471-C:1 Definitions.
As used in this chapter, unless the context otherwise requires:
I. "Administrator" means the state treasurer, or designee.
II. "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.
III. "Attorney general" means the chief legal officer of this state.
IV. "Banking organization" means a bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization.
V. "Business association" means a non-public corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of 2 or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility.
VI. "Domicile" means the state of incorporation of a corporation and the state of the principal place of business of an incorporated person.
VII. "Escheat", except in RSA 471-C:30, means the presumption of abandonment of property followed by:
(a) Immediate proceedings for the taking of title; or
(b) The required delivery to the state followed by immediate proceedings for the taking of title; or
(c) Completion of proceedings in RSA 471-C:30 followed by payment or delivery of property to the appropriate county treasurer.
VIII. "Financial organization" means a savings and loan association, cooperative bank, building and loan association, or credit union.
IX. "Holder" means a person, wherever organized or domiciled, who is:
(a) In possession of property belonging to another;
(b) A trustee; or
(c) Indebted to another on an obligation.
X. "Insurance company" means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life, including endowments and annuities, malpractice, marine, mortgage, surety, and protection insurance.
XI. "Intangible property" includes:
(a) Moneys, checks, drafts, deposits, interest, dividends, and income;
(b) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;
(c) Stocks and other intangible ownership interests in business associations;
(d) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(e) Amounts due and payable under the terms of insurance policies, except amounts due under claims instruments which require acceptance by the claimant or which, by their terms, are void if not presented within a definite time; and
(f) Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.
XII. "Last known address" means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail.
XIII. "Owner" means a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his legal representative.
XIV. "Person" means an individual, business association, state or other government, governmental subdivision or agency, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity.
XV. "State" means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States.
XVI. "Utility" means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas.
Source. 1986, 204:1. 1990, 105:1. 1995, 84:2, eff. July 15, 1995.
471-C:2 Property Presumed Abandoned.
I. Except as otherwise provided in this chapter, all intangible property, including any income or increment derived from it, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than 5 years after it became payable or distributable is presumed abandoned.
II. Property is payable or distributable for the purpose of this chapter notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.
Source. 1986, 204:1. 1995, 295:1, eff. Aug. 20, 1995.
471-C:3 General Conditions Precedent to Presumption of Abandonment.
Unless otherwise provided, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under RSA 471-C:2 or RSA 471-C:5-18 are satisfied and:
I. The last known address, as shown on the records of the holder, of the apparent owner is in this state;
II. The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last known address of the person entitled to the property is in this state;
III. The records of the holder do not reflect the last known address of the apparent owner, and it is established that:
(a) The last known address of the person entitled to the property is in this state; or
(b) The holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last known address of the apparent owner or other person entitled to the property;
IV. The last known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property and the holder is a domiciliary or a government or governmental subdivision or agency of this state;
V. The last known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or
VI. The transaction out of which the property arose occurred in this state; and
(a) The last known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property; and
(b) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
VII. (a) Unless otherwise provided by law, intangible property is subject to the custody of this state as unclaimed property awaiting claim by another state pursuant to RSA 471-C:27, I(b), if the conditions raising a presumption of abandonment under RSA 471-C:2 or RSA 471-C:5-18 are satisfied and the last known address of the apparent owner, as shown on the records of the holder, is in another state.
(b) Tangible and intangible property awaiting claim by another state pursuant to RSA 471-C:27, I(b) shall be reported to the administrator, subject to the dormancy periods set forth in this chapter, in accordance with the requirements of RSA 471-C:19.
Source. 1986, 204:1. 1988, 256:1. 1999, 212:1, eff. Sept. 4, 1999.
471-C:4 Travelers Checks and Money Orders.
I. Subject to paragraph IV, any sum payable on a travelers check that has been outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
II. Subject to paragraph IV, any sum payable on a money order or similar written instrument, other than a third-party check, that has been outstanding for more than 7 years after its issuance is presumed abandoned unless the owner, within 7 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
III. A holder may not deduct from the amount of a travelers check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them.
IV. No sum payable on a travelers check, money order, or similar written instrument, other than a third-party bank check, described in paragraphs I and II may be subjected to the custody of this state as unclaimed property unless:
(a) The records of the issuer show that the travelers check, money order, or similar written instrument was purchased in this state;
(b) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order, or similar written instrument was purchased; or
(c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.
V. Notwithstanding any other provision of this chapter, paragraph IV applies to sums payable on travelers checks, money orders, and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:5 Checks, Drafts and Similar Instruments Issued or Certified by Banking and Financial Organizations.
I. Any sum payable on a check, draft, or similar instrument, except those subject to RSA 471-C:4 on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than 5 years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within 5 years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.
II. A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.
Source. 1986, 204:1. 1995, 295:3, eff. Aug. 20, 1995.
471-C:6 Bank Deposits and Funds in Financial Organizations.
I. Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or other interest in a banking or financial organization is presumed abandoned unless the owner, within 5 years has:
(a) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;
(b) Communicated in writing with the banking or financial organization concerning the property;
(c) 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;
(d) Owned other property to which subparagraph (a), (b), or (c) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subparagraph at the address to which communications regarding the other property regularly are sent; or
(e) Had another relationship with the banking or financial organization concerning which the owner has:
(1) Communicated in writing with the banking or financial organization; or
(2) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this section at the address to which communications regarding the other relationship regularly are sent.
