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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 447

Effective - 28 Aug 1998 bottom

  447.520.  Stock, certificates and ownership — dividend profit — distribution or interest payment, held or owing by business association presumed abandoned, when. — 1.  Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder, or other security holder, or a participating patron of a cooperative, who has not claimed it, or corresponded in writing with the business association concerning it, within seven years or five years as provided in section 447.536 after the date prescribed for payment or delivery, is presumed abandoned if:

  (1)  It is held or owing by a business association organized pursuant to the laws of or created in this state; or

  (2)  It is held or owing by a business association doing business in this state, but not organized pursuant to the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state.

  2.  Any intangible interest in a business association, as evidenced by the stock records or membership records of the association, is presumed abandoned if:

  (1)  The interest in the association is owned by a person who for more than seven years or five years as provided in section 447.536 has neither claimed a dividend or other sum nor corresponded in writing with the association or otherwise indicated an interest as evidenced by a memorandum or other record on file with the association; and

  (2)  The association does not know the location of the owner at the end of such seven-year period or five-year period as provided in section 447.536.  

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With respect to such interest, the business association shall be deemed the holder.

  3.  Any dividend or other distribution held for or owing to a person at the time the stock or other security to which such dividend or other distribution attaches is considered abandoned at the same time.

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(L. 1984 H.B. 1088 § 5, A.L. 1998 H.B. 1510)


---- end of effective   28 Aug 1998 ----

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