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Unclaimed Property Reporting Booklet - Washington State Digital ...

Unclaimed Property Reporting Booklet - Washington State Digital ...

RCW 63. 29. 200Custody

RCW 63. 29. 200Custody by state — Holder relieved from liability —Reimbursement of holder paying claim — Reclaimingfor owner — Defense of holder — Payment of safedeposit box or repository charges.(1) Upon the payment or delivery of property tothe department, the state assumes custody andresponsibility for the safekeeping of the property.A person who pays or delivers property to thedepartment in good faith is relieved of all liability to theextent of the value of the property paid or deliveredfor any claim then existing or which thereafter may ariseor be made in respect to the property.(2) A holder who has paid money to the departmentpursuant to this chapter may make payment to anyperson appearing to the holder to be entitled topayment and, upon filing proof of payment and proofthat the payee was entitled thereto, the department shallpromptly reimburse the holder for the payment withoutimposing any fee or other charge. If reimbursement issought for a payment made on an instrument, includinga travelers check or money order, the holder must bereimbursed under this subsection upon filing proof thatthe instrument was duly presented and that payment wasmade to a person who appeared to the holder to beentitled to payment. The holder must be reimbursed forpayment made under this subsection even if the paymentwas made to a person whose claim was barred underRCW 63. 29. 290(1).(3) A holder who has delivered property (includinga certificate of any interest in a business association)other than money to the department pursuant to thischapter may reclaim the property if still in the possessionof the department, without paying any fee or othercharge, upon filing proof that the owner has claimed theproperty from the holder.(4) The department may accept the holder’s affidavitas sufficient proof of the facts that entitle the holderto recover money and property under this section.(5) If the holder pays or delivers property to thedepartment in good faith and thereafter another personclaims the property from the holder or another stateclaims the money or property under its laws relatingto escheat or abandoned or unclaimed property, thedepartment, upon written notice of the claim, shalldefend the holder against the claim and indemnify theholder against any liability on the claim.(6) For the purposes of this section, “good faith”means that:(a) Payment or delivery was made in a reasonableattempt to comply with this chapter;(b) The person delivering the property was not afiduciary then in breach of trust in respect to theproperty and had a reasonable basis for believing,based on the facts then known to him, that theproperty was abandoned for the purposes of thischapter; and(c) There is no showing that the records pursuant towhich the delivery was made did not meet reasonablecommercial standards of practice in the industry.(7) Property removed from a safe deposit box or othersafekeeping repository is received by the departmentsubject to the holder’s right under this subsection tobe reimbursed for the actual cost of the opening andto any valid lien or contract providing for the holder tobe reimbursed for unpaid rent or storage charges. Thedepartment shall reimburse or pay the holder out of theproceeds remaining after deducting the department’sselling cost. The liability of the department for thisreimbursement to the holder shall be limited to theproceeds of the sale of the property remaining after thededuction of the department’s costs.[1983 c 179 § 20. ]RCW 63. 29. 210Crediting of dividends, interest, or increments toowner’s account.Whenever property other than money is paid ordelivered to the department under this chapter, theowner is entitled to receive from the department anydividends, interest, or other increments realized oraccruing on the property at or before liquidation orconversion thereof into money.[1983 c 179 § 21. ]RCW 63. 29. 220Public sale of abandoned property.(1) Except as provided in subsections (2) and (3) ofthis section the department, within five years after thereceipt of abandoned property, shall sell it to the highestbidder at public sale in whatever city in the state affordsin the judgment of the department the most favorablemarket for the property involved. The departmentmay decline the highest bid and reoffer the propertyfor sale if in the judgment of the department the bidis insufficient. If in the judgment of the department theprobable cost of sale exceeds the value of the property,it need not be offered for sale. Any sale held underthis section must be preceded by a single publicationof notice, at least three weeks in advance of sale, in anewspaper of general circulation in the county in whichthe property is to be sold.(2) Securities listed on an established stock exchangemust be sold at prices prevailing at the time of sale onthe exchange. Other securities may be sold over thecounter at prices prevailing at the time of sale or byany other method the department considers advisable.All securities may be sold over the counter at pricesprevailing at the time of the sale, or by any other methodthe department deems advisable.(3) Unless the department considers it to be in the bestinterest of the state to do otherwise, all securities, otherthan those presumed abandoned under RCW 63. 29.100, delivered to the department must be held for atleast one year before being sold.(4) Unless the department considers it to be in thebest interest of the state to do otherwise, all securitiespresumed abandoned under RCW 63. 29. 100 anddelivered to the department must be held for at leastthree years before being sold. If the department sellsany securities delivered pursuant to RCW 63. 29. 100before the expiration of the three-year period, anyperson making a claim pursuant to this chapter before38 Unclaimed Property Reporting Booklet

