Section 447.517

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

Effective - 28 Aug 1998   

  447.517.  Utilities, funds held or owing presumed abandoned, when. — 1.  The following funds held or owing by any utility are presumed abandoned:

  (1)  Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than seven years or five years as provided in section 447.536 after the termination of the services for which the deposit or advance payment was made;

  (2)  Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than seven years or five years as provided in section 447.536 after the date it became payable in accordance with the final determination or order providing for the refund.

  2.  For purposes of corporations organized pursuant to chapter 274, corporations organized pursuant to chapter 357, corporations organized pursuant to chapter 394, and electric service corporations organized pursuant to chapter 351, which have received a loan or loans pursuant to the Rural Electrification Act of 1936, Title VII, U.S. Code as amended, sections 447.500 to 447.595 shall only apply to property and funds which become held or owing and for which the period of time which must expire before such property or funds are presumed abandoned has begun after August 13, 1984.

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(L. 1984 H.B. 1088 § 4, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)