34-24-121. Definitions. Traveler's checks and money orders. (a) Except as otherwise provided by this act, all intangibleproperty, including any income or increment derived therefrom, less any lawfulcharges, that is held, issued or owing in the ordinary course of a holder'sbusiness and has remained unclaimed by the owner for more than five (5) yearsafter it became payable or distributable is deemed abandoned. (f) Notwithstanding any other provision of law, if the companylearns of the death of the insured or annuitant and the beneficiary has notcommunicated with the insurer within four (4) months after the death, thecompany shall take reasonable steps to pay the proceeds to the beneficiary. (v) The property is the sum payable on a traveler's check, moneyorder or other similar instrument that was subjected to custody by this stateunder W.S. 4 5 (h) Once benefits and accrued contractual interest are 6 presumed abandoned under … (iv) A statement that information about the abandoned propertyand its return to the apparent owner can be obtained at any time by a personhaving a legal or beneficial interest in that property by making an inquiry tothe administrator. There is continuouslyappropriated to the administrator from the interest account an amount equal tothe administrator's expenses in carrying out this act. If in the judgment of the administrator the probablecost of sale exceeds the value of the property, it need not be offered forsale. Any Wyoming state or local government entity can obtain a CD at no charge. (d) At the time an interest is deemed abandoned under thissection, any dividend, distribution or other sum then held for or owing to theowner as a result of the interest, and not previously deemed abandoned, isdeemed abandoned. 34-24-126. 34-24-113. Final Act, No Comments. Find Unclaimed Property Resources in Wyoming. General rules for taking custody of intangible unclaimed property. The administrator shall execute all documents necessary to complete thetransfer of ownership. Checks, drafts and similar instruments issued or certified by banking and financial organizations. (d) Any property described in subsection (a) of this sectionthat is automatically renewable is matured for purposes of subsection (a) ofthis section upon the expiration of its initial time period, but in the case ofany renewal to which the owner consents at or about the time of renewal bycommunicating in writing with the banking or financial organization or otherwiseindicating consent as evidenced by a memorandum or other record on fileprepared by an employee of the organization, the property is matured upon theexpiration of the last time period for which consent was given. (c) A holder may not deduct from mineral proceeds any chargedue to dormancy unless: (i) There is an enforceable written contract between the holderand the owner of the mineral proceeds pursuant to which the holder may impose acharge; (ii) For mineral proceeds in excess of five dollars ($5.00), theholder, no more than three (3) months before the initial imposition of thosecharges, has mailed written notice to the owner of the amount of those chargesat the last known address of the owner stating that those charges will beimposed, provided the notice required in this paragraph need not be given withrespect to charges imposed before the effective date of this act; and. (d) The report shall be filed no later than November 1 of eachyear for the reporting period ending June 30 next preceding. The advertisement shall bemade in such form as in the discretion of the administrator is likely toattract the attention of the apparent owner of the unclaimed property. Property deemed abandoned; general rule. (b) The lists described in subsection (a) of this section shallbe updated semiannually and shall be available for public inspection at allreasonable business hours. (B) The name and last known address of each insured person orannuitant and beneficiary from the report of an insurance company. 34-24-111. Interstate agreements and cooperation; joint and reciprocal actions with other states. Adeposit, including any interest thereon, made by a subscriber with a utility tosecure payment or any sum paid in advance for utility services to be furnished,less any lawful deductions, that remains unclaimed by the owner for more thanone (1) year after termination of the services for which the deposit or advancepayment was made is deemed abandoned. The first identifies all properties valued at $50.00 or more. 34-24-112. (c) A holder may not deduct from the amount of a traveler'scheck or money order any charge imposed by reason of the failure to present theinstrument for payment unless there is a valid and enforceable written contractbetween the issuer and the owner of the instrument pursuant to which the issuermay impose a charge and the issuer regularly imposes such charges and does notregularly reverse or otherwise cancel them. 1 AN ACT relating to unclaimed property; including electronic 2 gift cards in the definition of intangible property; 3 extending the period for abandonment of gift certificates, 4 electronic gift cards and credit memos; and providing for 5 an effective date. In 2020, Wyoming residents got more than 8,000 checks from the state’s Unclaimed Property Division of the State Treasurer’s Office, amounting to more than $5 million. Property, Conveyances and Security Transactions Section 34-24-134. Legislators in multiple states have already introduced unclaimed property bills that would significantly revamp their current unclaimed property laws. (d) The administrator may accept the holder's affidavit assufficient proof of the facts that entitle the holder to recover money andproperty under this section. (a) In this title the following words have the meanings indicated. 