(1) Stock, certificates of ownership or other intangible equity ownership interests in a business association are presumed abandoned when all of the following occur:
(a) The interest is evidenced by records of the business association.
(b) A dividend, distribution or other sum payable as a result of the interest has remained unclaimed for three years.
(c) The owner has not otherwise communicated with the business association for three years from the date the sum was payable.
(d) The business association has sent written notice of the payment and underlying interest to the owner at the last-known address of the owner as shown in the records of the business association.
(2) With respect to any interest presumed abandoned under subsection (1) of this section, the business association is the holder.
(3) At the time an interest is presumed abandoned under subsection (1) of this section, any payment then held for or owing to the owner as a result of the interest is also presumed abandoned.
(4) Subsection (1) of this section shall not apply to any stock, certificate of ownership or other intangible equity ownership interests in a business association that provides for the automatic reinvestment of dividends, distributions or other sums payable as a result of the interests, unless:
(a) The records of the business association show that the person also owns any stock, certificate of ownership or other intangible equity ownership interest in the business association that is not enrolled in the reinvestment plan; and
(b) The interest referred to in paragraph (a) of this subsection has been presumed abandoned under subsection (1) of this section.
(5) Any dividend, profit distribution, interest, payment on principal or other sum held or owing by a business association is presumed abandoned if, within three years after the date prescribed for payment, all of the following have occurred:
(a) The owner has not claimed the payment or corresponded in writing with the business association concerning the payment.
(b) The business association has sent written notice of the payment to the owner at the last-known address of the owner as shown in the records of the business association. [1957 c.670 §7; 1983 c.716 §3; 1985 c.408 §1; 2007 c.539 §4]
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