§523A-9 Payment or delivery of abandoned property. (a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by section 523A-8, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described in the report as unclaimed; provided that if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance shall be extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository shall not be delivered to the administrator until an additional one hundred twenty days after the time for payment or delivery to the administrator of property presumed abandoned as required by this subsection.
(b) If the property reported to the administrator is a security or security entitlement under article 8 of the Uniform Commercial Code €“ Investment Securities, the administrator shall be an appropriate person to make an indorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with article 8 of the Uniform Commercial Code €“ Investment Securities.
(c) If the holder of property reported to the administrator is the issuer of a certificated security, the administrator shall have the right to obtain a replacement certificate pursuant to section 490:8-405; provided that an indemnity bond shall not be required.
(d) An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section shall not be liable to the apparent owner and shall be indemnified against claims of any person in accordance with section 523A-11. [L 2008, c 55, pt of §1; am L 2012, c 229, §1]
Structure Hawaii Revised Statutes
523A-1 to 523A-41 REPEALED. §523A-1 Short title.
523A-3 Presumptions of abandonment.
523A-3.5 Gift certificates and gift cards.
523A-4 Contents of safe deposit box or other safekeeping depository.
523A-5 Rules of taking custody.
523A-7 Burden of proof as to property evidenced by record of check or draft.
523A-8 Report of abandoned property.
523A-9 Payment or delivery of abandoned property.
523A-10 Notice and publication of lists of abandoned property.
523A-11 Custody by State; recovery by holder; defense of holder.
523A-12 Crediting of dividends, interest, and increments to owner's account.
523A-13 Public sale of abandoned property.
523A-14 Claim of another state to recover property.
523A-15 Filing claim with administrator; handling of claims by administrator.
523A-16 Action to establish claim.
523A-17 Election to take payment or delivery.
523A-19 Periods of limitation.
523A-20 Requests for reports and examination of records.
523A-23 Interstate agreements and cooperation; joint and reciprocal actions with other states.
523A-24 Interest and penalties.
523A-25 Agreement to locate property.
523A-28 Transitional provisions.
523A-30 Uniformity of application and construction.
523A-51 Declaration of policy.
523A-53 Unclaimed property subject to delivery to State; presumptions.
523A-54 Request by director of finance for report of previously unreported information.
523A-55 Agreement for State's payment of share of costs.
523A-57 State's right unaffected by expiration of time for proceeding.
523A-59 Notice of proceedings.
523A-60 Answer; disposition of funds on deposit; dismissal without prejudice.
523A-62 Request for delivery or payment of unclaimed property described in judgment; receipts.
523A-63 Disposition of property received.
523A-64 Undertaking to hold the United States harmless; intervention by state attorney general.