise indicated an interest as evidenced by a memorandum or
other record on file prepared by an employee of the issuer.
2. Subject to subsection 4, any sum payable on a money order or similar written
instrument, other than a third-party bank check, that has been outstanding for more
than seven years after its issuance is presumed abandoned unless the owner, within
seven years, has communicated in writing with the issuer concerning it or otherwise
indicated an interest as evidenced by a memorandum or other record on file prepared
by an employee of the issuer.
3. A holder may not deduct from the amount of a traveler's check or money order any
charge imposed by reason of the failure to present the instrument for payment unless
there is a valid and enforceable written contract between the issuer and the owner of
the instrument pursuant to which the issuer may impose a charge and the issuer
regularly imposes those charges and does not regularly reverse or otherwise cancel
them.
4. No sum payable on a traveler's check, money order, or similar written instrument, other
than a third-party bank check, described in subsections 1 and 2 may be subjected to
the custody of this state as unclaimed property unless:
a. The records of the issuer show that the traveler's check, money order, or similar
written instrument was purchased in this state;
b. The issuer has its principal place of business in this state and the records of the
issuer do not show the state in which the traveler's check, money order, or similar
written instrument was purchased; or
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c.
5.
The issuer has its principal place of business in this state, the records of the
issuer show the state in which the traveler's check, money order, or similar written
instrument was purchased and the laws of the state of purchase do not provide
for the escheat or custodial taking of the property or its escheat or unclaimed
property law is not applicable to the property.
Notwithstanding any other provision in this chapter, subsection 4 applies to sums
payable on traveler's checks, money orders, and similar written instruments presumed
abandoned on or after February 1, 1965, except to the extent that those sums have
been paid over to a state before January 1, 1974.
47-30.1-05. Checks, drafts, and similar instruments issued or certified by banking and
financial organizations.
1. Any sum payable on a check, draft, or similar instrument, except those subject to
section 47-30.1-04, on which a banking or financial organization is directly liable,
including a cashier's check and a certified check, which has been outstanding for more
than three years after it was payable or after its issuance if payable on demand, is
presumed abandoned, unless the owner, within three years, has communicated in
writing with the banking or financial organization concerning it or otherwise indicated
an interest as evidenced by a memorandum or other record on file prepared by an
employee thereof.
2. A holder may not deduct from the amount of any instrument subject to this section any
charge imposed by reason of the failure to present the instrument for payment unless
there is a valid and enforceable written contract between the holder and the owner of
the instrument pursuant to which the holder may impose a charge, and the holder
regularly imposes those charges and does not regularly reverse or otherwise cancel
them.
47-30.1-06. Bank deposits and funds in financial organizations.
1. Any demand, savings, or matured time deposit with a banking or financial
organization, including a deposit that is automatically renewable, and any funds paid
toward the purchase of a share, a mutual investment certificate, or any other interest in
a banking or financial organization is presumed abandoned unless, in the case of a
matured time deposit, the banking or financial organization has mailed, at least once
every five years certified mail, requesting a return receipt, to the owner and the receipt
has been returned and signed by the addressee, or unless the owner, within five years
has:
a. In the case of a deposit, increased or decreased its amount or presented the
passbook or other similar evidence of the deposit for the crediting of interest;
b. Communicated in writing with the banking or financial organization concerning the
property;
c. Otherwise indicated an interest in the property as evidenced by a memorandum
or other record on file prepared by an employee of the banking or financial
organization;
d. Owned other property to which subdivision a, b, or c applies and if the banking or
financial organization communicates in writing with the owner with regard to the
property that would otherwise be presumed abandoned under this subsection at
the address to which communications regarding the other property regularly are
sent; or
e. Had another relationship with the banking or financial organization concerning
which the owner has:
(1) Communicated in writing with the banking or financial organization; or
(2) Otherwise indicated an interest as evidenced by a memorandum or other
record on file prepared by an employee of the banking or financial
organization and if the banking or financial organization communicates in
writing with the owner with regard to the property that would otherwise be
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2.
3.
4.
abandoned under this subsection at the address to which communications
regarding the other relationship regularly are sent.
For purposes of subsection 1 property includes interest and dividends.
A holder may not impose with respect to property described in subsection 1 any
charge due to dormancy or inactivity or cease payment of interest unless:
a. There is an enforceable written contract between the holder and the owner of the
property pursuant to which the holder may impose a charge or cease payment of
interest;
b. For property in excess of two dollars, the holder, no more than three months
before the initial imposition of those charges or cessation of interest, has given
written notice to the owner of the amount of those charges at the last known
address of the owner stating that those charges will be imposed or that interest
will cease, but the notice provided in this section need not be given with respect
to charges imposed or interest ceased before July 1, 1985; and
c. The holder regularly imposes those charges or ceases payment of interest and
does not regularly reverse or otherwise cancel them or retroactively credit interest
with respect to the property.