34-24-104(a)(vi) and under the laws of the state of domicile of the holderthe property has escheated to or become subject to a claim of abandonment bythat state; or. 70-9-805. Committee Archive … (vi) Other information the administrator prescribes by rule asnecessary for the administration of this act. (e) Not more than one hundred twenty (120) days before filingthe report required by this section, the holder in possession of propertydeemed abandoned and subject to custody as unclaimed property under this actshall send written notice to the apparent owner at that owner's last knownaddress informing the owner that the holder is in possession of propertysubject to this act if: (i) The holder has in its records an address for the apparentowner which the holder's records do not disclose to be inaccurate; (ii) The claim of the apparent owner is not barred by thestatute of limitations; and. 34-24-125. 34-24-101. (b) The administrator shall consider each claim within ninety(90) days after it is filed and give written notice to the claimant if theclaim is denied in whole or in part. (ix) "Insurance company" means an association,corporation, fraternal or mutual benefit organization, whether or not forprofit, which is engaged in providing insurance coverage, including but notlimited to accident, burial, casualty, credit life, contract performance,dental, fidelity, fire, health, hospitalization, illness, life (includingendowments and annuities), malpractice, marine, mortgage, surety and wageprotection insurance; (A) Monies, checks, drafts, deposits, interest, dividends andincome; (B) Credit balances, customer overpayments, gift certificates,security deposits, refunds, credit memos, unpaid wages, unused airline ticketsand unidentified remittances except balances represented on debit cards; (C) Stocks and other intangible ownership interests in businessassociations except patronage capital of Wyoming rural electric cooperatives; (D) Monies deposited to redeem stocks, bonds, coupons and othersecurities or to make distributions; (E) Bonds, notes and any other debt obligations; (F) Amounts due and payable under the terms of insurancepolicies; (G) Amounts distributable from a trust or custodial fundestablished under a plan to provide health, welfare, pension, vacation,severance, retirement, death, stock purchase, profit sharing, employee savings,supplemental unemployment insurance or similar benefits; and. However, beginning withthe effective date of this act, the cumulative amount of charges may not exceedtwelve dollars ($12.00) per year, and may only be charged for a maximum of two(2) calendar years. (b) The report shall be verified and shall include: (B) The last known address of the apparent owner or otherperson entitled to the property is: (II) In a state that does not provide by law for the escheat orcustodial taking of the property or its escheat or unclaimed property law isnot applicable to the property. (d) For purposes of this act, the application of an automaticpremium loan provision or other nonforfeiture provision contained in aninsurance policy does not prevent a policy from being matured or terminatedunder subsection (a) of this section if the insured has died or the insured orthe beneficiary of the policy otherwise has become entitled to the proceedsthereof before the depletion of the cash surrender value of a policy by theapplication of those provisions. Short title; policy statement; uniform construction. Mineral proceeds. 34-24-126. Check Claim Status. Public sale of abandoned property. Refunds and payments resulting from judicial oradministrative proceedings. Search for Your Unclaimed Property (It's Free) Claim Your Found Property. Search Beyond Your State. The Unclaimed Property Act is a consumer protection law requiring unclaimed property be held in perpetuity until the owners or heirs collect the funds. This statute covers what type of property is considered unclaimed, and when holders of property must report unclaimed property to the state. View the full map. 70-9-804. Payment or delivery of abandoned property. ANY TEXT MESSAGE REGARDING UNCLAIMED PROPERTY IS NOT AN OFFICIAL COMMUNICATION FROM THE STATE AND SHOULD BE TREATED WITH EXTREME CAUTION. The action shall be brought within ninety (90) days after thedecision of the administrator or within one hundred eighty (180) days after thefiling of the claim if he has failed to act on it. (vi) The transaction out of which the property arose occurred inthis state and: (A) The holder is a domiciliary of a state that does notprovide by law for the escheat or custodial taking of the property or itsescheat or unclaimed property law is not applicable to the property; and. You should check the State Laws for updates. The sum deemedabandoned is subject to the custody of this state as unclaimed property if: (ii) The records of the holder do not reflect the last knownaddress and it