§2061. When property presumed abandoned
Subject to section 2070, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified:
[PL 2019, c. 498, §22 (NEW).]
1.
Traveler's check.
A traveler's check, 15 years after issuance;
[PL 2019, c. 498, §22 (NEW).]
2.
Money order.
A money order, 7 years after issuance;
[PL 2019, c. 498, §22 (NEW).]
3.
State or municipal bond.
A state or municipal bond, bearer bond or original issue discount bond, 3 years after the date the bond matures or is called or the obligation to pay the principal of the bond arises, whichever is earlier;
[PL 2019, c. 498, §22 (NEW).]
4.
Debt of a business association.
A debt of a business association, 3 years after the obligation to pay arises;
[PL 2019, c. 498, §22 (NEW).]
5.
Payroll card or demand, savings or time deposit.
A payroll card or demand, savings or time deposit, including a deposit that is automatically renewable, 3 years after the maturity of the deposit, except that a deposit that is automatically renewable is deemed matured on its initial date of maturity unless the apparent owner consented in a record on file with the holder to renewal at or about the time of the renewal;
[PL 2019, c. 498, §22 (NEW).]
6.
Money or credit owed.
Money or a credit owed to a customer as a result of a retail business transaction, 3 years after the obligation arose;
[PL 2019, c. 498, §22 (NEW).]
7.
Amount owed on insurance policy or annuity contract.
An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, 3 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:
A.
With respect to an amount owed on a life or endowment insurance policy, 3 years after the earlier of the date:
(1)
The insurance company has knowledge of the death of the insured; and
(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
[PL 2019, c. 498, §22 (NEW).]
B.
With respect to an amount owed on an annuity contract, 3 years after the date the insurance company has knowledge of the death of the annuitant;
[PL 2019, c. 498, §22 (NEW).]
[PL 2019, c. 498, §22 (NEW).]
8.
Distributable property.
Property distributable by a business association in the course of dissolution, one year after the property becomes distributable;
[PL 2019, c. 498, §22 (NEW).]
9.
Property held by a court.
Property held by a court, including property received as proceeds of a class action, one year after the property becomes distributable;
[PL 2019, c. 498, §22 (NEW).]
10.
Property held by a government.
Property held by a government or governmental subdivision, agency or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, one year after the property becomes distributable;
[PL 2019, c. 498, §22 (NEW).]
11.
Wages, commissions, bonuses or reimbursements.
Wages, commissions, bonuses or reimbursements to which an employee is entitled or other compensation for personal services, one year after the amount becomes payable;
[PL 2019, c. 498, §22 (NEW).]
12.
Deposit or refund owed by a utility.
A deposit or refund, other than an abandoned capital credit as defined in Title 35‑A, section 3503, subsection 2, paragraph A, owed to a subscriber by a utility, one year after the deposit or refund becomes payable;
[PL 2023, c. 483, §1 (AMD).]
13.
Prearranged funeral or burial plan.
Notwithstanding subsection 5, property contained in a prearranged funeral or burial plan described in Title 32, section 1401, including deposits containing funds from such a plan, 3 years after the death of a person on whose behalf funds were paid into the plan;
[PL 2019, c. 498, §22 (NEW).]
14.
Nonactivated stored-value obligation or electronic payment medium.
Funds represented by a nonactivated stored-value obligation or other nonactivated electronic payment medium that require activation for use, one year after the funds would have otherwise first been available to the owner; and
[PL 2019, c. 498, §22 (NEW).]
15.
Property not specified.
Property not specified in this section or sections 2062 to 2072, including funds in a lawyer's trust account, 3 years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises, whichever is earlier.
[PL 2019, c. 571, §5 (AMD).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW). PL 2019, c. 571, §5 (AMD). PL 2023, c. 483, §1 (AMD).