Any property described in subsection 1 that is automatically renewable is matured for
purposes of subsection 1 upon the expiration of its initial time period, but in the case of
any renewal to which the owner consents at or about the time of renewal by
communicating in writing with the banking or financial organization or otherwise
indicating consent as evidenced by a memorandum or other record on file prepared by
an employee of the organization, the property is matured upon the expiration of the
last time period for which consent was given. If, at the time provided for delivery in
section 47-30.1-17, a penalty or forfeiture in the payment of interest would result from
the delivery of the property, the time for delivery is extended until the time when no
penalty or forfeiture would result.
47-30.1-07. Funds owing under life insurance policies.
1. Except as otherwise provided under this section, funds held or owing under any life or
endowment insurance policy or annuity contract that has matured or terminated are
presumed abandoned if unclaimed for one year after the funds became due and
payable as established from the records of the insurance company holding or owing
the funds. If the policy or annuity contract provides for death benefits and is a policy
covered under chapter 26.1-55, the insurance company shall comply with chapter
26.1-55.
2. If a person other than the insured or annuitant is entitled to the funds and an address
of the person is not known to the company or it is not definite and certain from the
records of the company who is entitled to the funds, it is presumed that the last known
address of the person entitled to the funds is the same as the last known address of
the insured or annuitant according to the records of the company.
3. For purposes of this chapter, a life or endowment insurance policy or annuity contract
not matured by actual proof of the death of the insured or annuitant according to the
records of the insurance company is matured and the proceeds due and payable if:
a. The company knows of the potential death of the insured or annuitant, in which
case the company shall comply with subsection 6; or
b. (1) The insured has attained, or would have attained if the insured were living,
the limiting age under the mortality table on which the reserve is based;
(2) The policy was in force at the time the insured attained, or would have
attained, the limiting age specified in paragraph 1; and
(3) Neither the insured nor any other person appearing to have an interest in
the policy within the preceding three years, according to the records of the
company, has assigned, readjusted, or paid premiums on the policy,
subjected the policy to a loan, corresponded in writing with the company
concerning the policy, or otherwise indicated an interest as evidenced by a
Page No. 5
4.
5.
6.
7.
memorandum or other record on file prepared by an employee of the
company.
For purposes of this chapter, the application of an automatic premium loan provision or
other nonforfeiture provision contained in an insurance policy does not prevent a policy
from being matured or terminated under subsection 1 if the insured has died or the
insured or the beneficiary of the policy otherwise has become entitled to the proceeds
thereof before the depletion of the cash surrender value of a policy by the application
of those provisions.
If the laws of this state or the terms of the life insurance policy require the company to
give notice to the insured or owner that an automatic premium loan provision or other
nonforfeiture provision has been exercised and the notice, given to an insured or
owner whose last known address according to the records of the company is in this
state, is undeliverable, the company shall make a reasonable search to ascertain the
policyholder's correct address to which the notice must be mailed.
If the company learns of the death or potential death of the insured or annuitant, within
twelve months following the company learning of the death or potential death, the
company shall:
a. Complete a good-faith effort, which the company shall document, to confirm the
death of the insured or annuitant against other available records and information;
b. Review the insurer's records to determine whether the individual who has died
purchased any other products with the insurer;
c. Determine whether benefits are due in accordance with the applicable insurance
policy or annuity contract, and if benefits are due in accordance with the
applicable policy or contract the company shall:
(1) Use good-faith efforts, which the company shall document, to locate the
beneficiary or beneficiaries; and
(2) Provide the appropriate claims forms or instructions to the beneficiary or
beneficiaries to make a claim, including the need to provide an official death
certificate, if applicable under the policy or contract; and
d. Report and deliver the unclaimed property to the administrator as abandoned
property if the benefits are due in accordance with the applicable insurance policy
or annuity contract and the beneficiary has not submitted and completed a claim
with the insurer.
Every change of beneficiary form issued by an insurance company under any life or
endowment insurance policy or annuity contract to an insured or owner who is a
resident of this state must request the following information:
a. The name of each beneficiary, or if a class of beneficiaries is named, the name of
each current beneficiary in the class;
b. The address of each beneficiary; and
c. The relationship of each beneficiary to the insured.
47-30.1-08. Security deposits.
A deposit, including any interest thereon, made in advance by a person to secure an
agreement for rights or services, less any lawful deductions, that remains unclaimed by the
owner for more than one year after termination of the agreement for which the deposit or
advance payment was made, is presumed abandoned.
47-30.1-09. Refunds held by business associations.
Except to the extent otherwise ordered by the court or administrative agency, any sum that
a business association has been ordered to refund by a court or administrative agency which
has remained unclaimed by the owner for more than two years after it became payable in
accordance with the final determination or order providing for the refund, whether or not the final
determination or order requires any person entitled to a refund to make a claim for it, is
presumed abandoned.
Page No. 6
47-30.1-10. Stock and other intangible interests in business associations.
