Ask Reggi Your Question Now
Can you summarize NDAC Chapter 85-03-01?
Unclaimed Property > Definitions
Short Summary
The provided legal document content pertains to the governance of unclaimed property in North Dakota. It applies to holders of unclaimed property, administrators, claimants, and heir finders. The document provides definitions for key terms such as ‘claim,’ ‘claimant,’ ‘claim form,’ ‘due diligence,’ and ‘heir finder.’ It references the North Dakota Century Code chapter 47-30.2 and outlines the process of returning unclaimed property to the rightful owner through the formal filing of a claim. The document also emphasizes the importance of due diligence by holders to contact the owner before remitting the property to the administrator. The document does not mention any specific exemptions or penalties. The effective date of the document is January 1, 2019, with an amendment effective April 1, 2022.
Whom does it apply to?
Holders of unclaimed property, administrators, claimants, heir finders
What does it govern?
Unclaimed property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
North Dakota