47-30.2-04. (201) When property presumed abandoned

47-30.2-04. (201) When property presumed abandoned

Subject to section 47-30.2-12, the following property is presumed abandoned if it is

unclaimed by the apparent owner during the period specified below:

1. Except as provided in this section, checks held, issued, or owing in the ordinary course

of the holder's business which remain uncashed by the owner two years after

becoming payable;

2. A traveler's check, fifteen years after issuance;

3. A money order, seven years after issuance;

4. A state or municipal bond, bearer bond, or original-issue-discount bond, three years

after the earliest of the date:

a. The bond matures;

b. The bond is called; or

c. The obligation to pay the principal of the bond arises;

5. A debt of a business association, three years after the obligation to pay arises;

6. A payroll card or a demand, savings, or time deposit, including a time deposit that is

automatically renewable, five years after the date of maturity of the time deposit or the

date of the last indication of interest in the property by the apparent owner, whichever

is earlier, provided a time deposit that is automatically renewable is deemed matured

on its initial date of maturity unless the apparent owner has consented in a record on

file with the holder to renewal at or about the time of the renewal. If an apparent owner

has another established account with the financial institution and has demonstrated

interest in any account under section 47-30.2-12, then all accounts must be

considered active;

7. A cashier's check or certified check, two years after issuance;

8. Money or a credit owed to a customer as a result of a retail business transaction, other

than in-store credit for returned merchandise, three years after the obligation arose;

9. An amount owed by an insurance company on a life or endowment insurance policy or

an annuity contract that has matured or terminated, three years after the obligation to

pay arose under the terms of the policy or contract or, if a policy or contract for which

an amount is owed on proof of death has not matured by proof of the death of the

insured or annuitant, as follows:

a. With respect to an amount owed on a life or endowment insurance policy, three

years after the earlier of the date:

(1) The insurance company has knowledge of the death of the insured; or

(2) The insured has attained, or would have attained if living, the limiting age

under the mortality table on which the reserve for the policy is based; and

b. With respect to an amount owed on an annuity contract, three years after the

date the insurance company has knowledge of the death of the annuitant.

10. Property distributable by a business association in the course of dissolution, one year

after the property becomes distributable;

11. Property held by a court, including property received as proceeds of a class action,

three years after the property becomes distributable;

12. Property held by a government or political subdivision, agency, or instrumentality,

including municipal bond interest and unredeemed principal under the administration

of a paying agent or indenture trustee, three years after the property becomes

distributable;

13. Wages, commissions, bonuses, or reimbursements to which an employee is entitled,

or other compensation for personal services, one year after the amount becomes

payable;

14. A deposit or refund owed to a subscriber by a utility, one year after the deposit or

refund becomes payable;

15. A security deposit, including interest on the security deposit, made in advance by a

person to secure an agreement for rights of services, less any lawsuit deductions,

which remains unclaimed by the owner for more than one year after termination of the

agreement for which the deposit or advance payment was made;

16. A sum payable as mineral proceeds which has remained unclaimed by the owner for

more than three years after it became payable or distributable and the owner's

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person to secure an agreement for rights of services, less any lawsuit deductions,

which remains unclaimed by the owner for more than one year after termination of the

agreement for which the deposit or advance payment was made;

16. A sum payable as mineral proceeds which has remained unclaimed by the owner for

more than three years after it became payable or distributable and the owner's

underlying right to receive those mineral proceeds are deemed abandoned. At the time

an owner's underlying right to receive mineral proceeds is deemed abandoned, any

mineral proceeds then owing to the owner and any proceeds accruing after that time

are deemed abandoned;

17. Virtual currency, three years after the apparent owner's last indication of interest in the

property;

18. Excess proceeds from the sale of abandoned vehicles under chapter 23.1-15, the time

prescribed by section 23.1-15-07;

19. Excess proceeds from the sale of public or private property under chapter 57-28, the

time prescribed by section 57-28-20; and

20. Property not specified in this section or sections 47-30.2-05 through 47-30.2-10, the

earlier of three years after the owner first has a right to demand the property or the

obligation to pay or distribute the property arises.