§ 33-21.1-24. Filing of claim with administrator.
(a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file with him or her a claim on a form prescribed by him or her and verified by the claimant.
(b) The administrator shall consider each claim within ninety (90) days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(c) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received, or the net proceeds if it has been sold by the administrator, together with any additional amount required by § 33-21.1-21. If the claim is for property presumed abandoned under § 33-21.1-10 which was sold by the administrator within three (3) years after the date of delivery, the amount payable for that claim is the value of the property at the time the claim was made or the net proceeds of sale, whichever is greater. If the property claimed was interest bearing to the owner on the date of surrender by the holder, the administrator also shall pay interest at a rate of five percent (5%) a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of fifteen (15) years after delivery or the date on which payment is made to the owner. No interest on interest bearing property is payable for any period before the effective date of this chapter.
(d) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to subsection (c) shall add interest as provided in subsection (c). The added interest must be repaid to the holder by the administrator in the same manner as the principal.
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.