A person holding property, tangible or intangible, which is presumed abandoned and subject to custody as unclaimed property under this chapter, shall report to the administrator concerning the property as provided in this section. The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report required by this chapter or to pay or deliver abandoned property to the state treasurer. The holder of unclaimed property shall, before filing the annual report required by this section, communicate with the owner and take necessary steps to prevent abandonment from being presumed by exercising due diligence to ascertain the whereabouts of the owner. For property having a value of fifty dollars or more, the holder shall mail notice to each person entitled to the property presumed abandoned under this chapter, except that mailing of notice is not required if the holder's records indicate the owner's address is inaccurate. The mailed notice must contain a statement that, according to the records of the holder, property is being held, to which the addressee appears to be entitled, and which will escheat to the state. The notice must also contain information regarding any changes of the name of the holder. In the case of securities deemed abandoned pursuant to subdivision 43-41B-2(a) and § 43-41B-10, or safe deposit box contents deemed abandoned pursuant to § 43-41B-17, the notice must state that the property may be sold by the administrator. In the case of virtual currency deemed abandoned pursuant to § 43-41B-45, the notice must state that the property may be sold by the holder prior to remittance to the administrator. The report must be verified and must include:

1. (1) Except with respect to travelers checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property of the value of ten dollars or more presumed abandoned under this chapter;
2. (2) In the case of unclaimed funds of ten dollars or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds;
3. (3) In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible property, a description of the property and the place where it is held and may be inspected by the administrator and any amounts owing to the holder;
4. (4) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, provided that items of value under ten dollars each may be reported in the aggregate;
5. (5) The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property; and
6. (6) Other information the administrator prescribes by rule as necessary for the administration of this chapter. If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner, or the holder's name has changed while holding the property, the holder must file with the report all known names and addresses of each previous holder of the property. The report must be filed before November first of each year as of June thirtieth, next preceding, but the report of any life insurance company must be filed before May first of each year as of December thirty-first next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date or waive any interest fees or penalties.

Source: SL 1992, ch 312 , § 17; SL 1993, ch 326 , § 4; SL 2019, ch 194 , § 2; SL 2025, ch 183 , § 3.