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Can you summarize MTAR 42.38?
REVENUE > UNCLAIMED PROPERTY
Short Summary
This legal document, part of the Administrative Rules of Montana, governs the handling of unclaimed property in Montana. It applies to various entities such as individuals, companies, corporations, financial institutions, partnerships, limited liability companies, cooperatives, business associations, courts, governmental entities, and political subdivisions. The document establishes key definitions, including ‘Finder’ and ‘Holder’. It also defines ‘Memorandum’ as various forms of communication between the holder and the owner regarding the unclaimed property. The document provides the framework for reporting and delivering abandoned property to the Montana Department of Revenue. It specifies that property in the possession of a holder that is presumed abandoned must be reported and delivered to the Department of Revenue. The document includes provisions for unclaimed patronage refunds of rural electric or telephone cooperatives and unclaimed shares in a nonutility cooperative, which are exempt from being considered abandoned if certain conditions are met. The document also governs the claims of property by finders and the process for owners of property delivered to the Department of Revenue as abandoned property to claim their property or the proceeds. Finders must provide a properly completed claim form with a notarized signature and an original signed power of attorney or written agreement authorizing the finder to prosecute the claim. Owners of abandoned property must file a claim on forms provided by the department, with a minimum value requirement of $50, unless the holder has identified the owner to the department since June 2007. The document provides specific requirements for both finders and owners to claim the property. No specific penalties are mentioned in the document.
Whom does it apply to?
Individuals, companies, corporations, financial institutions, partnerships, limited liability companies, cooperatives, business associations, courts, governmental entities, and political subdivisions
What does it govern?
Handling of unclaimed property
What are exemptions?
Certain conditions must be met for unclaimed patronage refunds of rural electric or telephone cooperatives and unclaimed shares in a nonutility cooperative to be exempt from being considered abandoned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Montana