II. For purposes of paragraph I property includes interest and dividends.
III. A holder may not impose with respect to property described in paragraph I any charge due to dormancy or inactivity or cease payment of interest unless:
(a) There is an enforceable written contract between the holder and the owner of the property pursuant to which the holder may impose a charge or cease payment of interest;
(b) For property in excess of $2, the holder, no more than 3 months before the initial imposition of those charges or cessation of interest, has given written notice to the owner of the amount of those charges at the last known address of the owner stating that those charges will be imposed or that interest will cease, but the notice provided in this section need not be given with respect to charges imposed or interest ceased before January 1, 1987; and
(c) The holder regularly imposes such charges or ceases payment of interest and does not regularly reverse or otherwise cancel them or retroactively credit interest with respect to the property.
IV. Any property described in paragraph I that is automatically renewable is matured for purposes of paragraph I upon the expiration of its initial time period, but in the case of any renewal to which the owner consents 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 matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in paragraph I 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.
Source. 1986, 204:1. 1995, 295:4, eff. Aug. 20, 1995.
471-C:7 Funds Owing Under Life Insurance Policies.
I. Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 5 years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in subparagraph III(b) is presumed abandoned if unclaimed for more than 2 years.
II. If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.
III. For the purposes of this chapter, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:
(a) The company knows that the insured or annuitant has died; or
(b) The insured has attained, or would have attained if the insured were living, the limiting age under the mortality table on which the reserve is based;
(1) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in this subparagraph; and
(2) Neither the insured nor any other person appearing to have an interest in the policy within the preceding 2 years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.
IV. For purposes of this chapter, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under paragraph I if the insured or the beneficiary of the policy otherwise has become entitled to the proceeds thereof before the depletion of the cash surrender by the application of those provisions.
V. If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder's correct address to which the notice must be mailed.
VI. Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within 4 months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
VII. Commencing 2 years after January 1, 1987, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:
(a) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;
(b) The address of each beneficiary; and
(c) The relationship of each beneficiary to the insured.
Source. 1986, 204:1. 1995, 84:3, eff. July 15, 1995.
471-C:7-a Unclaimed Demutualization Proceeds. Unclaimed property payable or distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company is presumed abandoned 2 years after the date of demutualization, unless the owner, during the 2 years following the date of demutualization, has communicated with the insurance company either in writing or through other communication which is evidenced by a contemporaneous record on file with the insurance company, concerning the demutualization proceeds.
Source. 2003, 218:5, eff. Aug. 30, 2003.
471-C:8 Deposits and Other Payments as Held by Utilities.
I. A deposit, including any interest thereon, made by a subscriber with a utility to secure payment or any sum paid for utility services less any lawful deductions, that is due and owing but remains unclaimed by the owner for more than one year after termination of the services for which the deposit or payment was made is presumed abandoned.
II. The public utilities commission may certify that a utility is participating in a financial assistance program which assists the utility's low income and disadvantaged customers with their utility bill. Upon certification to the administrator, the utility shall pay 85 percent of the funds which would have been presumed to be abandoned under paragraph I to the financial assistance program certified by the public utilities commission. The utility shall remain obligated to file its report of such abandoned property as required by RSA 471-C:19, and shall remit the remaining 15 percent of the funds with the report required under RSA 471-C:21, I to be used to compensate the administrator for the costs of notice and publication under RSA 471-C:20.
III. The provisions of paragraph II shall not apply to a public utility operating or managing any plant or equipment or any part of the same for the conveyance of telephone or telegraph messages.
IV. [Repealed.]
Source. 1986, 204:1. 1994, 213:1. 2004, 132:3. 2006, 266:1, eff. Aug. 8, 2006. 2021, 19:4, II, eff. July 5, 2021.
471-C:9 Refunds Held by Business Associations. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one year after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:10 Stock and Other Intangible Interests in Business Associations.
I. Stock or other equity interest in a business association other than a consumers' cooperative association, is presumed abandoned 3 years after the earliest of:
(a) The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner; or
(b) The date a statement of account or other notification or communication was returned as undeliverable.
II. Paragraph I applies to the underlying stock, share, or other intangible ownership interest of an owner, as well as to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate. At the time the property is presumed abandoned, any other property right accrued or accruing to the owner as the result of the property interest and not previously presumed abandoned, is also presumed abandoned.
III. The running of the 3-year period of abandonment ceases immediately if the apparent owner has:
(a) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(b) Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee or authorized agent of the association.
(c) Presented an instrument issued to pay interest or a dividend or other cash distribution. If any future dividend, distribution, or other sum payable to the owner as a result of the ownership interest is subsequently not claimed by the owner a new period in which the property is presumed abandoned commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.
IV. Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owing by a business association for or to its shareholder, certificate holder, member, or holder of other equity interest who has not claimed it, or corresponded in writing with the business association concerning it, within 3 years after the date prescribed for payment or delivery, is presumed unclaimed.
Source. 1986, 204:1. 1990, 105:16, I. 1995, 295:5-7. 2001, 197:6. 2008, 120:27, eff. Aug. 2, 2008.
471-C:11 Property of Business Associations Held in Course of Dissolution. Intangible property distributable in the course of a dissolution of a business association which remains unclaimed by the owner for more than one year after the date specified for final distribution is presumed abandoned.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:12 Property Held by Agents and Fiduciaries.
