(A) Except as provided in division (R) of this
section, any | 8 |
demand, savings, or matured time deposit account,
or matured | 9 |
certificate of deposit, together with any interest or
dividend on | 10 |
it, less any lawful claims, that is held or owed by
a holder which | 11 |
is a financial organization, unclaimed for a
period of five years; | 12 |
(C) Except as provided in division (A) of section 3903.45
of | 18 |
the Revised Code, moneys held or owed by a holder, including a | 19 |
fraternal association, providing life insurance, including
annuity | 20 |
or endowment coverage, unclaimed for three years
after
becoming | 21 |
payable as established from the records of such holder
under any | 22 |
life or endowment insurance policy or annuity contract
that has | 23 |
matured or terminated. An insurance policy, the
proceeds of which | 24 |
are payable on the death of the insured, not
matured by proof of | 25 |
death of the insured is deemed matured and
the proceeds payable if | 26 |
such policy was in force when the insured
attained the limiting | 27 |
age under the mortality table on which the
reserve is based. | 28 |
(D) Any deposit made to secure payment or any sum paid in | 32 |
advance for utility services of a public utility and any amount | 33 |
refundable from rates or charges collected by a public utility
for | 34 |
utility services held or owed by a holder, less any lawful
claims, | 35 |
that has remained unclaimed for one year
after the
termination of | 36 |
the services for which the deposit or advance
payment was made or | 37 |
one year from the date the refund
was
payable, whichever is | 38 |
earlier; | 39 |
(E) Except as provided in division (R) of this
section, any | 40 |
certificates, securities as defined in section
1707.01 of the | 41 |
Revised Code, nonwithdrawable shares, other
instruments evidencing | 42 |
ownership, or rights to them or funds paid
toward the purchase of | 43 |
them, or any dividend, capital credit,
profit, distribution, | 44 |
interest, or payment on principal or other
sum, held or owed by a | 45 |
holder, including funds deposited with a
fiscal agent or fiduciary | 46 |
for payment of them, and instruments
representing an
ownership | 47 |
interest, unclaimed for five years.
Any underlying share or other | 48 |
intangible instrument representing
an ownership interest in a | 49 |
business association, in which the issuer has
recorded on its | 50 |
books the issuance of the share but has been
unable to deliver the | 51 |
certificate to the shareholder,
constitutes unclaimed funds if | 52 |
such underlying share is unclaimed
for five years. In addition, | 53 |
an underlying share constitutes
unclaimed funds if a dividend, | 54 |
distribution, or other sum payable
as a result of the underlying | 55 |
share has remained unclaimed by the
owner for five years. | 56 |
In the case of any such funds accruing and held or owed by
a | 64 |
corporation under division (E) of section 1701.24 of the
Revised | 65 |
Code, such corporation shall comply with this chapter,
subject to | 66 |
the limitation contained in section 1701.34 of the
Revised Code. | 67 |
The period of time for which such funds have gone
unclaimed | 68 |
specified in section 1701.34 of the Revised Code shall
be | 69 |
computed, with respect to dividends or distributions,
commencing | 70 |
as of the dates when such dividends or distributions
would have | 71 |
been payable to the shareholder had such shareholder
surrendered | 72 |
the certificates for cancellation and exchange by the
date | 73 |
specified in the order relating to them. | 74 |
Capital credits of a cooperative which after January 1,
1972, | 75 |
have been allocated to members and which by agreement are | 76 |
expressly required to be paid if claimed after death of the owner | 77 |
are deemed payable, for the purpose of this chapter, fifteen
years | 78 |
after either the termination of service by the cooperative
to the | 79 |
owner or upon the nonactivity as provided in division (B)
of | 80 |
section 169.01 of the Revised Code, whichever occurs later, | 81 |
provided that this provision does not apply if the payment is not | 82 |
mandatory. | 83 |
(F) Any sum payable on certified checks or other written | 84 |
instruments certified or issued and representing funds held or | 85 |
owed by a holder, less any lawful claims, that are unclaimed for | 86 |
five years from the date payable or from the date of issuance if | 87 |
payable on demand; except that the unclaimed period for money | 88 |
orders
that are not third party bank checks is seven years, and | 89 |
the unclaimed period
for traveler's checks is fifteen years, from | 90 |
the date payable or from the date
of issuance if payable on | 91 |
demand. | 92 |
(G) Except as provided in division (R) of this
section, all | 100 |
moneys, rights to moneys, or other intangible
property, arising | 101 |
out of the business of engaging in the purchase
or sale of | 102 |
securities, or otherwise dealing in intangibles, less
any lawful | 103 |
claims, that are held or owed by a holder and
are unclaimed for | 104 |
