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Can you summarize Title 38 CORS, Unclaimed Property?
Property - Real and Personal > Unclaimed Property
Short Summary
The provided legal document, the Colorado Revised Statutes under the Property - Real and Personal section, outlines the rules for taking custody of property presumed abandoned under the Revised Uniform Unclaimed Property Act. The document grants the administrator the authority to take custody of such property if certain conditions are met. These conditions include the last-known address of the apparent owner being in this state or the records of the holder not reflecting the identity or last-known address of the apparent owner, but the administrator determining that the last-known address is in this state. Additionally, if the records of the holder reflect multiple addresses for an apparent owner and this state is the state of the most recently recorded address, this state may take custody of the property presumed abandoned. However, if the most recently recorded address is a temporary address and this state is the state of the next most recently recorded address that is not a temporary address, this state may also take custody of the property. It is important to note that property exempt from custodial taking under the law of the holder’s domicile or last-known address is not subject to the custody of the administrator. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Banking organizations, business associations, financial organizations, insurance companies, utilities, public employees' retirement association
What does it govern?
Unclaimed property
What are exemptions?
Unclaimed capital credit payments held by cooperative electric associations and telephone cooperatives
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Colorado