1. Except as provided in subsections 2 and 5, stock or other intangible ownership interest
in a business association, the existence of which is evidenced by records available to
the association, is presumed abandoned and, with respect to the interest, the
association is the holder, if a dividend, distribution, or other sum payable as a result of
the interest has remained unclaimed by the owner for three years and the owner within
three years has not:
a. Communicated in writing with the association regarding the interest or a dividend,
distribution, or other sum payable as a result of the interest; or
b. Otherwise communicated with the association regarding the interest or a
dividend, distribution, or other sum payable as a result of the interest, as
evidenced by a memorandum or other record on file with the association
prepared by an employee of the association.
2. At the expiration of a three-year period following the failure of the owner to claim a
dividend, distribution, or other sum payable to the owner as a result of the interest, the
interest is not presumed abandoned unless there have been at least three dividends,
distributions, or other sums paid during the period, none of which has been claimed by
the owner. If three dividends, distributions, or other sums are paid during the
three-year period, the period leading to a presumption of abandonment commences
on the date payment of the first unclaimed dividend, distribution, or other sum became
due and payable. If three dividends, distributions, or other sums are not paid during
the presumptive period, the period continues to run until there have been three
dividends, distributions, or other sums that have not been claimed by the owner.
3. The running of the three-year period of abandonment ceases immediately upon the
occurrence of a communication referred to in subsection 1. If any future dividend,
distribution, or other sum payable to the owner as a result of the interest is
subsequently not claimed by the owner, a new period of abandonment commences
and relates back to the time a subsequent dividend, distribution, or other sum became
due and payable.
4. At the time an interest is presumed abandoned under this section, any dividend,
distribution, or other sum then held for or owing to the owner as a result of the interest,
and not previously presumed abandoned, is presumed abandoned.
5. This chapter does not apply to any stock or other intangible ownership interest
enrolled in a plan that provides for the automatic reinvestment of dividends,
distributions, or other sums payable as a result of the interest unless the records
available to the administrator of the plan show, with respect to any intangible
ownership interest not enrolled in the reinvestment plan, that the owner has not within
three years communicated in any manner described in subsection 1.
47-30.1-11. Property of business associations held in course of dissolution.
Intangible property distributable in the course of a dissolution of a business association
which remains unclaimed by the owner for more than one year after the date specified for final
distribution is presumed abandoned.
47-30.1-12. Property held by agents and fiduciaries.
1. Intangible property and any income or increment derived therefrom held in a fiduciary
capacity for the benefit of another person is presumed abandoned unless the owner,
within three years after it has become payable or distributable, has increased or
decreased the principal, accepted payment of principal or income, communicated
concerning the property, or otherwise indicated an interest as evidenced by a
memorandum or other record on file prepared by the fiduciary.
2. Funds in an individual retirement account or a retirement plan for self-employed
individuals or similar account or plan established pursuant to the federal Internal
Revenue Code are not payable or distributable within the meaning of subsection 1
unless, under the terms of the account or plan, distribution of all or part of the funds
would then be mandatory.
Page No. 7
3.
4.
For the purpose of this section, a person who holds property as an agent for a
business association holds the property in a fiduciary capacity for that business
association alone, unless the agreement between the person and the business
association provides otherwise.
For the purposes of this chapter, a person who holds property in a fiduciary capacity
for a business association alone is the holder of the property only insofar as the
interest of the business association in the property is concerned, and the business
association is the holder of the property insofar as the interest of any other person in
the property is concerned.
47-30.1-13. Property held by courts and public agencies.
Intangible property held for the owner by a court, state, or other government, governmental
subdivision or agency, public corporation, or public authority which remains unclaimed by the
owner for more than three years after becoming payable or distributable is presumed
abandoned. However, unclaimed intangible property held for the owner by a public employee
pension program in this state is not subject to abandonment under this chapter.
47-30.1-14. Credit memos.
1. A credit memo issued in the ordinary course of an issuer's business which remains
unclaimed by the owner for more than three years after becoming payable or
distributable is presumed abandoned.
2. In the case of a credit memo, the amount presumed abandoned is the amount credited
to the recipient of the memo.
47-30.1-15. Wages.
Unpaid wages, including wages represented by unpresented payroll checks, owing in the
ordinary course of the holder's business which remain unclaimed by the owner for more than
two years after becoming payable are presumed abandoned.
47-30.1-16. Contents of safe deposit box or other safekeeping repository.
All tangible and intangible property held in a safe deposit box or any other safekeeping
repository in this state in the ordinary course of the holder's business and proceeds resulting
from the sale of the property permitted by other law, which remain unclaimed by the owner for
more than three years after the lease or rental period on the box or other repository has expired,
are presumed abandoned.
47-30.1-16.1. Mineral proceeds.
1. Any sum payable as mineral proceeds that has remained unclaimed by the owner for
more than three years after it became payable or distributable and the owner's
underlying right to receive those mineral proceeds are deemed abandoned.
