Intangible interest or money held or owing by business associations.
1. Any stock or other intangible interest, or any dividend, profit, distribution, interest, payment on principal or other sum held or owing by a business association is presumed abandoned if it is unclaimed by the apparent owner within 3 years after the earlier of:
(a) The date of the most recent divident, stock split or other distribution unclaimed by the apparent owner; or
(b) The date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or after the holder discontinued mailings, notifications or communications to the apparent owner.
Ê As to that property, the business association shall be deemed to be the holder.
2. Any dividend, profit, interest or other distributions held for or owing to a person at the time the stock or other property to which they attach are presumed to be abandoned shall be deemed to be abandoned at the same time as the stock or other property.
Last modified: February 27, 2006