Missouri Code of State Regulations › Title 15 - ELECTED OFFICIALS › Division 50 - Treasurer › Chapter 3 - Unclaimed Property › Section 15 CSR 50-3.090 - Searching for Owners and Filing of Claims

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Sections 447.500-447.595, RSMo comprise the
				  Missouri Unclaimed Property Act. This rule outlines the procedures on searches
				  for owners of unclaimed property and filing of claims for this
				  property.
(1) Objective of
				Search. A primary objective of the Uniform Disposition of Unclaimed Property
				Act (Act) is the return of property to rightful owners. To this end, the Act
				requires a diligent search and retaining lists of property owners.
(2) Published Notices. Within two hundred
				forty (240) days of the report deadline (May 1, for life insurance companies,
				November 1, for all other entities), the state treasurer will publish the names
				of owners of abandoned property in counties where the last known address is
				Missouri. The notice will be entitled "Notice of Names of Persons Appearing to
				be Owners of Abandoned Property" and it will be published one (1) day for two
				(2) successive weeks in the same newspaper. The notice must be published in
				newspapers of general circulation as defined in section
				493.050,
				RSMo. The notice will contain an alphabetical list of persons believed to be
				owners of the abandoned property valued at fifty dollars ($50) or more, safe
				deposit boxes, stocks, bonds and debentures, and the last known address of the
				owners. The notice will include a statement that, absent a claim, property with
				apparent market value, other than cash, may be sold within one (1)
				year.
(3) Mailed Notices. Within
				one hundred twenty (120) days of the reporting deadline (May 1, for life
				insurance companies, November 1, for all other entities), the division will
				mail a notice to each owner of property valued at fifty dollars ($50) or more,
				safe deposit boxes, stocks, bonds and debentures, who has an apparently valid
				address. The notice will contain a statement indicating that the addressee
				appears to be entitled to property and that if a proof of claim is not
				presented promptly, property with apparent market value, other than cash, may
				be disposed of within one (1) year.
(4) Records of Property. The treasurer will
				compile and retain the name and last known address of all owners of abandoned
				funds or property. The record will reflect other information as may be helpful
				in identifying an owner.
(5)
				Disposition of Property. Proceeds resulting from the liquidation of abandoned
				property with apparent market value shall be deposited in the abandoned fund
				account. Any costs associated with any liquidation shall not reduce the amount
				payable to the owner of the abandoned property.
(6) Interest Accrual on Accounts. If the
				owner would have been entitled interest had the property not been presumed to
				be abandoned, the treasurer shall accrue interest to the property for up to
				seven (7) years. The rate of interest shall compound annually and shall equal
				the year-to-date annualized average rate of return on all funds invested by the
				treasurer for each year of accrual and the previous year's annualized average
				rate of return for the current fiscal year.
(7) Claims.
(A) Claims may be filed on forms which will
				be provided free of charge by the division. Claims may be filed by personal
				delivery or by mailing the claim form to: Unclaimed Property Section, Harry S
				Truman State Office Building, Room 156, P.O. Box 1004, Jefferson City, MO
				65102. Personal delivery is not encouraged due to the costs incurred by the
				claimant and the time consuming nature of the review process; personal delivery
				will not expedite approval or payment of a claim by more than the time
				otherwise used in delivery by mail. A claim will never be barred by lapse of
				time but interest, if any, will not accrue more than seven (7) years after
				delivery to the division (section
				447.565,
				RSMo).
(B) The claim form, or
				subsequent documentation, could include, but not be limited to, the following:
1. Name, address and telephone number of
				claimant;
2. The name and last
				known address of the apparent owner as listed on the state treasurer's
				records;
3. Proof of ownership will
				be required if the claimant is the apparent owner;
4. The names, addresses and telephone numbers
				of all other persons who are potential heirs of the apparent owner, along with
				the sworn statement of claimant that s/he has no knowledge of any other
				potential heirs; and
5. A
				description of the extent to which the apparent owner's estate was administered
				by the probate court.
(C) In addition to the claim form, the
				claimant may be requested to provide the following:
1. In the event that the apparent owner is
				deceased, a copy of the death certificate;
2. In the event that the apparent owner is
				deceased and left a will which was admitted to probate, a copy of the will
				probate;
3. In the event that the
				apparent owner is deceased and letters testamentary were issued, a copy of the
				testamentary letter certified by the probate court;
4. In the event that the apparent owner is
				deceased and a refusal of letters was ordered, a copy of the refusal of letters
				certified by the probate court;
5.
				In the event that the apparent owner is deceased and a final order of
				distribution was entered by the probate court, a copy of the final order of
				distribution certified by the probate court;
6. A copy of claimant's birth certificate
				and, if claimant derives his/her claim through any person who is a descendant
				of the apparent owner, one (1) copy of the birth certificate and death
				certificate of that person;
7. Lost
				certificate affidavit or lost certificate bond may be requested concerning
				stock, bonds or debentures;
8. An
				affidavit or bond may be requested concerning an abandoned cashier's check, if
				the claimant is unable to provide the original check;
9. The treasurer may require any
				documentation, such as death or birth certificates, tax identification numbers,
				drivers licenses, probate records and release agreements to be certified
				copies; and
10. Other documentation
				as the treasurer may require.
