Property Deemed Unclaimed

PURPOSE: Sections 447.500–447.595, RSMo comprise the Missouri Unclaimed Property Act. This rule provides a general description of the types of property which may be considered unclaimed within the meaning of the Act. (1) An exhaustive list of property which may be deemed unclaimed and therefore subject to the custodial care of Missouri by the Uniform Disposition of Unclaimed Property Act (Act) would be prohibitively long. The following list details entities and provides a general description of the various properties which may be subject to the Act and the circumstances under which this may occur: Entity Banking organization, business association or financial organization Business associations Item Deposits plus interest that would have been due had the owner not abandoned the account, or dividends, minus charges collected by an entity provided the entity gave actual or constructive notice of the charges and the charges are not routinely refunded. Incorrect computations or other bona fide errors do not qualify as evidence that usage charges have been routinely refunded. Funds toward shares in a financial organization or deposit plus interest that would have been due had the owner not abandoned the account, or dividends, minus charges collected by an entity provided the entity gave actual or constructive notice of the charges and the charges are not routinely refunded. Bona fide errors do not qualify as usage charges. Certificates of deposit. The items described are not subject to charges absent a clear contract made at the time of issuance. Money orders, cashier’s checks, traveler’s checks, payroll checks, expense checks, vendor checks, or similar items Interest or dividend checks Contents of safe deposit box or similar repository Stock or other certificate of ownership, underlying shares, dividends, profits Intangible interest (including dividends in business associations as shown by its records) Dissolution of business Terms of Abandonment Owner, within seven (7) years (five (5) years after 1/1/2000), has not a) increased or decreased deposit or presented the passbook for credit; or b) corresponded in writing or accepted mail concerning the deposit (mailings can include, but are not limited to, IRS forms, quarterly or monthly statements and renewal notices regarding time deposits such as a certificate of deposit); or c) otherwise indicated an interest in the deposit. Owner, within seven (7) years (five (5) years after 1/1/2000), has not a) increased or decreased deposit or presented the passbook for credit; b) corresponded in writing or accepted mail concerning the deposit (mailings can include, but are not limited to, IRS forms, quarterly or monthly statements and renewal notices regarding time deposits such as a certificate of deposit); or c) otherwise indicated an interest in the deposit. Outstanding a minimum of seven (7) years (five (5) years after 1/1/2000) with no correspondence or documented acceptance of mail from the owner. Mailings can include, but are not limited to, IRS forms, quarterly or monthly statements and renewal notices regarding time deposits such as a certificate of deposit. A certificate of deposit is not considered reportable until after its maturity date has been reached. Outstanding a minimum of seven (7) years (five (5) years after 1/1/2000) (except traveler’s checks which must be outstanding a minimum of fifteen (15) years and money orders which must be outstanding a minimum of seven (7) years (before and after 1/1/2000)) with no correspondence to issuer Outstanding a minimum of seven (7) years (five (5) years after 1/1/2000) with no correspondence to issuer Removed for nonpayment of rent, surplus from the sale of contents pursuant to sections 362.485– 362.488, RSMo, or both, and unclaimed for seven (7) years (five (5) years after 1/1/2000). Property to be considered abandoned shall consist of contents removed from safe deposit boxes for at least seven (7) years (five (5) years after 1/1/2000), at which time the contents or surplus amounts accruing from a sale shall be reported. Unclaimed for seven (7) years (five (5) years after 1/1/2000) and a) held or owing by a business organization under Missouri law; or b) due a person with last known address in Missouri and held or owing by a business organized under laws of another jurisdiction but doing business in Missouri. Dividend reinvestment plans are determined to be abandoned when there has been returned mail and no customergenerated activity for seven (7) years (five (5) years after January 1, 2000). Unclaimed and no correspondence for seven (7) years (five (5) years after 1/1/2000) or no known address with holder doing business in Missouri Unclaimed within two (2) years from date of final distribution Entity Retail businesses Insurance companies Utilities Utilities/RECs, REAs and RTAs Fiduciaries Courts, Public Corporations, Political Subdivisions, Public Authorities Courts, Public Corporations, Political Subdivisions, Public Authorities All other persons or entities Item Gift certificates, credit memos and credit balances that are redeemable in merchandise only Unclaimed funds, including settlements, premium refunds, policy proceeds and overpayments Deposits plus interest less lawful deductions. Refunds or overpayments plus interest less lawful deductions Deposits plus interest less lawful deductions, refunds plus interest less lawful deductions and shares of interest or credits in the cooperative All intangible personal property (including any income or increment thereon) All intangible property except cash bonds, cash probation bonds or civil cash bonds Cash bonds, cash probation bonds, or civil cash bonds All intangible personal property Terms of Abandonment Unclaimed by owner after seven (7) years (five (5) years after 1/1/2000). Reportable at a rate equal to sixty percent (60%) of the face value. However, the owner will be reimbursed by the state treasurer at the full face value when claimed. For reporting purposes a holder should report the full face value in the “Amount Due Owner” column of the Holder Report and reflect the forty percent (40%) of the face value withheld under the Deducted Expenses summary portion of the Holder Report. Due to individual with last known address in Missouri or no known address with holder doing business in Missouri and unpaid for more than seven (7) years (five (5) years after 1/1/2000) (may be presumed due per mortality tables) unless a) assigned, readjusted or paid premiums; or b) corresponded in writing with the company Unclaimed seven (7) years (five (5) years after 1/1/2000) after termination of service Unclaimed seven (7) years (five (5) years after 1/1/2000) after date payable As of August 13, 1984, seven (7) years (five (5) years after 1/1/2000) subsequent to that date these items are due November 1, 1992 for the initial report Unclaimed for seven (7) years (five (5) years after 1/1/2000)—see section 447.530, RSMo for special rules Unclaimed for seven (7) years (five (5) years after 1/1/2000). Reportable within one (1) year of the date of the final court action or termination of probation Unclaimed for seven (7) years (five (5) years after 1/1/2000) or more (2) If a holder desires to report abandoned property earlier than that prescribed in the above “terms of abandonment,” nothing shall preclude the division from accepting such abandoned property if it deems the acceptance as appropriate and timely. AUTHORITY: sections 447.505, 447.506, 447.510–447.530, 447.532, 447.533 and 447.535, RSMo Supp. 1998 and 447.579 and 447.595, RSMo 1994. This rule was previously filed as 4 CSR 25-1.030. Original rule filed June 3, 1985, effective Sept. 27, 1985. Amended: Filed Oct. 3, 1991, effective May 14, 1992. Amended: Filed April 15, 1999, effective Sept. 30, 1999. *Original authority: 447.505, RSMo 1984, amended 1989, 1994, 1998; 447.506, RSMo 1989, amended 1994, 1998; 447.510–447.530, see RSMo 1994 and Supp. 1998; 447.532, RSMo 1984, amended 1989, 1990, 1994, 1998; 447.533, RSMo 1990, amended 1992, 1998; 447.535, RSMo 1984, amended 1986, 1994, 1998; 447.579, RSMo 1984, 1993, 1994; and 447.595 RSMo, 1989, amended 1993, 1994.