Missouri Code of State Regulations › Title 15 - ELECTED OFFICIALS › Division 50 - Treasurer › Chapter 3 - Unclaimed Property › Section 15 CSR 50-3.030 - Property Deemed Unclaimed

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 provides a general description of
				  the types of property which may be considered unclaimed within the meaning of
				  the Act.
(1) An exhaustive
				list of property which may be deemed unclaimed and therefore subject to the
				custodial care of Missouri by the Uniform Disposition of Unclaimed Property Act
				(Act) would be prohibitively long. The following list details entities and
				provides a general description of the various properties which may be subject
				to the Act and the circumstances under which this may occur:
Entity
Item
Terms of Abandonment
Banking organization, business association or financial
						  organization
Deposits plus interest that would have been due had the
						  owner not abandoned the account, or dividends, minus charges collected by an
						  entity provided the entity gave actual or constructive notice of the charges
						  and the charges are not routinely refunded. Incorrect computations or other
bona fide
errors do not qualify as evidence that usage
						  charge
s
have been routinely refunded.
Owner, within seven (7) years (five (5) years after
						  1/1/2000), has not a) increased or decreased deposit or presented the passbook
						  for credit; or b) corresponded in writing or accepted mail concerning the
						  deposit (mailings can include, but are not limited to, IRS forms, quarterly or
						  monthly statements and renewal notices regarding time deposits such as a
						  certificate of deposit); or c) otherwise indicated an interest in the deposit.
Funds toward shares in a financial organization or
						  deposit plus interest that would have been due had the owner not abandoned the
						  account, or dividends, minus charges collected by an entity provided the entity
						  gave actual or constructive notice of the charges and the charges are not
						  routinely refunded.
Bona fide
errors do not qualify as usage
						  charges.
Owner, within seven (7) years (five (5) years after
						  1/1/2000), has not a) increased or decreased deposit or presented the passbook
						  for credit; b) corresponded in writing or accepted mail concerning the deposit
						  (mailings can include, but are not limited to, IRS forms, quarterly or monthly
						  statements and renewal notices regarding time deposits such as a certificate of
						  deposit); or c) otherwise indicated an interest in the deposit.
Certificates of deposit. The items described are not
						  subject to charges absent a clear contract made at the time of issuance.
Outstanding a minimum of seven (7) years (five (5) years
						  after 1/1/2000) with no correspondence or documented acceptance of mail from
						  the owner. Mailings can include, but are not limited to, IRS forms, quarterly
						  or monthly statements and renewal notices regarding time deposits such as a
						  certificate of deposit. A certificate of deposit is not considered reportable
						  until after its maturity date has been reached.
Money orders, cashier's checks, traveler's checks,
						  payroll checks, expense checks, vendor checks, or similar items
Outstanding a minimum of seven (7) years (five (5) years
						  after 1/1/2000) (except traveler's checks which must be outstanding a minimum
						  of fifteen (15) years and money orders which must be outstanding a minimum of
						  seven (7) years (before and after 1/1/2000)) with no correspondence to issuer
Interest or dividend checks
Outstanding a minimum of seven (7) years (five (5) years
						  after 1/1/2000) with no correspondence to issuer
Contents of safe deposit box or similar repository
Removed for nonpayment of rent, surplus from the sale of
						  contents pursuant to sections 362.485-362.488, RSMo, or both, and unclaimed for
						  seven (7) years (five (5) years after 1/1/2000). Property to be considered
						  abandoned shall consist of contents removed from safe deposit boxes for at
						  least seven (7) years (five (5) years after 1/1/2000), at which time the
						  contents or surplus amounts accruing from a sale shall be reported.
Business associations
Stock or other certificate of ownership, underlying
						  shares, dividends, profits
Unclaimed for seven (7) years (five (5) years after
						  1/1/2000) and a) held or owing by a business organization under Missouri law;
						  or b) due a person with last known address in Missouri and held or owing by a
						  business organized under laws of another jurisdiction but doing business in
						  Missouri. Dividend reinvestment plans are determined to be abandoned when there
						  has been returned mail and no customer-generated activity for seven (7) years
						  (five (5) years after January 1, 2000).
Intangible interest (including dividends in business
						  associations as shown by its records)
Unclaimed and no correspondence for seven (7) years
						  (five (5) years after 1/1/2000) or no known address with holder doing business
						  in Missouri
Dissolution of business
Unclaimed within two (2) years from date of final
						  distribution
Entity
Item
Terms of Abandonment
Retail businesses
Gift certificates, credit memos and credit balances that
						  are redeemable in merchandise only
Unclaimed by owner after seven (7) years (five (5) years
						  after 1/1/2000). Reportable at a rate equal to sixty percent (60%) of the face
						  value. However, the owner will be reimbursed by the state treasurer at the full
						  face value when claimed. For reporting purposes a holder should report the full
						  face value in the "Amount Due Owner" column of the Holder Report and reflect
						  the forty percent (40%) of the face value withheld under the Deducted Expenses
						  summary portion of the Holder Report.
Insurance companies
Unclaimed funds, including settlements, premium refunds,
						  policy proceeds and overpayments
Due to individual with last known address in Missouri or
						  no known address with holder doing business in Missouri and unpaid for more
						  than seven (7) years (five (5) years after 1/1/2000) (may be presumed due per
						  mortality tables) unless a) assigned, readjusted or paid premiums; or b)
						  corresponded in writing with the company
Utilities
Deposits plus interest less lawful deductions.
Unclaimed seven (7) years (five (5) years after
						  1/1/2000) after termination of service
Utilities/RECs, REAs and RTA s
Refunds or overpayments plus interest less lawful
						  deductions
Unclaimed seven (7) years (five (5) years after
						  1/1/2000) after date payable
Deposits plus interest less lawful deductions, refunds
						  plus interest less lawful deductions and shares of interest or credits in the
						  cooperative
As of August 13, 1984, seven (7) years (five (5) years
						  after 1/1/2000) subsequent to that date these items are due November 1, 1992
						  for the initial report
Fiduciaries
All intangible personal property (including any income
						  or increment thereon)
Unclaimed for seven (7) years (five (5) years after
						  1/1/2000)-see section
						  447.530,
						  RSMo for special rules
Courts, Public Corporations, Political Subdivisions,
						  Public Authorities
All intangible property except cash bonds, cash
						  probation bonds or civil cash bonds
Unclaimed for seven (7) years (five (5) years after
						  1/1/2000).
Courts, Public Corporations, Political Subdivisions,
						  Public Authorities
Cash bonds, cash probation bonds, or civil cash bonds
Reportable within one (1) year of the date of the final
						  court action or termination of probation
All other persons or entities
All intangible personal property
Unclaimed for seven (7) years (five (5) years after
						  1/1/2000) or more
(2)
				If a holder desires to report abandoned property earlier than that prescribed
				in the above "terms of abandonment," nothing shall preclude the division from
				accepting such abandoned property if it deems the acceptance as appropriate and
				timely.
*Original authority: 447.505, RSMo 1984, amended 1989,
					 1994, 1998; 447.506, RSMo 1989, amended 1994, 1998; 447.510-447.530, see RSMo
					 1994 and Supp. 1998; 447.532, RSMo 1984, amended 1989, 1990, 1994, 1998;
					 447.533, RSMo 1990, amended 1992, 1998; 447.535, RSMo 1984, amended 1986, 1994,
					 1998; 447.579, RSMo 1984, 1993, 1994; and 447.595 RSMo, 1989, amended 1993,
					 1994.