(1) Each deposit in a financial institution and any ownership purchase funds held by a banking or financial organization are considered abandoned after three years if the location of the owner is unknown, unless:

1. (a) the owner, within the three years, has:

   1. (i) in the case of a deposit in a financial institution, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;
   2. (ii) communicated in writing with the banking or financial organization concerning the property; and
   3. (iii) otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization;

2. (b)

   1. (i) the owner, within three years, has owned other property to which Subsection (1)(a)(i), (ii), or (iii) applies; and
   2. (ii) the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be considered abandoned at the address to which communications regarding the other property regularly are sent; or

3. (c)

   1. (i) the owner, within three years, has had another relationship with the banking or financial organization concerning which the owner has communicated in writing with the banking or financial organization; and
   2. (ii) the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be considered abandoned at the address to which communications regarding the other relationship regularly are sent.

(2) A holder may not impose any charge due to dormancy or inactivity or cease payment of interest on any property described in Subsection (1) unless:

1. (a) the holder is specifically exempted by federal law; or

2. (b)

   1. (i) there is a valid and enforceable written contract between the issuer and the owner of the instrument that authorizes the issuer to impose a charge; and
   2. (ii) the issuer regularly imposes those charges and does not regularly reverse or otherwise cancel them.

(3)

1. (a) Except as provided in Subsection (3)(b), any property described in Subsection (1) that is automatically renewable is considered matured for purposes of Subsection (1) when its initial time period expires.
2. (b) If the owner consents to any renewal at or about the time of renewal by communicating in writing with the banking or financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is considered matured for purposes of Subsection (1) when the last time period for which consent was given expires.
3. (c) If, at the time provided for delivery in Section 67-4a-302, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.