Title 34 Property, Conveyances and Security Transactions

34-24-101. Short title; policy statement; uniform construction.

(a) This act may be cited as the "Uniform Unclaimed Property Act." (b) Property shall be deemed to be "abandoned" or "unclaimed" when: (i) It is held, issued or owing by a holder; (ii) The identity, status or present location of the apparent owner is unknown; and (iii) The property cannot be paid, distributed or given to the apparent owner after the dormancy period stated for the type of unclaimed property in this act. (c) Property shall not be deemed to be "abandoned" or "unclaimed" while the character or degree of ownership interest of the apparent owner in the property is unsettled or disputed and the holder is notified of this fact. (d) All unclaimed property shall be placed in the custody of the administrator, subject to the perpetual right of the party originally owning or being entitled to the property to reclaim it upon proper proof of ownership and identity. Except for escrow agreements pursuant to W.S. 30-5-302, any provision, contract, agreement, practice, resolution, ordinance, decision, order or understanding, shall be void as contrary to this public policy, if the purpose of that provision is to avoid or contradict the custodial taking of unclaimed property by the administrator. (e) This act shall be liberally construed in favor of the state and so as to foster the report and turnover of unclaimed property to the administrator.