47-30.2-10. (208) When security presumed abandoned

47-30.2-10. (208) When security presumed abandoned

1. Subject to section 47-30.2-12, a security is presumed abandoned three years after:

a. 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

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

communication is returned, the date the first communication is returned

undelivered to the holder by the United States postal service.

2. If the holder does not send communications to the apparent owner of a security by

first-class United States mail, the holder shall attempt to confirm the apparent owner's

interest in the security 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 security. 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 or the holder believes that the apparent owner's

electronic-mail address in the holder's records is not valid;

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.

3. If first-class United States mail sent under subsection 2 is returned to the holder

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

three years after the date the mail is returned.