is established that the last known address of the apparent owneris in this state; (iii) The records of the holder do not reflect the last knownaddress, and the holder is domiciled in or is a government or governmentalsubdivision or agency of this state; or. Secondarily, it is a way for the state to generate income, because Wyoming uses the funds in its unclaimed property program to generate income. (a) Any stock, shareholding, or other intangible ownershipinterest in a business association, the existence of which is evidenced byrecords available to the association, is deemed abandoned and, with respect tothe interest, the association is the holder, if: (i) The interest in the association is owned by a person whofor more than three (3) years has neither claimed a dividend, distribution orother sum payable as a result of the interest, or who has not communicated withthe association regarding the interest or a dividend, distribution or other sumpayable as the result of the interest, as evidenced by a memorandum or otherrecord on file with the association prepared by an employee of the association;and. Abandoned property lists; notice and publication of lists of abandoned property. 2 When do money and monetary property become unclaimed? The fee for all other requestors is $10.00. The property paid or deliveredto the administrator shall include all interest, dividends, increments andaccretions due, payable or distributable on the property on November 1 of theyear in which the report is required. (v) Had another relationship with the banking or financialorganization concerning which the owner has: (A) Communicated in writing with the banking or financialorganization; or. Refunds and payments resulting from judicial or administrative proceedings. "Unclaimed property" means property for which the owner, as shown by the records of the holder of his property, has ceased, failed, or neglected, within the times provided in this chapter, to make presentment and demand for payment and satisfaction or to do any other act in relation to or concerning such property. DISCLAIMER – Refer to the Wyoming Uniform Unclaimed Property Act, W.S. (B) All obligations for the acquisition and retention of amineral lease, including bonuses, delay rentals, shut-in royalties and minimumroyalties. 34-24-129. This entry offers readers with practical insight to the subject of abandoned, lost and unclaimed property in Wyoming, a general introduction to the legal issues relating to abandoned, lost and unclaimed property under Wyoming law and practice. Through our Money Match program, we are returning your unclaimed property funds to you, without any action required on your part. Copyright © 2010-2020 Islaws.com | All rights reserved. If no address for notices is stated in the claim, the noticemay be mailed to the last address, if any, of the claimant as stated in theclaim. 70-9-807. Report. Even if your name is not on the list, you may wish to call the Unclaimed Property Division to check if any funds are being held in your name. featuring summaries of federal and state 200 West 24th Avenue . A person making a claim underthis act after the expiration of this period is entitled to receive either thesecurities delivered to the administrator by the holder, if they still remainin the hands of the administrator, or the proceeds received from sale, but noperson has any claim under this act against the state, the holder, any transferagent, registrar or other person acting for or on behalf of a holder for anyappreciation in the value of the property occurring after delivery by theholder to the administrator. It is available for inspection in our office during regular business hours. The Wyoming legislature realized that it was unfair for a company or individual (holder) holding unclaimed property to profit from the use of money that belonged to others. Short title; policy statement; uniform construction. (C) Neither the insured nor any other person appearing to havean interest in the policy within the preceding two (2) years, according to therecords of the company, has assigned, readjusted or paid premiums on thepolicy, subjected the policy to a loan, corresponded in writing with thecompany concerning the policy or otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of the company. 34-24-116. 34-24-128. Bank deposits and funds in financial organizations. Theadvertisement shall contain the following information: (i) The name of each person appearing to be the owner ofproperty deemed abandoned, as set forth in the report filed by the holder; (ii) The last known address or location of each person appearingto be the owner of property deemed abandoned, if an address or location is setforth in the report filed by the holder; (iii) A statement explaining that property of the owner has beendeemed to be abandoned and has been taken into the protective custody of theadministrator; and. Comments: Wyoming requires holders to report electronically if they have 10 or more properties. Every year, the Wyoming State Treasurer's Office reports literally millions of dollars in unclaimed property, and some of that could be yours. Universal Citation: WY Stat § 34-24-107 (1997 through Reg Sess) (a) Any demand, savings or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate or any … Jared Polis signed Senate Bill 88, a provision