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Can you summarize NDAC Chapter 85-03-02?
Unclaimed Property > Reporting Abandoned Property
Short Summary
The provided legal document governs the reporting of abandoned property by holders to the administrator. It requires holders to report abandoned property in the standard format specified by the national association of unclaimed property administrators. The document also specifies additional information that holders should include in the report, such as identifying check, account, or policy numbers, owner date of birth, and specific details for mineral proceeds. The document further states that holders of mineral proceeds should submit an annual lump sum report before November 1st for the amount due through June 30th. However, it is important to note that this requirement has been repealed effective April 1, 2022. The document also addresses the requirement for holders of accounts containing a security that allow for automatic reinvestment of dividends or interest. It mandates holders to provide notice via certified mail to the apparent owner at least once every three years, following the format specified in North Dakota Century Code section 47-30.2-27. A return receipt signed by the apparent owner serves as evidence of indication of apparent owner interest, and holders must retain all valid return receipts as records. If the certified mail is returned as undeliverable or not signed by the apparent owner, the property becomes subject to due diligence procedures. It is important to note that a deceased individual cannot demonstrate an ownership interest in the property. This requirement is effective from April 1, 2022.
Whom does it apply to?
Holders of abandoned property
What does it govern?
Reporting Abandoned Property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
North Dakota