the end of the three-year period is entitled to either theproceeds of the sale of the securities or the market valueof the securities at the time the claim is made, whicheveramount is greater, less any deduction for fees pursuant toRCW 63. 29. 230(2). A person making a claim under thischapter after the expiration of this period is entitled toreceive either the securities delivered to the departmentby the holder, if they still remain in the hands of thedepartment, or the proceeds received from sale, lessany amounts deducted pursuant to RCW 63. 29. 230(2),but no person has any claim under this chapter againstthe state, the holder, any transfer agent, registrar, orother person acting for or on behalf of a holder for anyappreciation in the value of the property occurring afterdelivery by the holder to the department.(5) The purchaser of property at any sale conductedby the department pursuant to this chapter takes theproperty free of all claims of the owner or previousholder thereof and of all persons claiming through orunder them. The department shall execute all documentsnecessary to complete the transfer of ownership.[2005 c 367 § 4; 1996 c 45 § 3; 1993 c 498 § 10; 1983 c179 § 22. ]RCW 63. 29. 230Deposit of funds.(1) Except as otherwise provided by this section, thedepartment shall promptly deposit in the general fund ofthis state all funds received under this chapter, includingthe proceeds from the sale of abandoned propertyunder RCW 63. 29. 220. The department shall retain in aseparate trust fund an amount not less than two hundredfifty thousand dollars from which prompt payment ofclaims duly allowed must be made by the department.Before making the deposit, the department shall recordthe name and last known address of each personappearing from the holders’ reports to be entitled to theproperty and the name and last known address of eachinsured person or annuitant and beneficiary and withrespect to each policy or contract listed in the reportof an insurance company its number, and the name ofthe company. The record must be available for publicinspection at all reasonable business hours.(2) The department of revenue may pay from the trustfund provided in subsection (1) of this section any costsof administering this chapter.[1983 c 179 § 23. ]RCW 63. 29. 240Filing of claim with department.(1) A person, excluding another state, claiming an interestin any property paid or delivered to the department mayfile with it a claim on a form prescribed by it and verifiedby the claimant.(2) The department shall consider each claim withinninety days after it is filed and give written notice to theclaimant if the claim is denied in whole or in part. Thenotice may be given by mailing it to the last address, ifany, stated in the claim as the address to which noticesare to be sent. If no address for notices is stated in theclaim, the notice may be mailed to the last address, if any,of the claimant as stated in the claim. No notice of denialneed be given if the claim fails to state either the lastaddress to which notices are to be sent or the addressof the claimant.(3) If a claim is allowed, the department shall pay overor deliver to the claimant the property or the amountthe department actually received or the net proceeds ifit has been sold by the department, together with anyadditional amount required by RCW 63. 29. 210. If theclaim is for property presumed abandoned under RCW63. 29. 100 which was sold by the department withinthree years after the date of delivery, the amount payablefor that claim is the value of the property at the time theclaim was made or the net proceeds of sale, whicheveris greater. If the property claimed was interest-bearingto the owner on the date of surrender by the holder,the department also shall pay interest at the legal rateor any lesser rate the property earned while in thepossession of the holder. Interest begins to accrue whenthe property is delivered to the department and ceaseson the earlier of the expiration of ten years after deliveryor the date on which payment is made to the owner. Nointerest on interest-bearing property is payable for anyperiod before June 30, 1983.(4) Any holder who pays the owner for property thathas been delivered to the state and which, if claimedfrom the department, would be subject to subsection (3)of this section shall add interest as provided in subsection(3) of this section. The added interest must be repaid tothe holder by the department in the same manner as theprincipal.[1983 c 179 § 24. ]RCW 63. 29. 250Claim of another state to recover property —Procedure.(1) At any time after property has been paid or deliveredto the department under this chapter another state mayrecover the property if:(a) The property was subjected to custody by thisstate because the records of the holder did not reflectthe last known address of the apparent owner whenthe property was presumed abandoned under thischapter, and the other state establishes that the lastknown address of the apparent owner or other personentitled to the property was in that state and underthe laws of that state the property escheated to or wassubject to a claim of abandonment by that state;(b) The last known address of the apparent owneror other person entitled to the property, as reflectedby the records of the holder, is in the other stateand under the laws of that state the property hasescheated to or become subject to a claim ofabandonment by that state;(c) The records of the holder were erroneous in thatthey did not accurately reflect the actual owner ofthe property and the last known address of the actualowner is in the other state and under the laws of thatstate the property escheated to or was subject to aclaim of abandonment by that state;(d) The property was subjected to custody by thisstate under RCW 63. 29. 030(6) and under the lawsof the state of domicile of the holder the propertyhas escheated to or become subject to a claim ofabandonment by that state; orUnclaimed Property Reporting Booklet 39

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