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Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

  Chapter 447back to chapter 447

  447.530.  Fiduciary holding intangible personal property for benefit of another presumed abandoned, when, exception. — All intangible personal property, and any income or increment thereon that would be due had the owner not abandoned the account, held in a fiduciary capacity for the benefit of another person and including property held by an attorney in fact or an agent, except a trust defined in section 456.500, subject to escheat pursuant to the provisions of sections 456.220 or 456.640 to 456.660, is presumed abandoned unless the owner has, within seven years or five years as provided in section 447.536 after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.  If unclaimed property in a trust defined in section 456.500 has not escheated within the time periods specified in section 456.640, then such property is subject to the provisions of sections 447.500 to 447.595:

  (1)  If the property is held by a banking organization or a financial organization, or by a business association organized pursuant to the laws of or created in this state; or

  (2)  If it is held 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; or

  (3)  If it is held in this state by any other person; or

  (4)  Except any property that is held for the benefit of another whether absolute or contingent where the owner has not reached the age of twenty-one and such property is in a trust or agency account, or is not subject to a trust as permitted by section 456.012 or 456.013.

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(L. 1984 H.B. 1088 § 7, A.L. 1986 H.B. 1547, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510)


< end of effective 28 Aug 1998 >

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