[§523A-10]  Notice and publication of lists of abandoned property.  [Section effective July 1, 2009.  For current section, see below.]  (a)  The administrator shall publish a notice not later than March 1 of the year next following the report required by section 523A-8 at least once statewide.  The notice shall be in a form that, in the judgment of the administrator, is likely to attract the attention of the apparent owner of the unclaimed property.  The form shall contain:

     (1)  The name of each person appearing to be the owner of the property, as set forth in the report filed by the holder;

     (2)  The last known address or location of each person appearing to be the owner of the property, if an address or location is set forth in the report filed by the holder;

     (3)  A statement explaining that property of the owner is presumed to be abandoned and has been taken into the protective custody of the administrator; and

     (4)  A statement that information about the property and its return to the owner is available to a person having a legal or beneficial interest in the property, upon request to the administrator.

     (b)  The notice shall be given by using one or more of the following methods:

     (1)  Posting on the State of Hawaii, department of budget and finance internet website;

     (2)  Publication in a daily or weekly publication of statewide circulation; or

     (3)  Any other method the administrator deems effective for publicizing the notice.

     (c)  The administrator shall not be required to advertise the name and address or location of an owner of property having a total value less than $100, or information concerning a traveler's check, money order, or similar instrument. [L 2008, c 55, pt of §1]

 

 

     [§523A-10]  Stock and other intangible interests in business associations.  [Section repealed July 1, 2009.]  (a)  Except as provided in subsections (b) and (e), stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has remained unclaimed by the owner for seven years and the owner within seven years has not:

     (1)  Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or

     (2)  Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association.

     (b)  At the expiration of a seven-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least seven dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner.  If seven dividends, distributions, or other sums are paid during the seven-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable.  If seven dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been seven dividends, distributions, or other sums that have not been claimed by the owner.

     (c)  The running of the seven-year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (a).  If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.

     (d)  At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.

     (e)  This part does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within seven years communicated in any manner described in subsection (a). [L 1983, c 37, pt of §2]