§ 67-4a-501. Filing of claim with administrator.

(1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.

(2)

(a) The administrator shall:

(i) consider each claim within 90 days after it is filed; and

(ii) give written notice to the claimant if the claim is denied in whole or in part.

(b) The administrator may give notice by:

(i) mailing notice to the last address, if any, stated in the claim as the address to which notices are to be sent; or

(ii) if no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim.

(c) The administrator need not send notice of denial of the claim if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.

(3)

(a) If a claim is allowed, the administrator shall pay to the claimant:

(i) the money received from the holder; or

(ii) if property has been sold by the administrator, the net proceeds from the sale.

(b) If the claim is for property considered abandoned under Section 67-4a-208 that was sold by the administrator within three years after the date of delivery, the amount payable for that claim is the value of the property at the time the claim was made or the net proceeds of sale, whichever is greater.

Enacted by Chapter 198, 1995 General Session