TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 6

TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

14-5-602.  DORMANCY CHARGE. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:

(a)  A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner’s failure to claim the property within a specified time; and

(b)  The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.

(2)  A holder may not deduct an escheat fee or other similar charges imposed solely by virtue of the property being presumed abandoned.

(3)  The amount of the deduction under this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner’s property and any services received by the apparent owner.

History:

[14-5-602, added 2024, ch. 27, sec. 2, p. 199.]