67-4a-209 - Property held by agents and fiduciaries. - Utah Statutes

67-4a-209. Property held by agents and fiduciaries.
(1) All intangible property, and any income or increment derived from it, that is held in afiduciary capacity for the benefit of another person is considered abandoned unless the ownerhas, within three years after it has become payable or distributable:
(a) increased or decreased the principal;
(b) accepted payment of principal or income;
(c) communicated concerning the property; or
(d) otherwise indicated an interest as evidenced by a memorandum or other record on filewith the fiduciary.
(2) (a) As used in this section, "distribution date" means the earliest of:
(i) the actual date of distribution or attempted distribution;
(ii) the date contracted for distribution in the plan or trust agreement governing theaccount or plan; or
(iii) the date specified in the internal revenue law of the United States by whichdistribution must begin in order to avoid a tax penalty.
(b) All intangible property and any income or increment derived from it that is held in anindividual retirement account, a retirement plan for self-employed individuals, or similar accountor plan established under the internal revenue laws of the United States that has not been paid ordistributed for more than 90 days after the distribution date is considered abandoned unless theowner or beneficiary has, within three preceding years:
(i) made additional payments or transfers of property to the account or plan;
(ii) been paid or received a distribution;
(iii) communicated concerning the property; or
(iv) otherwise indicated an interest as evidenced by a memorandum or other record onfile with the account or plan fiduciary.
(3) For the purpose of this section, a person who holds property as an agent for abusiness association is considered to hold the property in a fiduciary capacity for that businessassociation alone, unless the agreement between him and the business association providesotherwise.
(4) For the purposes of this section, a person who is considered to hold property in afiduciary capacity for a business association alone is the holder of the property only for theinterest of the business association in the property, and the business association is the holder ofthe property for the interest of any other person in the property.

Amended by Chapter 18, 2007 General Session