447.545. No liability for claims by holder after delivery to state--legal actions, procedure. - Missouri Statutes

No liability for claims by holder after delivery to state--legalactions, procedure.

447.545. 1. Upon the payment or delivery of abandoned property, thestate shall assume custody and shall be responsible for the safekeepingthereof. Any person who pays or delivers abandoned property pursuant tosections 447.500 to 447.595 is relieved of all liability for any claimwhich then exists or which thereafter may arise or be made in respect tothe property.

2. In the event legal proceedings are instituted against a priorholder in a court of this state, or in any other state or federal court, byany other state claiming to be entitled to unclaimed funds or abandonedproperty previously paid or delivered to the treasurer, such holder shallgive timely written notice to the treasurer and the attorney general ofthis state of such proceedings, or in the alternative at least ten daysbefore the return date on which an answer or similar pleading is requiredto be filed. The attorney general may intervene or take such other actionas the attorney general deems appropriate or necessary to protect theinterests of this state.

3. If the notice provided in subsection 2 of this section is given bythe holder and thereafter a judgment is entered against the holder for anyamount paid to the treasurer pursuant to the terms of sections 447.500 to447.595, the treasurer shall, upon being furnished with proof thereof,return to the holder the amount of such judgment, not to exceed the amountof the property reported which is the subject of the dispute.

4. The holder of any interest pursuant to section 447.520 evidencedonly by the stock records or membership records of the business associationmay deliver a duplicate certificate to the treasurer. Upon such delivery,the holder and any transfer agent, registrar, or other person acting for oron behalf of the holder in executing or delivering such duplicatecertificate shall be relieved from all liability of every kind to theperson acquiring the original certificate or the duplicate of suchcertificate issued to the treasurer, not to exceed the liquidated value ofthe property on the date of delivery, or if unliquidated, the market valueof the property on the date of delivery. If the holder elects not to issueand deliver a duplicate certificate, the holder shall transfer title of theunderlying shares to the state on the records of the issuing corporation ina manner acceptable to the treasurer.

(L. 1984 H.B. 1088 § 14, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)