Section 2118 - Administrator's options as to custody1.Custody declined. The administrator may decline to take custody of property reported under section 2091 if the administrator determines that: A. The property has a value less than the estimated expenses of notice and sale of the property; or [2019, c. 498, §22(NEW).]B. Taking custody of the property would be unlawful. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
2.Before presumed abandoned. A holder may pay or deliver property to the administrator before the property is presumed abandoned under this Act if the holder: A. Provides the apparent owner of the property notice required by section 2101 and provides the administrator evidence of the holder's compliance with this paragraph; [2019, c. 498, §22(NEW).]B. Includes with the payment or delivery a report regarding the property conforming to section 2092; and [2019, c. 498, §22(NEW).]C. First obtains the administrator's consent in a record to accept payment or delivery. The holder's request must be in writing. [2019, c. 498, §22(NEW).] [2019, c. 498, §22(NEW).]
3.Presumed abandoned. On payment or delivery of property under subsection 2, the property is presumed abandoned. [2019, c. 498, §22(NEW).]
Added by 2019, c. 498,§ 22, eff. 9/19/2019.