(D) If there are heirs or other persons
				having a right to the unclaimed property which right is at least equivalent to
				the right of the claimant, the claimant shall provide a release from that
				person(s) or authorize the treasurer to treat the claim as filed on behalf of
				claimant and all other like persons.
(E) Every claimant shall be required to prove
				by clear and convincing evidence that s/he is entitled to the funds claimed as
				a matter of law.
(F) If a claim is
				allowed, the treasurer shall issue an order approving the claim. If the claim
				includes stock, bonds or debentures, the treasurer will assist the claimant or
				owner in the transfer of the abandoned property in a way mutually agreed upon
				between the claimant and the treasurer.
(G) If the claim is disallowed, the treasurer
				will inform the claimant of the denial and set forth the reasons for the
				disallowance. The claimant shall have thirty (30) days with which to file a
				request for a hearing from the receipt of the denial.
(H) The hearing requested shall be held
				within ninety (90) days of receipt of the request by the treasurer. The hearing
				will be held at the office of the treasurer or in the Missouri county, if any,
				where the unclaimed property was held prior to delivery to the treasurer. The
				hearing shall be conducted by the treasurer or a representative designated by
				the treasurer.
1. Whether the hearing shall
				be recorded shall be determined by the person conducting the hearing provided,
				however, that the claimant shall be entitled to have the hearing suitably
				recorded by filing a request for recording in writing and agreeing to pay the
				expenses.
2. After consideration of
				testimony, evidence and records in the case, the person who conducted the
				hearing shall issue an order accompanied by Findings of Fact allowing or
				disallowing the claim. A copy of the Findings of Fact and order shall be served
				upon all parties or their attorneys of record by certified mail (sections
				447.565
				and
				447.569,
				RSMo).
(I) Agreements to
				Recover Property for Compensation. All agreements to recover property on behalf
				of another for compensation shall be in writing, signed by the claimant or
				property owner and notarized. No such agreement is valid unless the agreement
				discloses the nature and the value of the property in writing and is signed and
				acknowledged by the property owner. All transactions pursuant to valid
				enforceable contracts must be carried out in good faith and all funds due
				owners must be promptly delivered. Breaches by applicants on behalf of others
				will result in the section returning subsequent claims submitted by these
				applicants on behalf of others. Owners or claimants are not barred from
				asserting that these agreements are excessive or unjust. All agreements to pay
				compensation to recover or assist in the recovery of property reported or
				delivered to the treasurer under sections 447.500-447.595, RSMo are subject to
				the following limitations:
1. Any such
				agreement to recover or assist in the recovery of property for compensation
				which is made twelve (12) months after the date of payment or delivery to the
				treasurer is unenforceable;
2. Any
				such agreement to recover or assist in the recovery of property for
				compensation which is made more than twelve (12) months, but less than
				twenty-four (24) months after the date of payment or delivery to the treasurer
				shall be invalid if the compensation for recovery is greater than ten percent
				(10%) of the property at issue;
3.
				Any such agreement to recover or assist in the recovery of property for
				compensation which is made more than twenty-four (24) months, but less than
				thirty-six (36) months after the date of payment or delivery to the treasurer
				is invalid if the compensation for recovery is greater than fifteen percent
				(15%) of the property at issue; and
4. Any such agreement to recover or assist in
				the recovery of property for compensation which is made more than thirty-six
				(36) months after the date of payment or delivery to the treasurer is invalid
				if the compensation for recovery is greater than twenty percent (20%) of the
				property at issue.
(J)
				Registration Requirement. Any person seeking to recover or assist in recovering
				abandoned or unclaimed property for compensation pursuant to sections
				447.500-447.595, must register with the treasurer prior to submitting a claim
				form for such property (section
				447.581,
				RSMo). A claim submitted by any person acting in a representative capacity and
				seeking to recover unclaimed or abandoned property for compensation will be
				deemed invalid unless such person is registered with the treasurer. Any person
				seeking to register under section
				447.581,
				RSMo must meet the following requirements:
1.
				Provide the name, current address, tax identification number or Social Security
				number filed or the person or entity wishing to register;
2. Disclose all names under which the person
				or business operates as an entity seeking to recover or assist in the recovery
				of property for compensation pursuant to sections 447.500-447.595,
				RSMo;
3. Provide a copy of the
				standard fee agreement used in contracting with owners of abandoned or
				unclaimed property, which fee agreement is subject to the approval of the
				treasurer;
4. Certify compliance
				and good standing with the tax, business registration and other regulatory
				requirements of the state of Missouri;
5. Annually recertify compliance with all
				registration requirements; and
6.
				Provide any such additional information the treasurer may request from persons
				wishing to register as the treasurer believes reasonably necessary to protect
				the interests of the original owners of the property, and the citizens of
				Missouri.
(K) Any
				inquiries by an heir finder of the division shall be in writing.