Cessation of Holder’s Liability

PURPOSE: Sections 447.500—447.595, RSMo comprise the Missouri Unclaimed Property Act. This rule outlines the holders’ liabilities regarding property subject to the Act. (1) Claims by Owners. A holder who has remitted abandoned money or property to the state is relieved of all liability for any claim which exists or which may arise. Should a holder be sued, notice by registered mail including a copy of the summons and any other pertinent information shall be sent to the state treasurer at least ten (10) days before the return date for filing an answer to the pleading. A holder who so notifies the state treasurer will be reimbursed for any judgment rendered, not to exceed the amount of the property reported, or the liquidated value of the property on the date of delivery, which is the subject of the claim (section 447.545.1 and 4, RSMo). (2) Claims by Other States. If legal proceedings are instituted against the prior holder by any other state claiming to be entitled to abandoned money or property previously remitted to the state, the prior holders shall give written notice to the Missouri state treasurer and the Missouri attorney general within ten (10) days of receipt of service of any such action. The attorney general may intervene or take any action s/he deems appropriate to protect the interests of this state. Once the notice is so given, the treasurer will reimburse the holder for any judgment which might subsequently be rendered, not to exceed the amount of the property reported which is subject to the claim (section 447.545.2 and 3, RSMo). AUTHORITY: sections 447.500 and 447.579, RSMo 1994 and 447.503, 447.505 and 447.545, RSMo Supp. 1998. This rule was previously filed as 4 CSR 25-1.080. 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: 447.500, RSMo 1984, amended 1986, 1993, 1994; 447.503, RSMo 1984, amended 1986, 1993, 1994, 1998; 447.505, RSMo 1984, amended 1989, 1994, 1998; 447.545, RSMo 1984, amended 1993, 1994, 1998; and 447.579, RSMo 1984, amended 1993, 1994.