556.20 Determination of claims.
1. The treasurer of state shall consider any claim filed under this chapter and may hold a hearing and receive evidence concerning the claim. If a hearing is held, the treasurer shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by the treasurer and the reasons for the treasurer’s decision. The decision shall be a public record.
2. If the claim is allowed, the treasurer of state shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges. The treasurer or an employee thereof shall not be held liable in any action for any claim paid in good faith pursuant to this section. However, a claimant, attorney in fact, or attorney or any other person representing a claimant to whom such payment is made may be held liable to a person who proves a superior right to the payment.
3. As a condition precedent to payment of any claim filed under this chapter, the treasurer of state may require that the claimant or owner of the unclaimed or abandoned property furnish the treasurer with a surety bond containing terms and provisions acceptable to the treasurer and issued by a corporate surety authorized to do business in this state or with such other form of indemnification and protection that is determined by the treasurer to be acceptable and sufficient to protect the treasurer and the state against any loss, liability, or damage which may arise out of or result from the payment of the claim by the treasurer. The claimant or owner shall be responsible for all premiums, costs, fees, or other expenses associated with any such surety bond or other form of indemnification and protection required pursuant to this subsection.
[C71, 73, 75, 77, 79, 81, §556.20]
83 Acts, ch 191, §15, 27; 84 Acts, ch 1295, §21; 2007 Acts, ch 37, §5
Referred to in §499.30A, 501A.1008, 524.1305, 524.1310, 556.9B, 556.18, 642.2
Structure Iowa Code
Chapter 556 - DISPOSITION OF UNCLAIMED PROPERTY
Section 556.1 - Definitions and use of terms.
Section 556.2 - Property held by banking or financial organizations or by business associations.
Section 556.2A - Traveler’s checks and money orders.
Section 556.2C - Outstanding state warrants.
Section 556.3 - Unclaimed funds held by life insurance corporations.
Section 556.3A - Unclaimed demutualization proceeds held by insurance companies.
Section 556.4 - Deposits and refunds held by utilities.
Section 556.5 - Stocks and other intangible interests in business associations.
Section 556.7 - Property held by fiduciaries.
Section 556.8 - Property held by state courts and public officers and agencies — abandonment.
Section 556.9 - Miscellaneous personal property held for another person — wages — gift certificates.
Section 556.9A - Out-of-state property issued within the state.
Section 556.9B - United States savings bonds — escheatment procedures.
Section 556.11 - Report of abandoned property.
Section 556.12 - Notice and publication of lists of abandoned property.
Section 556.13 - Payment or delivery of abandoned property.
Section 556.14 - Relief from liability by payment or delivery.
Section 556.15 - Income accruing after payment or delivery.
Section 556.16 - Periods of limitation not a bar.
Section 556.17 - Sale of abandoned property.
Section 556.18 - Deposit of funds.
Section 556.19 - Claim for abandoned property paid or delivered.
Section 556.20 - Determination of claims.
Section 556.21 - Judicial action upon determinations.
Section 556.22 - Elections by the treasurer of state.
Section 556.23 - Examination of records.
Section 556.24 - Proceeding to compel delivery of abandoned property.
Section 556.24A - Public records.
Section 556.25 - Interest and penalties.
Section 556.27 - Effect of laws of other states.
Section 556.28 - Interstate agreements and cooperation.