five years from the date of transaction. | 105 |
(I) All moneys, rights to moneys, or other intangible | 111 |
property removed from a safe-deposit box or other safekeeping | 112 |
repository located in this state or removed from a safe-deposit | 113 |
box or other safekeeping repository of a holder, on which the | 114 |
lease or rental period has expired, or any amount arising from
the | 115 |
sale of such property, less any lawful claims, that are
unclaimed | 116 |
for three years from the date on which the lease
or
rental period | 117 |
expired; | 118 |
(J) Subject to division (M)(2) of this section, all
moneys, | 119 |
rights to moneys, or other intangible property, and any
income or | 120 |
increment on them, held or owed by a holder which is a
fiduciary | 121 |
for the benefit of another, or a fiduciary or custodian
of a | 122 |
qualified retirement plan or individual retirement
arrangement | 123 |
under section 401 or 408 of the Internal Revenue
Code, unclaimed | 124 |
for three years after the final date for
distribution; | 125 |
(K) All moneys, rights to moneys, or other intangible | 126 |
property held or owed in this state or held for or owed to an | 127 |
owner whose last known address is within this state, by the
United | 128 |
States government or any state, as those terms are
described in | 129 |
division (E) of section 169.01 of the Revised Code,
unclaimed by | 130 |
the owner for three years, excluding any
property in
the control | 131 |
of any court in a proceeding in which a final
adjudication has not | 132 |
been made; | 133 |
(M)(1) Subject to division (M)(2) of this section, any
funds | 138 |
constituting rents or lease payments due, any deposit made
to | 139 |
secure payment of rents or leases, or any sum paid in advance
for | 140 |
rents, leases, possible damage to property, unused services, | 141 |
performance requirements, or any other purpose, held or owed by a | 142 |
holder unclaimed for one year; | 143 |
(2) Any escrow funds, security deposits, or other moneys | 144 |
that are received by a licensed broker in a fiduciary capacity
and | 145 |
that, pursuant to division (A)(26) of section 4735.18 of the | 146 |
Revised Code, are required to be deposited into and maintained in | 147 |
a special or trust, noninterest-bearing bank account separate and | 148 |
distinct from any personal or other account of the licensed | 149 |
broker, held or owed by the licensed broker unclaimed for two | 150 |
years. | 151 |
(N) Any sum
greater than fifty dollars payable as
wages,
any | 152 |
sum payable as salaries, or commissions,
any sum
payable for | 153 |
services rendered, funds owed or held as
royalties,
oil and | 154 |
mineral proceeds, funds held for or owed to
suppliers, and
moneys | 155 |
owed under pension and profit-sharing plans,
held or owed
by any | 156 |
holder unclaimed for
one year from date payable or
distributable, | 157 |
and all other credits
held or owed, or to be
refunded to a retail | 158 |
customer, by any holder unclaimed
for three
years from date | 159 |
payable or
distributable; | 160 |
(P) All moneys, rights to moneys, and other intangible | 164 |
property not otherwise constituted as unclaimed funds by this | 165 |
section, including any income or increment on them, less any | 166 |
lawful claims, which are held or owed by any holder, other than a | 167 |
holder which holds a permit issued pursuant to Chapter 3769. of | 168 |
the Revised Code, and which have remained unclaimed for
three | 169 |
years after becoming payable or distributable; | 170 |
(R)(1) Any funds that are subject
to an agreement between | 176 |
the holder and owner providing for
automatic reinvestment and that | 177 |
constitute dividends,
distributions, or other sums held or owed by | 178 |
a holder in
connection with a security as defined in section | 179 |
1707.01 of the
Revised Code, an ownership
interest in an | 180 |
investment company registered under the
"Investment Company Act of | 181 |
1940," 54 Stat. 789, 15 U.S.C. 80a-1,
as amended, or a certificate | 182 |
of deposit, unclaimed for a period of five
years. | 183 |
All moneys in a personal allowance account, as defined by | 190 |
rules adopted by the director of job
and family services, up to | 191 |
and
including the maximum resource limitation, of a medicaid | 192 |
patient
who has died after receiving care in a long-term care | 193 |
facility,
and for whom there is no identifiable heir or sponsor, | 194 |
are not
subject to this chapter. | 195 |
Section 3. Section 169.02 of the Revised Code is presented | 198 |
in this act
as a composite of the section as amended by both
Am. | 199 |
Sub. H.B. 640 and Sub. S.B. 245 of the 123rd General Assembly.
The | 200 |
General Assembly, applying the
principle stated in division
(B) of | 201 |
section 1.52 of the Revised
Code that amendments are to be | 202 |
harmonized if reasonably capable of
simultaneous operation, finds | 203 |
that the composite is the resulting
version of the section in | 204 |
effect prior to the effective date of
the section as presented in | 205 |
this act. | 206 |