I. 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 5 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.
II. 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 Code of the United States are not payable or distributable within the meaning of paragraph I unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
III. 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 such person and the business association provides otherwise.
IV. For the purposes of this chapter, 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.
Source. 1986, 204:1. 1995, 84:4, eff. July 15, 1995.
471-C:13 Property Held in Police Department Property Rooms.
I. Notwithstanding any other provisions of law to the contrary, all noncontraband abandoned or lost personal property which has a value of $250 or more and which has been held in a police department or sheriff's office property room for a period of at least 180 days, or which has a value of less than $250 and has been held for a period of at least 90 days, may be disposed of by the police department or sheriff's office by returning it to the finder, if known, if the finder was other than a police officer or a sheriff who discovered the property during the course of the police officer's or sheriff's usual police duties. If the property cannot be returned to the finder, the property shall be sold at public auction with the proceeds to be turned over to the town or city treasurer, except that any bicycle which has been held in a police department or sheriff's office property room for a period of 90 days or more shall be sold at public auction with the proceeds to be used for the support of local bicycle safety programs, or, if no local bicycle safety programs are available, then with the consent of the local governing body, to be used for any other purpose. The police department or sheriff's office shall be relieved of all liability for any claim thereafter arising or made with respect to property disposed of under this section. A good faith judgment of the value of the property by the police department or sheriff's office shall be determinative for purposes of this section.
II. If the noncontraband abandoned or lost personal property cannot be returned under paragraph I, and if it is determined in good faith by the police department or sheriff's office to be of no monetary value, then such property may be destroyed or disposed of as directed by the chief of police for the department or the chief's designee, or the county sheriff or the sheriff's designee.
Source. 1986, 204:1. 1995, 84:5; 295:18. 2000, 237:2. 2005, 48:1, eff. July 22, 2005. 2021, 140:1, eff. Sept. 21, 2021.
471-C:13-a Property Held in Airport Property Rooms.
I. Notwithstanding any other provisions of law to the contrary, an airport director or designee may dispose of all noncontraband abandoned or lost property that has been held in an airport property room for a period of 180 days and not claimed by the owner. If the owner is unknown or if the owner fails to claim the property within 60 days of being notified to claim the property, the airport director or designee may:
(a) Destroy abandoned or lost property which may contain personal or business information, or property which has a value of less than $25.
(b) Return currency to an identified finder. The identified finder shall claim the currency within 60 days of being notified to claim the currency, otherwise said currency shall be retained by the airport for its use in aeronautical activities.
II. (a) An airport director or designee may dispose of all noncontraband abandoned or lost property that has been held in an airport property room for a period of 180 days which the airport director or his or her designee has not been able to dispose of under paragraph I by:
(1) Donating property which may be of value to a charitable organization to charity; or
(2) Selling the property at public auction. The airport director or designee shall fix a day upon which the auction shall take place, and give notice thereof by publication in a daily newspaper. The notice shall state the date, time, and place when such auction shall commence and shall contain a general description of the types of property to be sold. The notice shall be signed by an airport director or designee. The proceeds of such auction shall be retained by the airport for its use in aeronautical activities or donated to the state aeronautical fund; or
(3) Selling the property on an internet auction site with sufficient buyer participation to ensure that the property receives adequate exposure to the market for goods of the type being disposed of. The proceeds of such auction shall be retained by the airport for its use in aeronautical activities or donated to the state aeronautical fund.
(b) Property which fails to sell at public auction or on an internet auction site may be disposed of in any manner which the airport director or designee deems fit.
III. The airport and the state, municipality, authority, or other entity which owns or manages the airport shall have no liability for any claim thereafter arising or made with respect to property disposed of under this section.
Source. 2011, 224:376, eff. July 1, 2011.
471-C:14 Property Held in State Agency Storage Rooms. Notwithstanding any other law to the contrary, all noncontraband abandoned or lost property having a value of less than $250 which has been held in a state agency storage room for a period of at least 60 days may be disposed of by the state agency after the agency has made a good faith effort to return the property to the owner, if known. If the owner cannot be determined or the property cannot be returned for any other reason, the property shall be transferred to the department of administrative services, division of procurement and support services to be sold at public auction with the proceeds to be turned over to the state treasurer. The state shall be free of all liability for any claim thereafter arising or made with respect to property disposed of under this section.
Source. 1986, 204:1. 2014, 327:67, eff. Aug. 2, 2014.
471-C:15 Intangible Property Held by Courts and Public Agencies. Intangible property held for the owner by a court, state or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than 3 years after becoming payable or distributable is presumed abandoned.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:15-a Disposal of Unclaimed Property by the Courts.
Notwithstanding any law to the contrary:
I. [Repealed.]
II. A court which is holding lost, abandoned, or unclaimed property subject to this chapter may dispose of it in accordance with procedures established by the supreme court.
Source. 1988, 256:2. 1993, 190:15. 1995, 295:19, 20, eff. Aug. 20, 1995.
471-C:16 Gift Certificates and Store Credits. Notwithstanding any law to the contrary, gift certificates of $250 or less, and store credits that were issued for store merchandise credit, regardless of when issued, shall not be property presumed abandoned and shall not be subject to RSA 471-C or any other past or present law. All gift certificates and store credits remitted to the state prior to January 1, 2018, and gift certificates and store credits that are properly determined to be reportable in any compliance audits initiated prior to January 1, 2018 and subsequently remitted, shall remain in the custody of the state unless and until returned to the owner. This section shall not apply to season passes or coupons that are nonrefundable and nonredeemable.
