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Can you summarize Article 8A, Chapter 7 NMSA?
Taxation > Uniform Unclaimed Property Act
Short Summary
The Uniform Unclaimed Property Act governs the handling of unclaimed property in New Mexico. It applies to various entities including administrators, apparent owners, business associations, financial organizations, holders, insurance companies, mineral owners, money order issuers, owners, persons, states, and utilities. The Act defines terms such as administrator, apparent owner, business association, domicile, financial organization, holder, insurance company, mineral, mineral proceeds, money order, owner, person, property, record, state, and utility. It provides a comprehensive definition of property, including tangible and intangible property, and specifies what is excluded from the definition. The Act does not mention specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The Act applies to various entities including administrators, apparent owners, business associations, financial organizations, holders, insurance companies, mineral owners, money order issuers, owners, persons, states, and utilities.
What does it govern?
The Uniform Unclaimed Property Act governs the handling of unclaimed property in New Mexico.
What are exemptions?
The Act does not mention any specific exemptions.
What are the Penalties?
The Act does not mention specific penalties for non-compliance or violation of its provisions.
Jurisdiction
New Mexico