47-30.2-05. (202) When tax-deferred or tax-exempt retirement account presumed abandoned

47-30.2-05. (202) When tax-deferred or tax-exempt retirement account presumed

abandoned.

1. Subject to section 47-30.2-12, property held in a pension account or retirement

account that qualifies for tax deferral or tax exemption under the income tax laws of

the United States is presumed abandoned if it is unclaimed by the apparent owner

three years after the later of:

a. The following dates:

(1) Except as in paragraph 2, the date a second consecutive communication

sent by the holder by first-class United States mail to the apparent owner is

returned to the holder undelivered by the United States postal service; or

(2) If the second communication is sent later than thirty days after the date the

first communication is returned undelivered, the date the first communication

was returned undelivered by the United States postal service; or

b. The earlier of the following dates:

(1) The date the apparent owner becomes seventy-two years of age, if

determinable by the holder; or

(2) If the Internal Revenue Code, as amended, [26 U.S.C. 1 et seq.] or title 57,

requires distribution to avoid a tax penalty, two years after the date the

holder:

(a) Receives confirmation of the death of the apparent owner in the

ordinary course of its business; or

(b) Confirms the death of the apparent owner under subsection 2.

2. If a holder in the ordinary course of its business receives notice or an indication of the

death of an apparent owner and subdivision b of subsection 1 applies, the holder shall

attempt not later than ninety days after receipt of the notice or indication to confirm

whether the apparent owner is deceased.

3. If the holder does not send communications to the apparent owner of an account

described in subsection 1 by first-class United States mail, the holder shall attempt to

confirm the apparent owner's interest in the property by sending the apparent owner

an electronic-mail communication not later than two years after the apparent owner's

last indication of interest in the property. However, the holder promptly shall attempt to

contact the apparent owner by first-class United States mail if:

a. The holder does not have information needed to send the apparent owner an

electronic-mail communication;

b. The holder receives notification that the electronic-mail communication was not

received; or

c. The apparent owner does not respond to the electronic-mail communication not

later than thirty days after the communication was sent.

4. If first-class United States mail sent under subsection 3 is returned to the holder

undelivered by the United States postal service, the property is presumed abandoned

three years after the later of:

a. Except as in subdivision b, the date a second consecutive communication to

contact the apparent owner sent by first-class United States mail is returned to

the holder undelivered;

b. If the second communication is sent later than thirty days after the date the first

communication is returned undelivered, the date the first communication was

returned undelivered; or

c. The date established by subdivision b of subsection 1.