Source. 1986, 204:1. 1995, 295:8. 1997, 302:3. 2004, 228:2. 2017, 105:3, eff. Jan. 1, 2018.
471-C:17 Wages. Unpaid wages, including wages represented by un-presented payroll checks, owing in the ordinary course of the holder's business which remain unclaimed by the owner for more than one year after becoming payable are presumed abandoned.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:18 Contents of Safe Deposit Box or Other Safekeeping Repository. All tangible and intangible property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than 5 years after the lease or rental period on the box or other repository has expired, are presumed abandoned.
Source. 1986, 204:1. 1995, 295:9, eff. Aug. 20, 1995.
471-C:19 Report of Abandoned Property.
I. A person holding property, tangible or intangible, 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. Reports containing 20 or more items shall be remitted in an electronic format as prescribed by the administrator. The administrator may waive this requirement when he or she determines that it creates an undue hardship.
II. The report shall be notarized and shall include:
(a) 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 $50 or more presumed abandoned under this chapter;
(b) In the case of the unclaimed funds of $50 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;
(c) 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;
(d) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, but items of value under $50 each may be reported in the aggregate;
(e) 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
(f) Other information the administrator prescribes by rules adopted, pursuant to RSA 541-A, relative to the administration of this chapter.
III. 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 has changed such holder's name while holding the property, the holder shall file with the holder's report all known names and addresses of each previous holder of the property.
IV. The report shall be filed before November 1 of each year for property presumed to be abandoned as of June 30 of that year, but the report of any insurance company, including the report of unclaimed demutualization proceeds under RSA 471-C:7-a, shall be filed before May 1 of each year for funds owing under insurance policies presumed to be abandoned as of December 31 of the preceding year. On written request by any person required to file a report, the administrator may postpone the reporting date.
V. Not more than 120 days before filing the report required by this section, the holder in possession of property abandoned and subject to custody as unclaimed property under this chapter, except for demutualization proceeds under RSA 471-C:7-a, shall send written notice to the apparent owner at such owner's last known address informing the owner that the holder is in possession of property subject to this chapter if:
(a) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;
(b) The claim of the apparent owner is not barred by the statute of limitations; and
(c) The property has a value of $50 or more.
Source. 1986, 204:1. 1990, 105:2, 3. 1995, 84:6; 295:10-12. 2003, 218:6. 2008, 120:28, eff. Aug. 2, 2008.
471-C:20 Notice and Publication of Lists of Abandoned Property.
I. The administrator shall publish a notice not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the administrator or as required by RSA 471-C:19 at least once a week for 2 consecutive weeks in a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice. If no address is listed or the address is outside this state, the notice must be published in the county in which the holder of the property has its principal place of business within this state.
II. The published notice shall be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property" and shall contain:
(a) The names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice within the county as specified in paragraph I.
(b) A statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator.
(c) [Repealed.]
III. The administrator is not required to publish in the notice any items of less than $50 unless the administrator considers their publication to be in the public interest.
IV. Not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the administrator as required by RSA 471-C:19, the administrator shall mail a notice to each person whose last known address is listed in the report and who appears to be entitled to property of the value of $50 or more presumed abandoned under this chapter and any beneficiary of an insurance policy or annuity contract for whom the administrator has a last known address.
V. The mailed notice must contain:
(a) A statement that, according to a report filed with the administrator, property is being held to which the addressee appears entitled;
(b) The name and last known address of the person holding the property and any necessary information regarding the changes of name and last known address of the holder; and
(c) A statement that, if satisfactory proof of claim is not presented by the owner to the holder by the date specified in the published notice, the property will be placed in the custody of the administrator and all further claims must be directed to the administrator.
VI. This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under RSA 471-C:4.
VII. Any information or records required to be furnished to the division of abandoned property shall be confidential except as is otherwise necessary in the proper administration of this chapter. Notwithstanding any other provision of law, any identifying information set forth in any report, record, claim, or other document submitted to the treasurer pursuant to this chapter concerning unclaimed or abandoned property is a confidential record and shall be made available for public examination or copying only in the discretion of the treasurer or the treasurer's designee.
Source. 1986, 204:1. 1990, 105:4-6, 16, II. 1995; 295:13, 14. 1999, 212:2, 3. 2008, 120:29, eff. Aug. 2, 2008.
471-C:21 Payment or Delivery of Abandoned Property.
I. A person who is required to file a report under RSA 471-C:19 shall pay or deliver to the administrator all abandoned property required to be reported at the time of filing the report except as otherwise provided in RSA 471-C:8, II and IV.
II, III. [Repealed.]
IV. The holder of an interest under RSA 471-C:10 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provisions of RSA 471-C:22 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate.
Source. 1986, 204:1. 1990, 105:7, 16, III. 1994, 213:2. 2004, 132:4, eff. July 1, 2005.
471-C:22 Custody by State; Holder Relieved From Liability; Reimbursement of Holder Paying Claims; Reclaiming for Owner; Defense of Holder; Payment of Safe Deposit Box or Repository Charges.
I. Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.
