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DISPOSITION OF UNCLAIMED PROPERTY > Uniform Unclaimed Property Act
Short Summary
The provided legal document content pertains to the Uniform Unclaimed Property Act, which governs the reporting, payment, and delivery of unclaimed property. It applies to holders of unclaimed property who fail to fulfill their obligations within the prescribed time. Failure to report, pay, or deliver property incurs interest at an annual rate of 12% from the date it should have been reported. Civil penalties are imposed for non-compliance, with a daily penalty of $100, up to a maximum of $2,500. Willful failure to comply incurs higher civil penalties of $1,000 per day, up to a maximum of $25,000, plus 25% of the value of unreported property. Fraudulent reporting incurs civil penalties of $1,000 per day, up to a maximum of $25,000, plus 25% of the value of unreported property. The administrator may waive interest and penalties for good cause, and penalties are waived if the holder acted in good faith and without negligence. No specific exemptions are mentioned in this document.
Whom does it apply to?
The Uniform Unclaimed Property Act applies to holders of unclaimed property who fail to fulfill their obligations within the prescribed time.
What does it govern?
The legal document, part of the Montana Code under the Disposition of Unclaimed Property section, specifically the Uniform Unclaimed Property Act, governs the reporting, payment, and delivery of unclaimed property.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
Failure to report, pay, or deliver property incurs interest at an annual rate of 12% from the date it should have been reported. Additionally, civil penalties are imposed for non-compliance, with a daily penalty of $100, up to a maximum of $2,500. Willful failure to comply incurs higher civil penalties of $1,000 per day, up to a maximum of $25,000, plus 25% of the value of unreported property. Fraudulent reporting incurs civil penalties of $1,000 per day, up to a maximum of $25,000, plus 25% of the value of unreported property. The administrator may waive interest and penalties for good cause, and penalties are waived if the holder acted in good faith and without negligence.
Jurisdiction
Montana