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Can you summarize NHRS Chapter 471-C?
LOST PROPERTY; STRAYS (Chapters 471 - 471-D) > CUSTODY AND ESCHEAT OF UNCLAIMED AND ABANDONED PROPERTY
Short Summary
This chapter of the New Hampshire Revised Statutes governs the custody and escheat of unclaimed and abandoned property. It applies to persons or entities who are in possession of property belonging to another, trustees, and persons who are indebted to another on an obligation. The chapter defines various terms such as ‘administrator’, ‘apparent owner’, and ‘holder’. It also provides definitions for terms like ‘banking organization’, ‘business association’, ‘domicile’, ‘financial organization’, ‘insurance company’, ‘intangible property’, ’last known address’, ‘owner’, ‘person’, ‘state’, and ‘utility’. The document outlines the conditions that raise a presumption of abandonment and establish the custody of such property by the state. These conditions include the last known address of the apparent owner being in the state, the records of the holder not reflecting the identity or address of the person entitled to the property, or the transaction out of which the property arose occurring in the state. The document also addresses scenarios where the last known address is in a state that does not provide for escheat or custodial taking of the property, or when the apparent owner’s address is in a foreign nation. Additionally, it mentions the custody of intangible property by the state as unclaimed property awaiting claim by another state. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons or entities who are in possession of property belonging to another, trustees, and persons who are indebted to another on an obligation
What does it govern?
The custody and escheat of unclaimed and abandoned property
What are exemptions?
No specific exemptions are mentioned in the provided content
What are the Penalties?
Specific penalties for non-compliance or violation of the document's provisions are not mentioned in the provided content
Jurisdiction
New Hampshire