II. A holder who has paid money to the administrator pursuant to this chapter may make payment to any person appearing to the holder to be entitled to payment and, upon filing proof of payment and proof that the payee was entitled thereto, the administrator shall promptly reimburse the holder for the payment without imposing any fee or other charge. If reimbursement is sought for a payment made on a negotiable instrument, including a travelers check or money order, the holder shall be reimbursed under this paragraph upon filing proof that the instrument was duly presented and that payment was made to a person who appeared to the holder to be entitled to payment. The holder shall be reimbursed for payment made under this paragraph even if the payment was made to a person whose claim was barred under RSA 471-C:33, I.
III. A holder who has delivered property, including a certificate of any interest in a business association, other than money to the administrator pursuant to this chapter may reclaim the property if still in the possession of the administrator, without paying any fee or other charge, upon filing proof that the owner has claimed the property from the holder.
IV. The administrator may accept the holder's affidavit as sufficient proof of the facts that entitle the holder to recover money and property under this section.
V. If the holder pays or delivers property to the administrator in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the administrator, upon written notice of the claim, shall defend the holder against the claim and indemnify the holder against any liability on the claim.
VI. For the purposes of this section, "good faith" means that:
(a) Payment or delivery was made in a reasonable attempt to comply with this chapter;
(b) The person delivering the property was not a fiduciary then in breach of trust in respect to the property and had a reasonable basis for believing, based on the facts then known to the person, that the property was abandoned for the purposes of this chapter; and
(c) There is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.
VII. Property removed from a safe deposit or other safekeeping repository is received by the administrator subject to the holder's right under this paragraph to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator's selling cost.
Source. 1986, 204:1. 1995, 84:7, eff. July 15, 1995.
471-C:23 Crediting of Dividends, Interest, or Increments to Owner's Account. Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereof into money.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:24 Public Sale of Abandoned Property.
I. Except as provided in paragraphs II and III, the administrator, within one year after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property it need not be offered for sale. Any sale held under this section shall be preceded by notice sent via regular mail to the last known address of the property owner at least 30 days in advance of sale and a single publication of notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
II. Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
III. Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under RSA 471-C:10, delivered to the administrator shall be held for at least one year before the administrator may sell them. Sales of securities shall be preceded by regular mail notice as set forth in paragraph I.
IV. Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under RSA 471-C:10 and delivered to the administrator shall be held for at least one year before the administrator may sell them. If the administrator sells any securities delivered pursuant to RSA 471-C:10 before the expiration of the one-year period, any person making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees pursuant to RSA 471-C:25, II. A person making a claim under this chapter after the expiration of this period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from sale, less any amount deducted pursuant to RSA 471-C:25, II, but no person has any claim under this chapter against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.
V. The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership.
Source. 1986, 204:1. 1990, 105:8, 9. 1995, 84:8. 2008, 120:30, eff. Aug. 2, 2008.
471-C:25 Deposit of Funds.
I. Except as otherwise provided by this section, the administrator shall promptly deposit in the general fund of this state all funds received under this chapter, including the proceeds from the sale of abandoned property under RSA 471-C:24; provided, however, that in the case of funds which originated from the highway fund or fish and game fund, any such funds received under this chapter shall be deposited in the fund from which they originated. The administrator shall retain in a separate fund an amount sufficient to make prompt payment of claims duly allowed. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and, with respect to each policy or contract listed in the report of an insurance company, its number and the name of the company. The record must be available for public inspection at all reasonable business hours.
II. Before making any deposit to the credit of the general fund or county treasurer as provided in paragraph I, the administrator may deduct any costs incurred in connection with the administration of this chapter; provided, however, that costs incurred in the effectuation of RSA 471-C:30 shall be allowed as set forth in RSA 471-C:30, II.
Source. 1986, 204:1. 1989, 408:72. 1990, 105:10. 1999, 212:4, eff. Jan. 1, 2000.
471-C:26 Filing of Claim With Administrator.
I. (a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.
(b) A person claiming an abandoned utility deposit or any other abandoned property under the provisions of RSA 471-C:8 that was not deposited with the administrator pursuant to RSA 471-C:8, II or IV, may file a claim on a form prescribed by the administrator and verified by the claimant. Any claim paid by the administrator under this paragraph, shall be reimbursable by the utility company which originally reported the property as abandoned.
(c) If the administrator holds unclaimed property in the name of a deceased owner, the administrator may consider claims to the property as follows:
(1) In the case of an open estate, by the administrator or executor appointed by the probate court.
(2) Except as provided in subparagraphs (5)-(7), in the case of a closed estate where the unclaimed property is valued at less than $10,000 and does not include securities in share form, in accordance with the final distribution of assets as approved by the probate court.
(3) Except as provided in subparagraphs (5)-(7), in the absence of an open estate or probate court decree of final distribution, and the unclaimed property is valued at less than $10,000 and does not include securities in share form, by the surviving spouse of the deceased owner, or, if there is no surviving spouse, then to the next of kin in accordance with the provisions of RSA 561:1.
(4) In all other instances where the administrator holds property in the name of a deceased owner, a probate estate shall be opened, in an appropriate jurisdiction by the claimant, or other interested party, in order to determine the appropriate distribution of the unclaimed property under the law.
