§ 33-21.1-9. Refunds held by business associations.
(a) The sum to be paid as a refund, under an order or decision of a court or administrative agency or by agreement, remaining unclaimed for more than six (6) months after it became payable is presumed abandoned, regardless of whether the apparent owner has made any claim to the refund, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning that sum.
(b) Any sum payable or intangible property properly distributable in the course of a voluntary or involuntary dissolution or liquidation remaining unclaimed for six (6) months after the date of the final distribution or liquidation is presumed abandoned, unless, within the preceding six (6) months, there has been communication between the apparent owner and the person making the payment or distribution concerning that sum or distribution.
(c) Intangible property payable or distributable to a member of or participant in a class action, either one allowed by the court to be maintained as a class action or one essentially handled as a class action, and remaining for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the member or participant and the holder concerning the property. Intangible property payable or distributable as the result of litigation or settlement of a dispute before judicial or administrative body and remaining unclaimed for more than six (6) months after the time for the final payment or distribution is presumed abandoned, unless, within the preceding six (6) months, there has been a communication between the apparent owner and the holder concerning the property.
(d) The person actually making or having the duty to make payment or distribution shall be deemed the holder for the purpose of this section.
History of Section.P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2.
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.