15 CSR 50-3.090 - Searching for Owners and Filing of Claims
(1)
Objective of Search. A primary objective of the Uniform Disposition of
Unclaimed Property Act (Act) is the return of property to rightful owners. To
this end, the Act requires a diligent search and retaining lists of property
owners.
(2) Published Notices.
Within two hundred forty (240) days of the report deadline (May 1, for life
insurance companies, November 1, for all other entities), the state treasurer
will publish the names of owners of abandoned property in counties where the
last known address is Missouri. The notice will be entitled "Notice of Names of
Persons Appearing to be Owners of Abandoned Property" and it will be published
one (1) day for two (2) successive weeks in the same newspaper. The notice must
be published in newspapers of general circulation as defined in section
493.050, RSMo. The notice will
contain an alphabetical list of persons believed to be owners of the abandoned
property valued at fifty dollars ($50) or more, safe deposit boxes, stocks,
bonds and debentures, and the last known address of the owners. The notice will
include a statement that, absent a claim, property with apparent market value,
other than cash, may be sold within one (1) year.
(3) Mailed Notices. Within one hundred twenty
(120) days of the reporting deadline (May 1, for life insurance companies,
November 1, for all other entities), the division will mail a notice to each
owner of property valued at fifty dollars ($50) or more, safe deposit boxes,
stocks, bonds and debentures, who has an apparently valid address. The notice
will contain a statement indicating that the addressee appears to be entitled
to property and that if a proof of claim is not presented promptly, property
with apparent market value, other than cash, may be disposed of within one (1)
year.
(4) Records of Property. The
treasurer will compile and retain the name and last known address of all owners
of abandoned funds or property. The record will reflect other information as
may be helpful in identifying an owner.
(5) Disposition of Property. Proceeds
resulting from the liquidation of abandoned property with apparent market value
shall be deposited in the abandoned fund account. Any costs associated with any
liquidation shall not reduce the amount payable to the owner of the abandoned
property.
(6) Interest Accrual on
Accounts. If the owner would have been entitled interest had the property not
been presumed to be abandoned, the treasurer shall accrue interest to the
property for up to seven (7) years. The rate of interest shall compound
annually and shall equal the year-to-date annualized average rate of return on
all funds invested by the treasurer for each year of accrual and the previous
year's annualized average rate of return for the current fiscal year.
(7) Claims.
(A) Claims may be filed on forms which will
be provided free of charge by the division. Claims may be filed by personal
delivery or by mailing the claim form to: Unclaimed Property Section, Harry S
Truman State Office Building, Room 156, P.O. Box 1004, Jefferson City, MO
65102. Personal delivery is not encouraged due to the costs incurred by the
claimant and the time consuming nature of the review process; personal delivery
will not expedite approval or payment of a claim by more than the time
otherwise used in delivery by mail. A claim will never be barred by lapse of
time but interest, if any, will not accrue more than seven (7) years after
delivery to the division (section
447.565, RSMo).
(B) The claim form, or subsequent
documentation, could include, but not be limited to, the following:
1. Name, address and telephone number of
claimant;
2. The name and last
known address of the apparent owner as listed on the state treasurer's
records;
3. Proof of ownership will
be required if the claimant is the apparent owner;
4. The names, addresses and telephone numbers
of all other persons who are potential heirs of the apparent owner, along with
the sworn statement of claimant that s/he has no knowledge of any other
potential heirs; and
5. A
description of the extent to which the apparent owner's estate was administered
by the probate court.
(C)
In addition to the claim form, the claimant may be requested to provide the
following:
1. In the event that the apparent
owner is deceased, a copy of the death certificate;
2. In the event that the apparent owner is
deceased and left a will which was admitted to probate, a copy of the will
probate;
3. In the event that the
apparent owner is deceased and letters testamentary were issued, a copy of the
testamentary letter certified by the probate court;
4. In the event that the apparent owner is
deceased and a refusal of letters was ordered, a copy of the refusal of letters
certified by the probate court;
5.
In the event that the apparent owner is deceased and a final order of
distribution was entered by the probate court, a copy of the final order of
distribution certified by the probate court;
6. A copy of claimant's birth certificate
and, if claimant derives his/her claim through any person who is a descendant
of the apparent owner, one (1) copy of the birth certificate and death
certificate of that person;
7. Lost
certificate affidavit or lost certificate bond may be requested concerning
stock, bonds or debentures;
8. An
affidavit or bond may be requested concerning an abandoned cashier's check, if
the claimant is unable to provide the original check;
9. The treasurer may require any
documentation, such as death or birth certificates, tax identification numbers,
drivers licenses, probate records and release agreements to be certified
copies; and
10. Other documentation
as the treasurer may require.
