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Can you summarize NDCC Chapter 47-30.2?
Property > Revised Uniform Unclaimed Property Act
Short Summary
The Revised Uniform Unclaimed Property Act governs the reporting, payment, and delivery of unclaimed property in North Dakota. It applies to holders of unclaimed property, administrators responsible for the custody and distribution of unclaimed property, and apparent owners who may have a claim to the property. The Act establishes definitions for various terms related to unclaimed property, including ‘administrator’, ‘apparent owner’, ‘holder’, and ‘property’. It outlines the types of property that are subject to the Act, such as uncashed checks, traveler’s checks, money orders, bonds, debts, payroll cards, and mineral proceeds. The Act establishes the presumption of abandonment for unclaimed property and sets the time periods after which property is considered abandoned. It also provides guidelines for reporting, payment, and delivery of unclaimed property to the administrator. The Act allows for exemptions to the presumption of abandonment for certain types of property, such as property held in tax-deferred retirement accounts or custodial accounts for minors. The Act does not specify any specific penalties for non-compliance or violation of its provisions. Overall, the Revised Uniform Unclaimed Property Act aims to ensure the proper handling and distribution of unclaimed property in North Dakota.
Whom does it apply to?
Holders of unclaimed property, administrators, apparent owners
What does it govern?
The Revised Uniform Unclaimed Property Act
What are exemptions?
No specific exemptions are mentioned in the document
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
North Dakota