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Show safekeeping of "Forgotten" Funds Responsibility of State Officer j It seems very improbable jjhat anyone would forget :,;hat they have money in jie bank, however, records s,i the office of Golden L. ij.llen, State Treasurer, indicate in-dicate that many people E-In E-In 1957 the Uniform Disposition Dis-position of Unclaimed Property Pro-perty Act was enacted by a'i Utah State Legislature, jj.dth the State Treasurer Administrator. Under ittiis act all banking organisations, organ-isations, financial institutions, institu-tions, business associations, associa-tions, life insurance corporations, cor-porations, utility companys, ejtc, are required to report jp the State Treasurer any jiinds or other property .resumed abandoned. Pro-rty Pro-rty recived by the State treasurer is of a monetary ' allure and is presumed -bandoned, as provided linger lin-ger the law, after three ears in the case of utili-es; utili-es; seven years for in-jrance in-jrance corporations, bus-less bus-less associations, etc., and ivelve years for banking r financial institutions. t Reports of property pre-umed pre-umed abandoned are re. eived annually and all ;ems of $25.03 and over ye advertised usually he last Friday in Febru-ry Febru-ry and the first Friday of larch, with the exception of insurance items which are advertised the end of June and the first of July in a newspaper of general gen-eral circulation throughout through-out the state. This published pub-lished notice is entitled "Notice of Nr.mes of Persons Per-sons Appearing to be Owners Own-ers of Abandoned Property" Proper-ty" and includes the names of the owner and the last known address, if any. Such property can be claimed at any time from the State by the owner or legal heir upon presentation presenta-tion of the required claim form and acceptable proof of ownership. No statute of limitation shall bar the filing of a claim. All funds received under this Act, over and above the $50,000 maintained in a separate trust fund for the payment of claims, are deposited by the State Treasurer in the Uniform School Fund of the State. Golden L. Allen, State Treasurer, reports that, as of June 30, 1970, a total of! $884,C03 plus has been transferred to the Uniform School Fund. |