Intangible personal property held by intermediary in another state.
1. All intangible personal property, including, but not limited to, any income or increment thereon, that is held for the owner outside this state by a court, public corporation, public authority or public officer, an appointee thereof, a federal or state governmental entity or a political subdivision thereof or any business association, that has remained unclaimed by the owner for more than 3 years after it became payable or distributable by the issuer of the property is presumed abandoned and subject to the provisions of this chapter if:
(a) The last known address of the owner is unknown to the holder of the property; and
(b) The property was issued or originated by:
(1) This state;
(2) A political subdivision of this state; or
(3) An entity or organization that was incorporated or organized under the laws of this state or was otherwise located in this state at the time the property was issued or originated.
2. The provisions of subsection 1 do not apply to property which is or may be presumed abandoned and subject to the custody of this state pursuant to any other specific statute.
Last modified: February 27, 2006