2. At the time an owner's underlying right to receive mineral proceeds is deemed
abandoned, any mineral proceeds then owing to the owner and any proceeds accruing
after that time are deemed abandoned. The sum deemed abandoned is subject to the
custody of the state as unclaimed property if:
a. The last known address, as shown on the records of the holder, of the apparent
owner is in this state;
b. The records of the holder do not reflect the last known address and it is
established that the last known address of the apparent owner is in this state;
c. The records of the holder do not reflect the last known address, and the holder is
domiciled in or is a government or governmental subdivision or agency of this
state; or
d. The mineral interest is located in this state and:
(1) The last known address of the apparent owner, as shown on the records of
the holder, is in a state that does not provide by law for the escheat or
Page No. 8
3.
4.
custodial taking of the property or is in a state in which that state's escheat
or unclaimed property law is not applicable to the property; or
(2) The last known address of the apparent owner is unknown and the holder is
a domiciliary of a state that does not provide by law for the escheat or
custodial taking of the property or a state in which the state escheat or
unclaimed property law is not applicable to the property.
A holder may not deduct from mineral proceeds any charge due to dormancy unless:
a. There is an enforceable written contract between the holder and the owner of the
mineral proceeds under which the holder may impose a charge;
b. For mineral proceeds in excess of five dollars, the holder, no more than three
months before the initial imposition of those charges, has mailed written notice to
the owner of the amount of those charges at the last known address of the owner
stating that those charges will be imposed, provided the notice required in this
subdivision need not be given with respect to charges imposed before August 1,
1995; and
c. The holder regularly imposes such charges and in no instance reverses or
otherwise cancels them.
Charges authorized under subsection 3 may be made and collected monthly, quarterly,
or annually. However, beginning August 1, 1995, the cumulative amount of charges
may not exceed twelve dollars per year and may only be charged for a maximum of
three calendar years.
47-30.1-17. Report and delivery of abandoned property.
1. A person holding property, tangible or intangible, presumed abandoned and subject to
custody as unclaimed property under this chapter shall report and deliver the property
to the administrator as provided in this section.
2. The report must be verified and include:
a. Except with respect to traveler's checks and money orders, the name, if known,
and last known address, if any, of each person appearing from the records of the
holder to be the owner of property of the value of fifty dollars or more presumed
abandoned under this chapter.
b. In the case of unclaimed funds of fifty dollars or more held or owing under any life
or endowment insurance policy or annuity contract, the full name and last known
address of the insured or annuitant and of the beneficiary according to the
records of the insurance company holding or owing the funds.
c. In the case of the contents of a safe deposit box or other safekeeping repository,
a description of the property; the place where it is held; where it may be inspected
by the administrator; and any amounts owing to the holder.
d. The nature and identifying number, if any, or description of the property and the
amount appearing from the records to be due, but items of value under fifty
dollars each may be reported in the aggregate.
e. The date the property became payable, demandable, or returnable, and the date
of the last transaction with the apparent owner with respect to the property.
f. Other information the administrator prescribes by rule as necessary for the
administration of this chapter.
3. If the person holding property presumed abandoned and subject to custody as
unclaimed property is a successor to other persons who previously held the property
for the apparent owner or the holder has changed the holder's name while holding the
property, the report must include all known names and addresses of each previous
holder of the property.
4. The report and property must be delivered by November first of each year for property
deemed abandoned as of the preceding June thirtieth. The report and property of any
life insurance company must be delivered by May first of each year for property
deemed abandoned as of December thirty-first of the previous year. On written request
by any person required to file a report, the administrator may postpone the reporting
date.
Page No. 9
5.
6.
Not more than one hundred twenty days before filing the report required by this
section, the holder in possession of property presumed abandoned and subject to
custody as unclaimed property under this chapter shall send written notice to the
apparent owner at the owner's 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 fifty dollars or more.
The holder of an interest under section 47-30.1-10 shall deliver a duplicate certificate
or other evidence of ownership if the holder does not issue certificates of ownership to
the administrator. Upon delivery of a duplicate certificate to the administrator, the
holder and any transfer agent, registrar, or other person acting for or on behalf of a
holder in executing or delivering the duplicate certificate is relieved of all liability of
every kind in accordance with section 47-30.1-20 to every person, including any
person acquiring the original certificate or the duplicate of the certificate issued to the
administrator, for any losses or damages resulting to any person by the issuance and
delivery to the administrator of the duplicate certificate.
47-30.1-18. Notice and publication of lists of abandoned property.
1. The administrator shall cause a notice to be published not later than October first of
the year immediately following the report required by section 47-30.1-17 at least once
a week for two weeks in a newspaper of general circulation in the county of this state
in which is located the last-known address of any person to be named in the notice. If
no address is listed or the address is outside this state, the notice must be published in
the county in which the holder of the property has its principal place of business within
this state.
2. One of the annual notices must be entitled "Notice of Names of Persons Appearing to
Be Owners of Abandoned Property" and contain:
a. The names in alphabetical order and last-known address, if any, of persons listed
in the report and entitled to notice within the county as specified in subsection 1.
b. A statement that information concerning the property and the name and
last-known address of the holder may be obtained by any person possessing an
interest in the property by addressing an inquiry to the administrator.
3. One of the annual notices must be a display advertisement that contains information
on abandoned property and contact information for making an inquiry.