(5) Before distributing any unclaimed property pursuant to subparagraphs (2) and (3), the administrator shall first ensure that the department of health and human services does not have a claim for medical and or financial assistance paid on behalf of the deceased owner.
(6) In the event that the department of health and human services has a claim for medical and or financial assistance paid on behalf of the deceased owner, the department may submit a claim for such assistance using an affidavit developed by the administrator that ensures that:
(A) No individual has moved to probate the deceased owner's estate through which the department could assert its claim or probate administration for the deceased owner had been open and no individual has moved to reopen the estate through which the department could assert its claim;
(B) The department does not believe, based on the information available to it, there are known expenses for the deceased owner's necessary funeral and burial; and
(C) Based on all facts known to the department, its recovery of this abandoned property is not limited by the prohibitions to recovery as set forth in 42 U.S.C. section 1396p and RSA 167:16-a, IV.
(7) If the department of health and human services has made a claim against a deceased owner's unclaimed property as provided in subparagraph (6), under no circumstances shall the administrator distribute to the department more than the claimed amount.
II. The administrator shall consider each claim within 90 days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
III. If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, together with any additional amount required by RSA 471-C:23.
IV. [Repealed.]
Source. 1986, 204:1. 1990, 105:11, 16, IV. 1994, 213:3. 1995, 84:9. 2004, 132:5. 2008, 120:31. 2010, Sp. Sess., 1:3, 4, eff. June 10, 2010. 2021, 19:5, eff. July 5, 2021; 122:65, eff. July 1, 2021.
471-C:27 Claim of Another State to Recover Property; Procedure.
I. At any time after property has been paid or delivered to the administrator under this chapter, another state may recover the property if:
(a) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this chapter, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(b) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of the state the property has escheated to or become subject to a claim of abandonment by that state;
(c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state;
(d) The property was subjected to custody by this state under RSA 471-C:3, VI and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state; or
(e) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under RSA 471-C:4, and that instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
II. The claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim if the administrator determines that the other state is entitled to the abandoned property under paragraph I.
III. The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.
Source. 1986, 204:1. 1995, 84:10, eff. July 15, 1995.
471-C:28 Action to Establish Claim. A person aggrieved by a decision of the administrator or whose claim has not been acted upon within 90 days after its filing may bring an action to establish the claim in the Merrimack county superior court, naming the administrator as a defendant. The action must be brought within 90 days after the decision of the administrator or within 180 days after the filing of the claim if the administrator has failed to act on it.
Source. 1986, 204:1. 1995, 84:11, eff. July 15, 1995.
471-C:29 Election to Take Payment or Delivery.
I. The administrator may decline to receive any property reported under this chapter which the administrator considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified within 120 days after filing the report required under RSA 471-C:19.
II. A holder, with the written consent of the administrator and upon conditions and terms prescribed by the administrator, may report and deliver property before the property is presumed abandoned. Property delivered under this paragraph must be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this chapter.
Source. 1986, 204:1. 1995, 84:12, eff. July 15, 1995.
471-C:30 Escheat Proceedings.
I. Within 36 months after the close of the state's fiscal year in which any property presumed abandoned under this chapter is paid or delivered to the administrator, if no claim for the property has been made and established by any person, not including another state, entitled to the property and notice pursuant to RSA 471-C:20 has occurred, the administrator shall pay or deliver all such property to the appropriate county treasurer as required under RSA 471-C:31, subject to the state deduction under paragraph II.
II. Before the administrator pays or delivers the property to the general fund or the appropriate county treasurer as required under paragraph I and RSA 471-C:31, the administrator shall retain 15 percent of the amount to be returned as a deduction for any costs and service charges which the state shall incur in escheat proceedings or with respect to reimbursements made pursuant to paragraph III. The administrator shall deposit this sum in the general fund.
III. Notwithstanding any other provision of this chapter, the provisions of this section shall not be applicable to any holder of a travelers check, bearer bond, or money order who has paid money to the administrator pursuant to this chapter and who subsequently makes payment to any other person appearing to the holder to be entitled to payment. Upon filing proof of payment that the payee was entitled thereto, the administrator shall promptly reimburse such holder for such payment without imposing any fee or other charge.
Source. 1986, 204:1. 1988, 256:3. 1990, 105:12. 1995, 84:13, 14; 295:15, 16. 1997, 208:15, 16. 1999, 212:5. 2008, 120:32, eff. Aug. 2, 2008.
471-C:31 Final Disposition.
I. As used in this section, "appropriate county treasurer" means the treasurer of the county where the holder was located at the time the property under this chapter was delivered to the administrator under RSA 471-C:21.
II. Following completion of the proceedings specified in RSA 471-C:30, the administrator shall pay or deliver all property escheated under this chapter to the appropriate county treasurer who shall deposit such property in the county treasury; provided, however, that the administrator shall not pay or deliver the income earned from the working capital fund or any amounts received from out-of-state holders to the counties. The administrator shall reduce amounts paid to the counties under this section for subsequent claims asserted under RSA 471-C:31-a, if such amounts have previously escheated to the counties.
III. Property delivered from out-of-state holders shall escheat to the general fund.
Source. 1986, 204:1. 1989, 408:73. 1995, 84:1. 1999, 212:6, eff. Jan. 1, 2000.
