§ 33-21.1-20. Custody by state — Defense of holder — Payment of safe deposit box or repository charges.
(a) 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.
(b) 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 to payment, 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 must be reimbursed under this subsection 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 must be reimbursed for payment made under this subsection even if the payment was made to a person whose claim was barred under § 33-21.1-29(a).
(c) 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.
(d) 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.
(e) If the holder pays or delivers property to the administrator in good faith and later another person claims the property from the holder or another state claims the money or property under its laws relating to escheat, 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.
(f) For the purposes of this section, “good faith” means that:
(1) Payment or delivery was made in a reasonable attempt to comply with this chapter;
(2) 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 him or her, that the property was abandoned for the purposes of this chapter; and
(3) 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.
(g) Property removed from a safe deposit box or other safekeeping repository is received by the administrator subject to the holder’s right under this subsection 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.
History of Section.P.L. 1986, ch. 500, § 3.
Structure Rhode Island General Laws
Title 33 - Probate Practice and Procedure
Chapter 33-21.1 - Unclaimed Intangible and Tangible Property
Section 33-21.1-1. - Definitions and use of terms.
Section 33-21.1-2. - Property presumed abandoned.
Section 33-21.1-2.1. - United States savings bonds unclaimed property escheat procedure.
Section 33-21.1-3. - General rules for taking custody of intangible unclaimed property.
Section 33-21.1-4. - Travelers checks and money orders.
Section 33-21.1-6. - Bank deposits and funds in financial organizations.
Section 33-21.1-7. - Funds owing under life insurance policies.
Section 33-21.1-8. - Deposits held by utilities.
Section 33-21.1-9. - Refunds held by business associations.
Section 33-21.1-10. - Stock and other intangible interests in business associations.
Section 33-21.1-11. - Repealed.
Section 33-21.1-12. - Property held by agents and fiduciaries.
Section 33-21.1-13. - Property held by courts and public agencies.
Section 33-21.1-14. - Gift certificates and credit memos.
Section 33-21.1-14.1. - Property held by police departments.
Section 33-21.1-16. - Contents of safe deposit box or other safekeeping repository.
Section 33-21.1-16.1. - Unclaimed demutualization proceeds.
Section 33-21.1-17. - Report of abandoned property.
Section 33-21.1-18. - Notice and publication of lists of abandoned property.
Section 33-21.1-19. - Payment or delivery of abandoned property.
Section 33-21.1-21. - Crediting of dividends, interest or increments to owner’s account.
Section 33-21.1-22. - Public sale of abandoned property.
Section 33-21.1-23. - Deposit of funds.
Section 33-21.1-24. - Filing of claim with administrator.
Section 33-21.1-25. - Claim of another state to recover property; procedure.
Section 33-21.1-26. - Action to establish claim.
Section 33-21.1-27. - Election to take payment or delivery.
Section 33-21.1-28.1. - Disposition of “de minimis” property.
Section 33-21.1-29. - Limitation periods.
Section 33-21.1-30. - Requests for reports and examination of records.
Section 33-21.1-31. - Retention of records.
Section 33-21.1-32. - Enforcement.
Section 33-21.1-34. - Interest and penalties.
Section 33-21.1-35. - Agreement to locate reported property.
Section 33-21.1-36. - Foreign transactions.
Section 33-21.1-37. - Effect of new provisions — Clarification of application.
Section 33-21.1-39. - Severability.
Section 33-21.1-40. - Uniformity of application and construction.