Good faith payment or delivery; custody of state; immunity of
holder; reimbursement by holder; reclamation for owner;
reimbursement or payment of safe deposit box or safekeeping
depository charges
Sec. 29. (a) For purposes of this section, payment or delivery is
made in good faith if:
(1) payment or delivery was made in a reasonable attempt to
comply with this chapter;
(2) the holder was not a fiduciary in breach of trust with respect
to the property and had a reasonable basis for believing, based
on the facts known at the time, that the property was
abandoned; and
(3) there is not a showing that the records under which the
delivery was made did not meet reasonable commercial
standards of practice in the industry.
(b) Upon the payment or delivery of property to the attorney
general, the state assumes custody and responsibility for the
safekeeping of the property. A holder who pays or delivers property
to the attorney general in good faith is relieved of all liability with
respect to the property after the payment and delivery.
(c) A holder who has paid money to the attorney general under
this chapter may later make payment to a person who, in the opinion
of the holder, appears to be entitled to the payment. The attorney
general shall promptly reimburse the holder for the payment without
imposing a fee or other charge if the holder files proof of payment
and proof that the payee was entitled to the payment. If any
reimbursement is sought for a payment made on a negotiable
instrument, including a traveler's check or money order, the holder
must be reimbursed upon filing proof that:
(1) the instrument was duly presented; and
(2) the payment was made to a person who appeared to be
entitled to the payment.
The holder must be reimbursed for the payment made even if the
payment was made to a person whose claim was barred under section
41 of this chapter.
(d) A holder who has delivered property, including a certificate of
any interest in a business association, but not including money, to the
attorney general under this chapter may reclaim the property without
paying a fee or other charge if the property is still in the possession
of the attorney general, upon filing proof that the apparent owner has
claimed the property from the holder.
(e) The attorney general may accept the holder's affidavit as
sufficient proof of the holder's right to recover the money and the
property under this section.
(f) If the holder pays or delivers property to the attorney general
in good faith and later:
(1) another person claims the property from the holder; or
(2) another state claims the money or property under that state's
laws relating to escheat or abandoned or unclaimed property;
the attorney general, upon written notice of the claim, shall defend
the holder against the claim and indemnify the holder against any
liability on the claim.
(g) Property removed from a safe deposit box or other safekeeping
depository is received by the attorney general subject to the holder's
right to be reimbursed for the cost of the opening and reasonable
expenses incurred in determining the current addresses of any owners
for whom the last previous address contained in the holder's records
appears to be inaccurate. The property is subject to any valid lien or
contract providing for the holder to be reimbursed for unpaid rent or
storage charges. The attorney general shall reimburse or pay the
holder out of the proceeds remaining after deducting the attorney
general's cost of selling the property.
As added by P.L.2-2002, SEC.19.
Last modified: May 24, 2006