471-C:31-a Subsequent Claims. For periods after January 1, 1985, any owner who comes forward to make a claim for assets which have escheated to the state or counties may petition for payment of those assets. Upon receiving sufficient proof of the validity of such owner claim , the administrator shall pay such claim to the owner in accordance with the provisions of this chapter. For funds requested and approved, the governor is authorized to draw a warrant from any money in the treasury not otherwise appropriated.
Source. 1993, 310:1. 1995, 84:15, eff. July 15, 1995. 2023, 79:108, eff. July 1, 2023.
471-C:32 Destruction or Disposition of Property Having Insubstantial Commercial Value; Immunity From Liability. If the administrator determines after investigation that any property delivered under this chapter has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator pursuant to this section.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:33 Periods of Limitation.
I. The expiration, before or after January 1, 1987, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this chapter.
II. Notwithstanding any other provision of law, the expiration of any period of time specified by law, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, shall not serve as a defense in any action or proceeding brought by or on behalf of the administrator against any federal, state or local government or governmental subdivision, agency, entity, officer or appointee for the payment or delivery of any abandoned property to the administrator pursuant to this chapter or to enforce or collect any penalty provided by this chapter.
III. Paragraph II shall apply to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee on or after April 13, 1990, regardless of when such property shall be deemed presumptively abandoned.
Source. 1986, 204:1. 1990, 105:14, eff. April 13, 1990.
471-C:34 Requests for Reports and Examination of Records.
I. The administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.
II. The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under this chapter.
III. If a person is treated under RSA 471-C:12 as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator, pursuant to paragraph II, may examine the records of the person if the administrator has given the notice required by paragraph II to both the person and the business association at least 90 days before the examination.
IV. If an examination of the records of a person results in the disclosure of property reportable and deliverable under this chapter, the administrator may assess the cost of the examination against the holder at the current rate established in RSA 383:11 for each examiner, but in no case may the charges exceed the value of the property found to be reportable and deliverable. The cost of examination made pursuant to paragraph III may be imposed only against the business association.
V. If a holder fails after January 1, 1987 to maintain the records required by RSA 471-C:35 and the records of the holder available for the periods subject to this chapter are insufficient to permit the preparation of a report, the administrator may require the holder to report and pay such amounts as may reasonably be estimated from any available records.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:35 Retention of Records.
I. Every holder required to file a report under RSA 471-C:19, as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for 10 years after the property becomes reportable, except to the extent that a shorter time is provided in paragraph II or by rule of the administrator.
II. Any business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain out-standing, indicating the state and date of issue for 3 years after the date the property is reportable.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:36 Enforcement. The administrator may bring an action on behalf of the state in the superior court for Merrimack county or in any federal court with jurisdiction to enforce this chapter.
Source. 1986, 204:1. 1990, 105:15, eff. April 13, 1990.
471-C:37 Interstate Agreements and Cooperation; Joint and Reciprocal Actions With Other States.
I. The administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that it or another state may be entitled to subject to a claim of custody. The administrator, by rules adopted pursuant to RSA 541-A, may require the reporting of information needed to enable compliance with agreements made pursuant to this section and may prescribe the form.
II. To avoid conflicts between the administrator's procedures and the procedures of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act, the administrator, so far as is consistent with the purposes, policies, and provisions of this chapter, before adopting, amending, or repealing rules, shall advise and consult with administrators in other jurisdictions that enact substantially the Uniform Unclaimed Property Act and take into consideration the rules of administrators in other jurisdictions that enact the Uniform Unclaimed Property Act.
III. The administrator may join with other states to seek enforcement of this chapter against any person who is or may be holding property reportable under this chapter.
IV. At the request of another state, the attorney general of this state may bring an action in the name of the administrator of the other state in any court of competent jurisdiction to enforce the unclaimed property laws of the other state against a holder in this state of property subject to escheat or a claim of abandonment by the other state, if the other state has agreed to pay expenses incurred by the attorney general in bringing the action.
V. The administrator may request that the attorney general of another state or any other person bring an action in the name of the administrator in the other state. This state shall pay all expenses including attorney's fees in any action under this paragraph. The administrator may agree to pay the person bringing the action attorney's fees based in whole or in part on a percentage of the value of any property recovered in the action. Any expenses paid pursuant to this paragraph may not be deducted from the amount that is subject to the claim by the owner under this chapter.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:38 Interest and Penalties.
I. A person who fails to pay or deliver property within the time prescribed by this chapter may be assessed interest by the administrator at the annual rate of 18 percent on the property or value thereof from the date the property should have been paid or delivered, or $25, whichever is greater.
II. A person who willfully fails to render any report or perform other duties required under this chapter may be assessed a civil penalty of $100 for each day the report is withheld or the duty is not performed, but not more than $5,000.
III. A person who willfully fails to pay or deliver property to the administrator as required under this chapter shall pay a civil penalty equal to 25 percent of the value of the property that should have been paid or delivered.
IV. A person who willfully refuses after written demand by the administrator to pay or deliver property to the administrator as required under this chapter is guilty of a misdemeanor.
Source. 1986, 204:1. 1995, 295:2. 1999, 212:7, eff. Jan. 1, 2000.
471-C:39 Agreement to Locate, Deliver, or Recover Reported Property.
I. All agreements to pay compensation to locate, deliver, recover, or assist in the recovery of property reported under RSA 471-C:19, made within 24 months after the date payment or delivery is made under RSA 471-C:21, are unenforceable.
