Utah Admin. Code R966-1-40 - Holder Reimbursement
(1) A holder
that pays money to the administrator may file a claim for reimbursement from
the administrator of the amount paid if the holder:
(a) Paid the money to the administrator in
error; or
(b) After paying the
money to the administrator, paid money to a person the holder reasonably
believed to be the legal owner.
(2) If a claim for reimbursement is made for
a payment made on a negotiable instrument, the holder must submit proof that
payment was made to a person the holder reasonably believed to be the legal
owner of the property. The holder may claim reimbursement even if the payment
was made to a person whose claim was made after expiration of a period of
limitation on the owner's right to receive or recover property, whether
specified by contract, statute, or court order.
(3) If a holder is reimbursed by the
administrator, the holder may also recover any income or gain that would have
been paid by the administrator to the owner on an owner claim provided the
holder paid the earned income or gain to the owner.
(4) A holder that delivers property other
than money to the administrator may file a claim for return of the property
from the administrator if:
(a) The holder
delivered the property to the administrator in error; or,
(b) The apparent owner has claimed the
property from the holder.
(5) If a claim for return of property is
made, the holder shall include with the claim evidence sufficient to establish
that the apparent owner has claimed the property from the holder or that the
property was delivered by the holder to the administrator in error.
(6) The administrator may make a
determination that an affidavit submitted by a holder is evidence sufficient to
establish that the holder is entitled to reimbursement or to recover property
under this Section.
(7) A holder is
not required to pay a fee or other charge for reimbursement or return of
property.
(8) The administrator
shall allow or deny a holder's claim not later than 90 days after the claim is
complete and give the holder notice in a record of the decision. The
administrator may grant an extension for reasonable cause.
(9) A claim will be considered complete when
a holder has provided all the information and documentation requested by the
administrator as necessary to establish legal ownership and such information or
documentation is entered into the administrator's unclaimed property
system.
(10) If a holder fails to
provide all the information and documentation requested by the administrator as
necessary to establish legal ownership of the property and the claim is
inactive for at least 90 days, then the administrator may close the claim
without issuing a final decision. However, if the claimant makes a request in
writing for a final decision prior to the administrator's closing of the claim,
the administrator shall issue a final decision.
(11) The holder may initiate a proceeding
under Title 63G, Chapter 3, Utah Administrative Rulemaking Act for review of
the administrator's decision on the earlier of 30 days following receipt of the
notice of the administrator's decision or 120 days following the filing of a
claim.
Notes
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