(D) If there are heirs or other persons
having a right to the unclaimed property which right is at least equivalent to
the right of the claimant, the claimant shall provide a release from that
person(s) or authorize the treasurer to treat the claim as filed on behalf of
claimant and all other like persons.
(E) Every claimant shall be required to prove
by clear and convincing evidence that s/he is entitled to the funds claimed as
a matter of law.
(F) If a claim is
allowed, the treasurer shall issue an order approving the claim. If the claim
includes stock, bonds or debentures, the treasurer will assist the claimant or
owner in the transfer of the abandoned property in a way mutually agreed upon
between the claimant and the treasurer.
(G) If the claim is disallowed, the treasurer
will inform the claimant of the denial and set forth the reasons for the
disallowance. The claimant shall have thirty (30) days with which to file a
request for a hearing from the receipt of the denial.
(H) The hearing requested shall be held
within ninety (90) days of receipt of the request by the treasurer. The hearing
will be held at the office of the treasurer or in the Missouri county, if any,
where the unclaimed property was held prior to delivery to the treasurer. The
hearing shall be conducted by the treasurer or a representative designated by
the treasurer.
1. Whether the hearing shall be
recorded shall be determined by the person conducting the hearing provided,
however, that the claimant shall be entitled to have the hearing suitably
recorded by filing a request for recording in writing and agreeing to pay the
expenses.
2. After consideration of
testimony, evidence and records in the case, the person who conducted the
hearing shall issue an order accompanied by Findings of Fact allowing or
disallowing the claim. A copy of the Findings of Fact and order shall be served
upon all parties or their attorneys of record by certified mail (sections
447.565 and
447.569,
RSMo).
(I) Agreements to
Recover Property for Compensation. All agreements to recover property on behalf
of another for compensation shall be in writing, signed by the claimant or
property owner and notarized. No such agreement is valid unless the agreement
discloses the nature and the value of the property in writing and is signed and
acknowledged by the property owner. All transactions pursuant to valid
enforceable contracts must be carried out in good faith and all funds due
owners must be promptly delivered. Breaches by applicants on behalf of others
will result in the section returning subsequent claims submitted by these
applicants on behalf of others. Owners or claimants are not barred from
asserting that these agreements are excessive or unjust. All agreements to pay
compensation to recover or assist in the recovery of property reported or
delivered to the treasurer under sections 447.500-447.595, RSMo are subject to
the following limitations:
1. Any such
agreement to recover or assist in the recovery of property for compensation
which is made twelve (12) months after the date of payment or delivery to the
treasurer is unenforceable;
2. Any
such agreement to recover or assist in the recovery of property for
compensation which is made more than twelve (12) months, but less than
twenty-four (24) months after the date of payment or delivery to the treasurer
shall be invalid if the compensation for recovery is greater than ten percent
(10%) of the property at issue;
3.
Any such agreement to recover or assist in the recovery of property for
compensation which is made more than twenty-four (24) months, but less than
thirty-six (36) months after the date of payment or delivery to the treasurer
is invalid if the compensation for recovery is greater than fifteen percent
(15%) of the property at issue; and
4. Any such agreement to recover or assist in
the recovery of property for compensation which is made more than thirty-six
(36) months after the date of payment or delivery to the treasurer is invalid
if the compensation for recovery is greater than twenty percent (20%) of the
property at issue.
(J)
Registration Requirement. Any person seeking to recover or assist in recovering
abandoned or unclaimed property for compensation pursuant to sections
447.500-447.595, must register with the treasurer prior to submitting a claim
form for such property (section
447.581, RSMo). A claim
submitted by any person acting in a representative capacity and seeking to
recover unclaimed or abandoned property for compensation will be deemed invalid
unless such person is registered with the treasurer. Any person seeking to
register under section
447.581, RSMo must meet the
following requirements:
1. Provide the name,
current address, tax identification number or Social Security number filed or
the person or entity wishing to register;
2. Disclose all names under which the person
or business operates as an entity seeking to recover or assist in the recovery
of property for compensation pursuant to sections 447.500-447.595,
RSMo;
3. Provide a copy of the
standard fee agreement used in contracting with owners of abandoned or
unclaimed property, which fee agreement is subject to the approval of the
treasurer;
4. Certify compliance
and good standing with the tax, business registration and other regulatory
requirements of the state of Missouri;
5. Annually recertify compliance with all
registration requirements; and
6.
Provide any such additional information the treasurer may request from persons
wishing to register as the treasurer believes reasonably necessary to protect
the interests of the original owners of the property, and the citizens of
Missouri.
(K) Any
inquiries by an heir finder of the division shall be in writing.
Notes
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