§2118. Administrator's options as to custody
1.
Custody declined.
The administrator may decline to take custody of property reported under section 2091 if the administrator determines that:
A.
The property has a value less than the estimated expenses of notice and sale of the property; or
[PL 2019, c. 498, §22 (NEW).]
B.
Taking custody of the property would be unlawful.
[PL 2019, c. 498, §22 (NEW).]
[PL 2019, c. 498, §22 (NEW).]
2.
Before presumed abandoned.
A holder may pay or deliver property to the administrator before the property is presumed abandoned under this Act if the holder:
A.
Provides the apparent owner of the property notice required by section 2101 and provides the administrator evidence of the holder's compliance with this paragraph;
[PL 2019, c. 498, §22 (NEW).]
B.
Includes with the payment or delivery a report regarding the property conforming to section 2092; and
[PL 2019, c. 498, §22 (NEW).]
C.
First obtains the administrator's consent in a record to accept payment or delivery. The holder's request must be in writing.
[PL 2019, c. 498, §22 (NEW).]
[PL 2019, c. 498, §22 (NEW).]
3.
Presumed abandoned.
On payment or delivery of property under subsection 2, the property is presumed abandoned.
[PL 2019, c. 498, §22 (NEW).]
SECTION HISTORY
PL 2019, c. 498, §22 (NEW).