4. The administrator is not required to publish in the notice any items of less than fifty
dollars unless the administrator considers their publication to be in the public interest.
5. This section is not applicable to sums payable on traveler's checks, money orders, and
other written instruments for which the holder is not required to report the name of the
apparent owner.
6. The administrator may not publish in the notice any property clearly identified as
belonging to a state agency. Property presumed to be state agency property that
cannot be clearly identified as belonging to a specific agency also is exempt from
public notice requirements.
47-30.1-19. Payment or delivery of abandoned property.
Repealed by S.L. 1995, ch. 442, § 17.
47-30.1-19.1. Abandoned property list - Preparation - Contents - Not open records.
The administrator shall annually prepare a list with information about property paid or
delivered to the administrator under section 47-30.1-17.
1. The list must refer to all securities and unclaimed funds valued at fifty dollars or more
in the administrator's custody and must contain the following information:
Page No. 10
a.
2.
3.
The name and last-known address of each person appearing from the holders'
report to be entitled to the property and the name and last-known address of each
insured person or annuitant and beneficiary from the report of an insurance
company.
b. The name of the person who paid or delivered the property to the administrator.
c. A general description of the property.
d. The date on which the administrator received the property.
e. Other information the administrator deems appropriate for inclusion in the list.
The list described in this section must be available for public inspection at all
reasonable business hours and copies of the list must be available to the public for a
fee to be set by the administrator.
Reports filed with the administrator under section 47-30.1-17 are not public records
and are not open to public inspection until twenty-four months after the date payment
or delivery is made.
47-30.1-20. Custody by state - Holder relieved from liability - Reimbursement of
holder paying claim - Reclaiming for owner - Defense of holder - Payment of safe deposit
box or repository charges.
1. Upon the payment or delivery of property to the administrator, the state assumes
custody and responsibility for the safekeeping of the property. A person who pays or
delivers property to the administrator in good faith is relieved of all liability to the extent
of the value of the property paid or delivered for any claim then existing or which
thereafter may arise or be made in respect to the property.
2. A holder who has paid money to the administrator pursuant to this chapter may make
payment to any person appearing to the holder to be entitled to payment and, upon
filing proof of payment and proof that the payee was entitled thereto, the administrator
shall promptly reimburse the holder for the payment without imposing any fee or other
charge. If reimbursement is sought for a payment made on a negotiable instrument,
including a traveler's check or money order, the holder must be reimbursed under this
subsection upon filing proof that the instrument was duly presented and that payment
was made to a person who appeared to the holder to be entitled to payment. The
holder must be reimbursed for payment made under this subsection even if the
payment was made to a person whose claim was barred under section 47-30.1-29.
3. A holder who has delivered property, including a certificate of any interest in a
business association, other than money to the administrator pursuant to this chapter
may reclaim the property if still in the possession of the administrator, without paying
any fee or other charge, upon filing proof that the owner has claimed the property from
the holder.
4. The administrator may accept the holder's affidavit as sufficient proof of facts that
entitle the holder to recover money and property under this section.
5. If the holder pays or delivers property to the administrator in good faith and thereafter
another person claims the property from the holder or another state claims the money
or property under its laws relating to escheat or abandoned or unclaimed property, the
administrator, upon written notice of the claim, shall defend the holder against the
claim and indemnify the holder against any liability on the claim.
6. For the purposes of this section, "good faith" means that:
a. Payment or delivery was made in a reasonable attempt to comply with this
chapter;
b. The person delivering the property was not a fiduciary then in breach of trust in
respect to the property and had a reasonable basis for believing, based on the
facts then known to that person, that the property was abandoned for the
purposes of this chapter; and
c. There is no showing that the records pursuant to which the delivery was made did
not meet reasonable commercial standards of practice in the industry.
7. Property removed from a safe deposit box or other safekeeping repository is received
by the administrator subject to the holder's right under this subsection to be
Page No. 11
reimbursed for the actual cost of the opening and to any valid lien or contract providing
for the holder to be reimbursed for unpaid rent or storage charges. The administrator
shall reimburse or pay the holder out of the proceeds remaining after deducting the
administrator's selling cost.
47-30.1-21. Crediting of dividends, interest, or increments to owner's account.
Repealed by S.L. 1995, ch. 442, § 17.
47-30.1-21.1. Crediting of dividends or increments on stock to owner's account.
Whenever property in the form of stock is paid or delivered to the administrator under this
chapter, the owner is entitled to receive any dividends or other increments realized or accruing
on the stock for as long as the stock is held by the administrator, provided the total amount of
cash due the owner exceeds five dollars.
47-30.1-22. Public sale of abandoned property.
1. Except as provided in subsection 2, the administrator, not less than three years after
the receipt of abandoned property, shall sell it to the highest bidder at public sale in
whatever manner affords in the judgment of the administrator the most favorable
market for the property involved. The administrator may decline the highest bid and
reoffer the property at a public sale if in the judgment of the administrator the bid is
insufficient. If in the judgment of the administrator the probable cost of sale exceeds
the value of the property, it need not be offered for sale. If any public sale held under
this section is held in a physical location, the sale must be preceded by a single
publication of notice, at least two weeks in advance of sale, in a newspaper of general
circulation in the county in which the property is to be sold.
