[§523A-12]  Crediting of dividends, interest, and increments to owner's account.  [Section effective July 1, 2009.  For current section, see below.]  If property other than money is delivered to the administrator under this part, the owner shall be entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money.  If the property was an interest-bearing demand, savings, or time deposit, including a deposit that is automatically renewable, the administrator shall pay simple interest at the legal rate of interest established in section 478-2, or any lesser rate the property earned while in the possession of the administrator.  Interest shall begin to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner.  Interest on interest-bearing property shall not be payable for any property delivered to the administrator before July 1, 2009. [L 2008, c 55, pt of §1]

 

Revision Note

 

  "July 1, 2009" substituted for "the effective date of this chapter".

 

 

     [§523A-12]  Property held by agents and fiduciaries.  [Section repealed July 1, 2009.]  (a)  Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within five years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by the fiduciary.

     (b)  Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (a) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

     (c)  For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between the person and the business association provides otherwise.

     (d)  For the purposes of this part, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned. [L 1983, c 37, pt of §2]