Section R966-1-5 - Safe Deposit Boxes(1) Safe deposit boxes with contents that have remained unclaimed for five (5) years after expiration of lease or rental period are presumed abandoned pursuant to Section 67-4a-205. Presumptively abandoned boxes shall be opened and inventoried in the presence of at least two employees of the holder who shall verify the accuracy of said inventory. The property shall then be sealed for safekeeping until delivered to the owner or the administrator.(2) The Annual Report containing information about the contents of safe deposit boxes must be filed before November 1st for holders in the year in which the report is due.(3) Notice to the apparent owner must be given prior to remittance to the administrator. (a) The holder of property presumed abandoned shall send to the apparent owner notice by first-class United States mail that complies with Section 67-4a-502 of the Act in a format acceptable to the administrator not more than one year nor less than 60 days before filing the Annual Report under Section 67-4a-401 of the Act if: (i) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be invalid and is sufficient to direct the delivery of first-class United States mail to the apparent owner; and(ii) The holder does not know that the value of the property is less than $50.(b) If an apparent owner has consented to receive electronic-mail delivery from the holder, the holder shall send the notice both by first-class United States mail to the apparent owner's last-known mailing address and by electronic mail; unless the holder believes that the apparent owner's electronic-mail address is invalid.(4) Tangible property from a safe deposit box may not be delivered to the administrator until a mutually agreed upon date that is no sooner than 60 days after filing the Annual Report. (a) All safe deposit box shipments shall include a full copy of the previously submitted annual report. The Annual Report shall list all properties included and an inventory of each property.(b) Each property shall be provided in a tamper evident bag or envelope. An inventory sheet for each specific property shall be attached to or enclosed in the bag or envelope.(c) When remitting multiple properties at the same time, each property shall be in a separate tamper evident bag or envelope and labeled with the name of the owner. If a single property requires the use of more than one bag/envelope, they are to be numbered accordingly (i.e. 1 of 3, 2 of 3, etc.).(5) Reimbursement of holder. (a) Property removed from a safe-deposit box and delivered to the administrator under the Act is subject to the holder's right to reimbursement for the cost of opening the box and a lien or contract providing reimbursement to the holder for unpaid rent charges for the box. Upon application by the holder, and after there are sufficient cash funds available either from the contents of the box or the sale of the property, the administrator shall reimburse the holder from the proceeds.(b) Holders may only be reimbursed for any costs and charges that were listed in the Annual Report listing the contents of the safe deposit box whose owner owes such costs and charges to the holder.(c) It is the responsibility of the holder to apply for reimbursement of costs and charges under Section 67-4a-606 of the Act.(d) If after the sale of property removed from a safe-deposit box and delivered to the administrator there are not sufficient cash funds available to fully reimburse the holder for costs and charges allowed under Section 67-4a-606 of the Act, the holder may apply to the administrator to be partially reimbursed up to the amount of cash funds available. If, however, the administrator pays all available cash funds to the holder under this provision, then the holder may not claim any additional costs and charges from the same safe-deposit box.Utah Admin. Code R966-1-5
Adopted by Utah State Bulletin Number 2020-05, effective 1/22/2020