2. Securities listed on an established stock exchange must be sold at prices prevailing at
the time of sale on the exchange. Other securities may be sold over the counter at
prices prevailing at the time of sale or by any other method the administrator considers
advisable.
3. The purchaser of property at any sale conducted by the administrator pursuant to this
chapter takes the property free of all claims of the owner or previous holder thereof
and of all persons claiming through or under them. The administrator shall execute all
documents necessary to complete the transfer of ownership.
47-30.1-23. Deposit of funds - Continuing appropriation.
1. Except as otherwise provided by this section, the administrator shall promptly deposit
in the state treasury to the credit of the common schools trust fund all funds received
under this chapter, including the proceeds from the sale of abandoned property under
section 47-30.1-22.
2. There is appropriated annually the amounts necessary to pay all expense deductions
under this section, including:
a. Any costs in connection with the sale of abandoned property;
b. Costs of mailing, publication, and outreach efforts in connection with any
abandoned property;
c. Reasonable service charges;
d. Costs incurred in examining records of holders of property and in collecting the
property from those holders;
e. Funds for the payment of claims; and
f. Funds for the payment of holder refunds.
47-30.1-24. Filing of claim with administrator - Exempt from open records law .
1. A person, excluding another state, claiming an interest in any property paid or
delivered to the administrator may file with the administrator a claim on a form
prescribed by the administrator and verified by the claimant.
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2.
3.
4.
The administrator shall consider each claim within ninety days after it is filed and give
written notice to the claimant if the claim is denied in whole or in part. The notice may
be given by mailing it to the last address, if any, stated in the claim as the address to
which notices are to be sent. If no address for notices is stated in the claim, the notice
may be mailed to the last address, if any, of the claimant as stated in the claim. No
notice of denial need be given if the claim fails to state either the last address to which
notices are to be sent or the address of the claimant.
If a claim is allowed, the administrator shall pay over or deliver to the claimant the
property or the amount the administrator actually received or the net proceeds if it has
been sold by the administrator.
Documentation and information submitted by a claimant for the purpose of proving
ownership of the property is exempt from the open records law under section
44-04-18.
47-30.1-24.1. Claims by state agencies - Budget section approval and report.
Within one year of receipt of state agency property, the administrator shall notify the agency
by certified mail. The commissioner of university and school lands shall present a report to the
budget section of the legislative management identifying every state agency that has not
submitted a claim for property belonging to that agency within one year of the receipt of the date
of the certified mail receipt. Upon approval of the budget section of the legislative management,
the agency relinquishes its right to recover its property.
47-30.1-25. Claim of another state to recover property - Procedure.
1. At any time after property has been paid or delivered to the administrator under this
chapter another state may recover the property if:
a. The property was subjected to custody by this state because the records of the
holder did not reflect the last known address of the apparent owner when the
property was presumed abandoned under this chapter, and the other state
establishes that the last known address of the apparent owner or other person
entitled to the property was in that state and under the laws of that state the
property escheated to or became subject to a claim of abandonment by that
state;
b. The last known address of the apparent owner or other person entitled to the
property, as reflected by the records of the holder, is in the other state and under
the laws of that state the property escheated to or became subject to a claim of
abandonment by that state;
c. The records of the holder were erroneous in that they did not accurately reflect
the actual owner of the property and the last known address of the actual owner
is in the other state and under the laws of that state the property escheated to or
became subject to a claim of abandonment by that state;
d. The property was subjected to custody by this state under subsection 6 of section
47-30.1-03 and under the laws of the state of domicile of the holder the property
has escheated to or became subject to a claim of abandonment by that state; or
e. The property is the sum payable on a traveler's check, money order, or other
similar instrument that was subjected to custody by this state under section
47-30.1-04, and the instrument was purchased in the other state, and under the
laws of that state the property escheated to or became subject to a claim of
abandonment by that state.
2. The claim of another state to recover escheated or abandoned property must be
presented in a form prescribed by the administrator, who shall decide the claim within
ninety days after it is presented. The administrator shall allow the claim if the
administrator determines that the other state is entitled to the abandoned property
under subsection 1.
3. The administrator shall require a state, before recovering property under this section,
to agree to indemnify this state and its officers and employees against any liability on a
claim for the property.
Page No. 13
47-30.1-26. Action to establish claim.
A person aggrieved by a decision of the administrator or whose claim has not been acted
upon within ninety days after its filing may bring an action to establish the claim in the
appropriate district court, naming the administrator as a defendant. The action must be brought
within ninety days after the decision of the administrator or within one hundred eighty days after
the filing of the claim if the administrator has failed to act on it.
47-30.1-27. Election to take payment or delivery.
1. The administrator may decline to receive any property reported under this chapter
which the administrator considers to have a value less than the expense of giving
notice and of sale. If the administrator elects not to receive custody of the property, the
holder shall be notified within one hundred twenty days after filing the report required
under section 47-30.1-17.
