ARIZONA UNCLAIMED PROPERTY NOTICE
UPN 09-1
S.B. 1003, 49th Leg., 4th Spec. Sess. [2009 Ariz. Sess. Laws 3E]

 

On November 23, 2009, Governor Janice K. Brewer signed Senate Bill 1003 into law. The bill, effective immediately, amended several of the abandonment periods (also known as “dormancy periods”) enumerated in the Arizona Unclaimed Property Act, Arizona Revised Statutes (A.R.S.) § 44-302.

Property Type	Former abandonment period	Amended abandonment period
Traveler’s check	15 years	3 years
Money order or similar written instrument	7 years	3 years
Any stock or other equity interest in a business association or financial organization	3 years	2 years
The principal on debt of a business association or financial organization	3 years	2 years
A demand, savings or time deposit and any interest or dividends	5 years	3 years
Credits owed to a customer as a result of a retail business transaction	5 years	3 years
An amount owed by an insurance company on a life or endowment insurance policy or annuity that has matured or terminated	5 years	3 years
Policy or annuity that is payable on proof of death	2 years	1 year
Proceeds of a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the company’s records	2 years	1 year
Property that is held by a court, government or governmental subdivision, agency or instrumentality	3 years	2 years
Property in any individual retirement account, defined benefit plan or other account or plan that qualifies for tax deferral under the income tax laws of the United States	3 years	2 years
Any amount that is payable on a check, draft or similar instrument on which a financial organization or business association is directly liable, including a cashier’s check and a certified check	5 years	3 years
All other property	5 years	3 years
Excess proceeds deposited with the county treasurer pursuant to A.R.S. § 33-812	3 years	2 years
Any dividend, profit, distribution, interest, redemption, payment on principal or other sum held or owing by a business association for or to its shareholder, certificate holder, member, bond holder or other security holder	3 years	2 years

 

Read More. . .

Effective for the Fall 2009 reporting season, the State of Arizona is requesting all agents who report mutual fund accounts as unclaimed property to remit the share property . . . Read More

 

Tangible property that is held in a safe deposit box or any other safekeeping depository in this state in the ordinary course of the holder's business and the proceeds that result from the sale of the property permitted by law are presumed abandoned if the property remains unclaimed by the owner for more than three years after the expiration of the lease or rental period on the box or other depository.

ARS 44-303

A. The department shall publish a notice at least semiannually with a toll free telephone number and directing the public to the department's web site regarding abandoned property that has been paid or delivered to the department. The department shall cause the notice to be published in a newspaper of general circulation in each county. The department shall ensure that the notice is in a form that in the judgment of the department is likely to attract the attention of the apparent owner of the unclaimed property. The department's web site shall contain all of the following information not later than November 30 of the year after the year in which abandoned property has been paid or delivered to the department: 1. The name of each person that appears to be the owner of the property as stated in the report filed by the holder. 2. The last known address or location of each person that appears to be the owner of the property, if an address or location is stated in the report filed by the holder. 3. A statement that explains that the property of the owner is presumed abandoned and is in the protective custody of the department. 4. A statement that on request to the department information about the property and its return to the owner is available to a person who has a legal or beneficial interest in the property. B. The department's web site is not required to contain the name, address or location of an owner of property that has a total value of less than fifty dollars or information concerning a traveler's check, money order or similar instrument.

ARS 44-309