Searching for Owners and Filing of Claims

PURPOSE: Sections 447.500–447.595, RSMo comprise the Missouri Unclaimed Property Act. This rule outlines the procedures on searches for owners of unclaimed property and filing of claims for this property. (1) Objective of Search. A primary objective of the Uniform Disposition of Unclaimed Property Act (Act) is the return of property to rightful owners. To this end, the Act requires a diligent search and retaining lists of property owners. (2) Published Notices. Within two hundred forty (240) days of the report deadline (May 1, for life insurance companies, November 1, for all other entities), the state treasurer will publish the names of owners of abandoned property in counties where the last known address is Missouri. The notice will be entitled “Notice of Names of Persons Appearing to be Owners of Abandoned Property” and it will be published one (1) day for two (2) successive weeks in the same newspaper. The notice must be published in newspapers of general circulation as defined in section 493.050, RSMo. The notice will contain an alphabetical list of persons believed to be owners of the abandoned property valued at fifty dollars ($50) or more, safe deposit boxes, stocks, bonds and debentures, and the last known address of the owners. The notice will include a statement that, absent a claim, property with apparent market value, other than cash, may be sold within one (1) year. (3) Mailed Notices. Within one hundred twenty (120) days of the reporting deadline (May 1, for life insurance companies, November 1, for all other entities), the division will mail a notice to each owner of property valued at fifty dollars ($50) or more, safe deposit boxes, stocks, bonds and debentures, who has an apparently valid address. The notice will contain a statement indicating that the addressee appears to be entitled to property and that if a proof of claim is not presented promptly, property with apparent market value, other than cash, may be disposed of within one (1) year. (4) Records of Property. The treasurer will compile and retain the name and last known address of all owners of abandoned funds or property. The record will reflect other information as may be helpful in identifying an owner. (5) Disposition of Property. Proceeds resulting from the liquidation of abandoned property with apparent market value shall be deposited in the abandoned fund account. Any costs associated with any liquidation shall not reduce the amount payable to the owner of the abandoned property. (6) Interest Accrual on Accounts. If the owner would have been entitled interest had the property not been presumed to be abandoned, the treasurer shall accrue interest to the property for up to seven (7) years. The rate of interest shall compound annually and shall equal the year-to-date annualized average rate of return on all funds invested by the treasurer for each year of accrual and the previous year’s annualized average rate of return for the current fiscal year. (7) Claims. (A) Claims may be filed on forms which will be provided free of charge by the division. Claims may be filed by personal delivery or by mailing the claim form to: Unclaimed Property Section, Harry S Truman State Office Building, Room 156, P.O. Box 1004, Jefferson City, MO 65102. Personal delivery is not encouraged due to the costs incurred by the claimant and the time consuming nature of the review process; personal delivery will not expedite approval or payment of a claim by more than the time otherwise used in delivery by mail. A claim will never be barred by lapse of time but interest, if any, will not accrue more than seven (7) years after delivery to the division (section 447.565, RSMo). (B) The claim form, or subsequent documentation, could include, but not be limited to, the following: 1. Name, address and telephone number of claimant; 2. The name and last known address of the apparent owner as listed on the state treasurer’s records; 3. Proof of ownership will be required if the claimant is the apparent owner; 4. The names, addresses and telephone numbers of all other persons who are potential heirs of the apparent owner, along with the sworn statement of claimant that s/he has no knowledge of any other potential heirs; and 5. A description of the extent to which the apparent owner’s estate was administered by the probate court. (C) In addition to the claim form, the claimant may be requested to provide the following: 1. In the event that the apparent owner is deceased, a copy of the death certificate; 2. In the event that the apparent owner is deceased and left a will which was admitted to probate, a copy of the will probate; 3. In the event that the apparent owner is deceased and letters testamentary were issued, a copy of the testamentary letter certified by the probate court; 4. In the event that the apparent owner is deceased and a refusal of letters was ordered, a copy of the refusal of letters certified by the probate court; 5. In the event that the apparent owner is deceased and a final order of distribution was entered by the probate court, a copy of the final order of distribution certified by the probate court; 6. A copy of claimant’s birth certificate and, if claimant derives his/her claim through any person who is a descendant of the apparent owner, one (1) copy of the birth certificate and death certificate of that person; 7. Lost certificate affidavit or lost certificate bond may be requested concerning stock, bonds or debentures; 8. An affidavit or bond may be requested concerning an abandoned cashier’s check, if the claimant is unable to provide the original check; 9. The treasurer may require any documentation, such as death or birth certificates, tax identification numbers, drivers licenses, probate records and release agreements to be certified copies; and 10. Other documentation as the treasurer may require. (D) If there are heirs or other persons having a right to the unclaimed property which right is at least equivalent to the right of the claimant, the claimant shall provide a release from that person(s) or authorize the treasurer to treat the claim