that repealed the state's unclaimed property law and replaced it with a new version of the 2016 Uniform Unclaimed Property Act. In North Dakota, Unclaimed Property is a division of the Department of Trust Lands which serves under the direction and authority of the Board of University and School Lands. (e) Notwithstanding any other provision of this act, subsection(d) of this section applies to sums payable on traveler's checks or moneyorders deemed abandoned on the effective date of this act. History:€1995, Act 29, … (a) Subject to subsection (d) of this section, any sum payableon a traveler's check that has been outstanding for more than fifteen (15)years after its issuance is deemed abandoned unless the owner, within fifteen(15) years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record onfile prepared by an employee of the issuer. Upon written request showing good cause, the administratormay postpone the payment or delivery upon such terms or conditions as theadministrator deems necessary and appropriate. (f) Reports filed with the administrator under this section arenot public records and are not open to public inspection until twenty-four (24)months after the date payment or delivery is made under W.S. Bank deposits and funds in financial organizations. Funds owing under life insurance policies. (A) The insured has attained, or would have attained if living,the limiting age under the mortality table on which the reserve is based; (B) The policy was in force at the time the insured attained,or would have attained, the limiting age specified in subparagraph (A) of thisparagraph; and. (a) At any time after property has been paid or delivered tothe administrator under this act another state may recover the property if: (i) The property was subjected to custody by this state becausethe records of the holder did not reflect the last known address of theapparent owner when the property was deemed abandoned under this act, and theother state establishes that the last known address of the apparent owner orother person entitled to the property was in that state and under the laws ofthat state the property escheated to or was subject to a claim of abandonmentby that state; (ii) The last known address of the apparent owner or otherperson entitled to the property, as reflected by the records of the holder, isin the other state and under the laws of that state the property has escheatedto or become subject to a claim of abandonment by that state; (iii) The records of the holder were erroneous in that they didnot accurately reflect the actual owner of the property and the last knownaddress of the actual owner is in the other state and under the laws of thatstate the property escheated to or was subject to a claim of abandonment bythat state; (iv) The property was subjected to custody by this state underW.S. (b) Securities listed on an established stock exchange shall besold at prices prevailing at the time of sale on the exchange. Destruction or disposition of property having insubstantial commercial value; immunity from liability. 34-24-120. #ConsumerProtectionandLabor #BusinessRegulation #UniformAct. 34-24-121. (d) No sum payable on a traveler's check or money orderdescribed in subsections (a) and (b) of this section may be subjected to thecustody of this state as unclaimed property unless: (i) The records of the issuer show that the traveler's check ormoney order was purchased in this state; (ii) The issuer has its principal place of business in thisstate and the records of the issuer do not show the state in which thetraveler's check or money order was purchased; or. Unclaimed Property. (2) "Abandoned property" includes property in the custody of the federal 717.117 Report of unclaimed property.—. (c) Unless the administrator considers it to be in the bestinterest of the state to do otherwise, all securities, other than those deemedabandoned under W.S. Wyoming Unclaimed Property An Overview of Unclaimed Property and Money in Wyoming Wyoming only has a population of half a million people, which means around one in five people […] Do you like it? Alltangible and intangible property held in a safe deposit box or any othersafekeeping repository in this state in the ordinary course of the holder'sbusiness and proceeds resulting from the sale of the property permitted byother law, which remain unclaimed by the owner for more than five (5) yearsafter the lease or rental period on the box or other repository has expired,are deemed abandoned. The Unclaimed Property Act is a consumer protection law requiring unclaimed property be held in perpetuity until the owners or heirs collect the funds. (c) If a claim is allowed, the administrator shall pay over tothe claimant the monies received from the holder, or the net proceeds ifproperty has been sold by the administrator, together with any additionalamount required by W.S. 34-24-134. Presumptions of abandonment. (g) Property removed from a safe deposit box or othersafekeeping repository is received by the administrator subject to the holder'sright under this subsection to be reimbursed for the actual cost of the openingand to any valid lien or contract providing for the holder to be reimbursed forunpaid rent, storage, or any other charges that are reasonable and related.
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