§523A-29 Periods of limitation. (a) The expiration, before or after May 18, 1983, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the director as required by this part.

(b) Except as provided in subsection (c), no action or proceeding may be commenced by the director with respect to any duty of a holder under this part more than ten years after the duty arose.

(c) The expiration of any period of time specified by law during which an action or proceeding may be commenced or enforced to secure payment of a claim for money or recovery of property shall not serve as a defense in any action or proceeding brought by or on behalf of the director against any holder which is a federal, state, or local government or governmental subdivision, agency, or entity for the payment or delivery to the director of any property presumed abandoned pursuant to part I or part II of [this] chapter, or to enforce or collect any penalty provided by part I or part II of this chapter. This subsection shall apply to all property presumed abandoned pursuant to this chapter which is held by any federal, state, or local government or governmental subdivision, agency, or entity on or after June 7, 1989, regardless of when such property is presumed abandoned. [L 1983, c 37, pt of §2; am L 1989, c 175, §1]