II. An agreement to pay compensation to recover or assist in the recovery of unclaimed property shall be valid only if the agreement is in writing and signed by the apparent owner, sets forth the nature and value of the property and the value of the apparent owner's share after the fee or compensation has been deducted, and contains the following disclosure: "Each state maintains an office of abandoned property. Generally, if for a number of years an owner of property has not communicated in writing directly with the holder of the property and has not otherwise indicated an interest in the property, the property may be transferred to the office of abandoned property which will act as custodian of the property for the owner."
III. Nothing in this section shall be construed to prevent an owner from asserting at any time that an agreement to locate property is based upon an excessive or unjust consideration.
Source. 1986, 204:1. 1995, 230:1, eff. Jan. 1, 1996.
471-C:40 Foreign Transactions. This chapter does not apply to any property held, due and owing in a foreign country, and arising out of foreign transactions.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:41 Effect of New Provisions.
I. This chapter does not relieve a holder of a duty that arose before January 1, 1987, to report, pay, or deliver property. A holder who did not comply with the law in effect before January 1, 1987, shall be subject to the applicable enforcement and penalty provisions that then existed and they are continued in effect for the purpose of this paragraph, subject to RSA 471-C:33, II.
II. The initial report filed under this chapter for property that was not required to be reported before January 1, 1987, shall include all items of property that would have been presumed abandoned during the 10-year period preceding January 1, 1987, as if this chapter had been in effect during that period.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:42 Rulemaking. The administrator may adopt rules, pursuant to RSA 541-A, necessary to carry out the provisions of this chapter.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:43 Severability. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
Source. 1986, 204:1, eff. Jan. 1, 1987.
471-C:44 Unclaimed United States Savings Bonds.
I. In this section, "United States savings bond" means property, tangible or intangible, in the form of a savings bond issued by the United States treasury whether in paper form, electronic, or paperless form, along with all proceeds thereof.
II. Notwithstanding any other provision of law, United States savings bonds held or owing in this state by any person, or issued or owed in the course of a holder's business, or by a state or other government, governmental subdivision, agency, or instrumentality, and all proceeds thereof, shall be presumed abandoned and unclaimed in this state if:
(a) The last known address of the owner of the United States savings bond is in New Hampshire; and
(b) The United States savings bond has remained unclaimed and unredeemed for 5 years after final maturity.
III. United States savings bonds which are presumed abandoned and unclaimed under paragraph II, including bonds in the possession of the administrator, and those lost, stolen, or destroyed bonds registered to persons with last known addresses in the state, shall escheat to the state of New Hampshire one year after such bonds are presumed abandoned, and all property rights and legal title to and ownership of the United States savings bonds or proceeds from the bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest solely in the state of New Hampshire according to the procedure set forth in paragraphs IV and IX.
IV. Within 180 days after the one year prescribed in paragraph III, if no claim has been filed with the administrator for such United States savings bonds, the administrator may commence a civil action in the Merrimack County superior court, or in any other court of competent jurisdiction, for a determination that such United States savings bonds shall escheat to the state of New Hampshire. The administrator may postpone the bringing of such action until sufficient United States savings bonds have accumulated in the administrator's custody to justify the expense of such proceedings.
V. The administrator shall make service by publication of the civil action in accordance with RSA 471-C:20.
VI. Before service by publication as required by paragraph V of this section can be made, the administrator shall file with the court an affidavit or a declaration stating all of the following facts that apply:
(a) The residences of all named persons sought to be served, if known, and the names of all persons whose residences are unknown after reasonable effort to ascertain them and the specific efforts made to ascertain their residences.
(b) The affiant or declarant has made a reasonable but unsuccessful effort to ascertain the names and residences of any person or persons sought to be served as unknown parties and the specific efforts made to ascertain the names and residences.
(c) The affiant or declarant seeking service by publication is unable to obtain service of summons on the person or persons in this state.
(d) The affiant or declarant seeking service by publication sent notice by certified mail to the last known address in New Hampshire of the person or persons of their ability to make a claim.
VII. If no person files a claim with the administrator or appears at the court hearing to substantiate a claim or where the court determines that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of the state of New Hampshire, shall enter a judgment that the subject United States savings bonds, registered to persons with last known addresses in the state, have escheated to the state of New Hampshire, and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers, and privileges of survivorship of any owner, co-owner or beneficiary, shall vest in the state of New Hampshire.
VIII. The administrator shall redeem such United States savings bonds escheated to the state of New Hampshire and when the proceeds which have escheated have been recovered by the administrator, it shall first pay all costs incident to the collection and recovery of such proceeds from the redemption of the United States savings bonds and shall thereafter promptly deposit the remaining balance of such proceeds to the state general fund, to be distributed in accordance with law.
IX. Any person making a claim for the United States savings bonds which have escheated to the state of New Hampshire under this section, or for the proceeds from such bonds which have escheated to the state of New Hampshire, may file a claim with the administrator. Upon providing sufficient proof of the validity of such person's claim, the administrator may pay such claim less any expenses and costs, not to exceed 10 percent of the bond's proceeds, which shall have been incurred by the state in securing full title and ownership of such property by escheat. If payment has been made to any claimant, no action thereafter shall be maintained by any other claimant against the state or any officer thereof, for or on account of such funds.
Source. 2015, 152:1, eff. Aug. 11, 2015.