2. A holder, with the written consent of the administrator and upon conditions and terms
prescribed by the administrator, may report and deliver property before the property is
presumed abandoned. Property delivered under this subsection must be held by the
administrator and is not presumed abandoned until such time as it otherwise would be
presumed abandoned under this chapter.
47-30.1-28. Destruction or disposition of property having insubstantial commercial
value - Immunity from liability.
If the administrator determines after investigation that any property delivered under this
chapter has insubstantial commercial value, the administrator may destroy or otherwise dispose
of the property at any time. No action or proceeding may be maintained against the state or any
officer or against the holder for or on account of any action taken by the administrator pursuant
to this section.
47-30.1-29. Periods of limitation.
The expiration, before or after July 1, 1985, of any period of time specified by contract,
statute, or court order, during which a claim for money or property can be made or during which
an action or proceeding may be commenced or enforced to obtain payment of a claim for
money or to recover property, does not prevent the money or property from being presumed
abandoned or affect any duty to file a report or to pay or deliver abandoned property to the
administrator as required by this chapter.
47-30.1-30. Requests for reports and examination of records.
1. The administrator may require any person who has not filed a report to file a verified
report stating whether or not the person is holding any unclaimed property reportable
or deliverable under this chapter.
2. The administrator, at reasonable times and upon reasonable notice, may examine the
records of any person to determine whether the person has complied with this chapter.
The administrator may not require a person to provide records for a period exceeding
the current year and seven preceding fiscal years. The administrator may conduct the
examination even if the person believes that person is not in possession of any
property reportable or deliverable under this chapter. The administrator may not
contract for an examination done within this state without reasonable cause to believe
that a person has failed to comply with this chapter.
3. If a person is treated under section 47-30.1-12 as the holder of the property only
insofar as the interest of the business association in the property is concerned, the
administrator, pursuant to subsection 2, may examine the records of the person if the
administrator has given the notice required by subsection 2 to both the person and the
business association at least ninety days before the examination.
4. If an examination of the records of a person results in the disclosure of property
reportable and deliverable under this chapter, the administrator may assess the cost of
the examination against the holder at the rate of one hundred dollars a day for each
Page No. 14
5.
examiner, but in no case may the charges exceed the value of the property found to be
reportable and deliverable. The cost of examination made pursuant to subsection 3
may be imposed only against the business association.
If a holder fails after July 1, 1985, to maintain the records required by section
47-30.1-31 and the records of the holder available for the periods subject to this
chapter are insufficient to permit the preparation of a report, the administrator may
require the holder to report and pay such amounts as may reasonably be estimated
from any available records.
47-30.1-30.1. Confidentiality of audit records - Civil penalty.
1. Documentation and working papers obtained or compiled by the administrator, or the
administrator's agents, employees, or designated representatives, in the course of
conducting an audit for unclaimed property under chapter 47-30.1 are confidential and
are not public records under section 44-04-18 and section 5 of article XI of the
Constitution of North Dakota, except in the following circumstances:
a. When used by the administrator to bring an action to collect unclaimed property,
to collect any unpaid interest due on unclaimed property, or to otherwise enforce
chapter 47-30.1;
b. When used in joint audits conducted with or pursuant to agreements with other
states, the federal government, or other governmental entities;
c. Pursuant to subpoena or court order; or
d. By written consent of the person, institution, business, or entity that was audited.
2. The administrator's final, completed audit reports are records open to the public. The
final reports may not contain confidential documentation or working papers unless one
of the exceptions provided under subsection 1 applies.
3. a. The administrator or any state employee conducting an audit on the
administrator's behalf may not disclose confidential information when auditing
financial institutions, except as required to perform duties required under this
chapter. Any other person or entity performing an audit for unclaimed property
may not disclose confidential information concerning a financial institution or
other holder to any person or other entity except the administrator.
b. Any person or entity, other than the administrator or any state employee
conducting an audit on the administrator's behalf, who intentionally discloses
information in violation of this section is liable to the person or entity that was
audited in an amount equal to the greater of one thousand dollars or the actual
damages caused by the disclosure of the information. Any person who discloses
information in good faith reliance on this section is not liable for that disclosure.
4. The administrator and any state employee conducting an audit on the administrator's
behalf are exempt from chapter 6-08.1.
47-30.1-31. Retention of records.
1. Every holder required to file a report under section 47-30.1-17, as to any property for
which it has obtained the last known address of the owner, shall maintain a record of
the name and last known address of the owner for ten years after the property
becomes reportable, except to the extent that a shorter time is provided in subsection
2 or by rule of the administrator.
2. Any business association that sells in this state its traveler's checks, money orders, or
other similar written instruments, other than third-party bank checks on which the
business association is directly liable, or that provides those instruments to others for
sale in this state, shall maintain a record of those instruments while they remain
outstanding, indicating the state and date of issue for three years after the date the
property is reportable.
Page No. 15
47-30.1-32. Enforcement - Appeals.