as filed on behalf of claimant and all other like persons. (E) Every claimant shall be required to prove by clear and convincing evidence that s/he is entitled to the funds claimed as a matter of law. (F) If a claim is allowed, the treasurer shall issue an order approving the claim. If the claim includes stock, bonds or debentures, the treasurer will assist the claimant or owner in the transfer of the abandoned property in a way mutually agreed upon between the claimant and the treasurer. (G) If the claim is disallowed, the treasurer will inform the claimant of the denial and set forth the reasons for the disallowance. The claimant shall have thirty (30) days with which to file a request for a hearing from the receipt of the denial. (H) The hearing requested shall be held within ninety (90) days of receipt of the request by the treasurer. The hearing will be held at the office of the treasurer or in the Missouri county, if any, where the unclaimed property was held prior to delivery to the treasurer. The hearing shall be conducted by the treasurer or a representative designated by the treasurer. 1. Whether the hearing shall be recorded shall be determined by the person conducting the hearing provided, however, that the claimant shall be entitled to have the hearing suitably recorded by filing a request for recording in writing and agreeing to pay the expenses. 2. After consideration of testimony, evidence and records in the case, the person who conducted the hearing shall issue an order accompanied by Findings of Fact allowing or disallowing the claim. A copy of the Findings of Fact and order shall be served upon all parties or their attorneys of record by certified mail (sections 447.565 and 447.569, RSMo). (I) Agreements to Recover Property for Compensation. All agreements to recover property on behalf of another for compensation shall be in writing, signed by the claimant or property owner and notarized. No such agreement is valid unless the agreement discloses the nature and the value of the property in writing and is signed and acknowledged by the property owner. All transactions pursuant to valid enforceable contracts must be carried out in good faith and all funds due owners must be promptly delivered. Breaches by applicants on behalf of others will result in the section returning subsequent claims submitted by these applicants on behalf of others. Owners or claimants are not barred from asserting that these agreements are excessive or unjust. All agreements to pay compensation to recover or assist in the recovery of property reported or delivered to the treasurer under sections 447.500– 447.595, RSMo are subject to the following limitations: 1. Any such agreement to recover or assist in the recovery of property for compensation which is made twelve (12) months after the date of payment or delivery to the treasurer is unenforceable; 2. Any such agreement to recover or assist in the recovery of property for compensation which is made more than twelve (12) months, but less than twenty-four (24) months after the date of payment or delivery to the treasurer shall be invalid if the compensation for recovery is greater than ten percent (10%) of the property at issue; 3. Any such agreement to recover or assist in the recovery of property for compensation which is made more than twenty-four (24) months, but less than thirty-six (36) months after the date of payment or delivery to the treasurer is invalid if the compensation for recovery is greater than fifteen percent (15%) of the property at issue; and 4. Any such agreement to recover or assist in the recovery of property for compensation which is made more than thirtysix (36) months after the date of payment or delivery to the treasurer is invalid if the compensation for recovery is greater than twenty percent (20%) of the property at issue. (J) Registration Requirement. Any person seeking to recover or assist in recovering abandoned or unclaimed property for compensation pursuant to sections 447.500–447.595, must register with the treasurer prior to submitting a claim form for such property (section 447.581, RSMo). A claim submitted by any person acting in a representative capacity and seeking to recover unclaimed or abandoned property for compensation will be deemed invalid unless such person is registered with the treasurer. Any person seeking to register under section 447.581, RSMo must meet the following requirements: 1. Provide the name, current address, tax identification number or Social Security number filed or the person or entity wishing to register; 2. Disclose all names under which the person or business operates as an entity seeking to recover or assist in the recovery of property for compensation pursuant to sections 447.500– 447.595, RSMo; 3. Provide a copy of the standard fee agreement used in contracting with owners of abandoned or unclaimed property, which fee agreement is subject to the approval of the treasurer; 4. Certify compliance and good standing with the tax, business registration and other regulatory requirements of the state of Missouri; 5. Annually recertify compliance with all registration requirements; and 6. Provide any such additional information the treasurer may request from persons wishing to register as the treasurer believes reasonably necessary to protect the interests of the original owners of the property, and the citizens of Missouri. (K) Any inquiries by an heir finder of the division shall be in writing. AUTHORITY: sections 447.541, 447.560 and 447.565, RSMo Supp. 1998 and 447.569, 447.579 and 447.581, RSMo 1994.* This rule was previously filed as 4 CSR 25-1.090. Original rule filed June 3, 1985, effective Sept. 27, 1985. Amended: Filed Sept. 15, 1986, effective Dec. 12, 1986. Amended: Filed Oct. 3, 1991, effective May 14, 1992. Amended: Filed April 15, 1999, effective Sept. 30, 1999. *Original authority: 447.541, RSMo 1984, amended 1986, 1989, 1993, 1994, 1998; 447.560, RSMo 1984, amended 1993, 1994, 1998; 447.565, RSMo 1984, amended 1989, 1993, 1994, 1998: 447.569, RSMo 1984, amended 1993; 447.579, RSMo 1984, 1993, 1994; and 447.581, RSMo 1986, amended 1994.