The administrator may bring an action in a court of competent jurisdiction to enforce this
chapter. A person in this state who is aggrieved by an audit that in any form requests the
payment of money or a civil penalty is entitled to a hearing before the board of university and
school lands. A demand for a hearing must be made within thirty days of the request by the
administrator. The request by the administrator must contain notice of the right to a hearing. The
board's decision is the final order of the agency and is appealable to the district court. Any
amount of money requested by the administrator which may increase over time is tolled at the
time of filing an appeal, retroactive to the date of the request.
47-30.1-33. Interstate agreements and cooperation - Joint and reciprocal actions with
other states.
1. The administrator may enter into agreements with other states to exchange
information needed to enable this or another state to audit or otherwise determine
unclaimed property that it or another state may be entitled to subject to a claim of
custody. The administrator by rule may require the reporting of information needed to
enable compliance with agreements made pursuant to this section and prescribe the
form.
2. To avoid conflicts between the administrator's procedures and the procedures of
administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the
administrator, so far as is consistent with the purposes, policies, and provisions of this
chapter, before adopting, amending, or repealing rules, shall advise and consult with
administrators in other jurisdictions that enact substantially the Uniform Unclaimed
Property Act and take into consideration the rules of administrators in other
jurisdictions that enact the Uniform Unclaimed Property Act.
3. The administrator may join with other states to seek enforcement of this chapter
against any person who is or may be holding property reportable under this chapter.
4. At the request of another state, the attorney general of this state may bring an action in
the name of the administrator of the other state in any court of competent jurisdiction
to enforce the unclaimed property laws of the other state against a holder in this state
of property subject to escheat or a claim of abandonment by the other state, if the
other state has agreed to pay expenses incurred by the attorney general in bringing
the action.
5. The administrator may request that the attorney general of another state or any other
person bring an action in the name of the administrator in the other state. This state
shall pay all expenses including attorney's fees in any action under this subsection.
The administrator may agree to pay the person bringing the action attorney's fees
based in whole or in part on a percentage of the value of any property recovered in the
action. Any expenses paid pursuant to this subsection may not be deducted from the
amount that is subject to the claim by the owner under this chapter.
47-30.1-34. Penalties.
1. A person who willfully fails to render any report or perform other duties required under
this chapter shall pay a civil penalty of one hundred dollars for each day the report is
withheld or the duty is not performed, but not more than the value of the property that
should have been paid or delivered.
2. A person who willfully fails to pay or deliver property to the administrator as required
under this chapter shall pay a civil penalty equal to twenty-five percent of the value of
the property that should have been paid or delivered.
3. A person who willfully refuses after written demand by the administrator to pay or
deliver property to the administrator as required under this chapter is guilty of a class B
misdemeanor.
Page No. 16
47-30.1-35. Agreements to locate reported and unreported property.
1. All agreements to pay compensation to recover or assist in the recovery of property
reported under section 47-30.1-17, made within twenty-four months after the date
payment or delivery is made to the administrator, are unenforceable.
2. An agreement entered into after such twenty-four-month period is enforceable only if
the agreement is in writing and the aggregate fee, compensation, or commission
charged is not in excess of ten percent of the amount recovered.
3. An agreement entered into on or after August 1, 2009, with an owner under which the
owner is to pay a fee for locating, delivering, recovering, or assisting in the recovery of
property that has not yet been reported to the unclaimed property office under chapter
47-30.1 is enforceable only if the agreement:
a. Is in writing;
b. Sets forth the nature of the property for which recovery is sought;
c. Describes the services to be rendered in connection with locating, delivering,
recovering, or assisting in the recovery of the property;
d. States the value of the property;
e. Sets forth or describes the amount of the fee;
f. Is signed by the apparent owner;
g. Discloses that, absent the agreement, the property would otherwise be delivered
to a state-administered unclaimed property program for safekeeping on the
owner's behalf and that upon such delivery, the owner may be able to recover the
property from the state-administered program without charge; and
h. Provides the apparent owner with contact information for the state-administered
unclaimed property program to which the property would otherwise be reported.
4. Nothing in this section may be construed to prevent an owner from asserting at any
time that an agreement to locate, deliver, recover, or assist in the recovery of property
is based upon excessive or unjust consideration.
47-30.1-36. Foreign transactions.
This chapter does not apply to any property held, due and owing in a foreign country and
arising out of a foreign transaction.
47-30.1-37. Effect of new provisions - Clarification of application.
1. This chapter does not relieve a holder of a duty that arose before July 1, 1985, to
report, pay, or deliver property. A holder who has not complied with the law in effect
before July 1, 1985, is subject to the applicable enforcement and penalty provisions
that then existed and they are continued in effect for the purpose of this subsection.
2. The initial report filed under this chapter for property that was not required to be
reported before July 1, 1985, but which is subject to this chapter must include all items
of property that would have been presumed abandoned during the ten-year period
preceding July 1, 1985, as if this chapter had been in effect during that period.
47-30.1-38. Rules.
The administrator may adopt necessary rules to carry out this chapter.
Page No. 17
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