(1) The Uniform Unclaimed Property Act provides that property presumed abandoned under the act shall be delivered to and taken into custody by the Department of Revenue. The department shall protect the unknown owners by returning property delivered to the department under the act upon the filing of a verified claim by the owner which is approved by the department.

(1) The Uniform Unclaimed Property Act primarily relates to money and most other kinds of intangible property, but may apply to tangible personal property such as the contents of a safe deposit box, a collateral deposit box, or personal property held in escrow.

The following definitions apply to this chapter:

(1) "Finder" means an individual, company, or corporation that locates owners of unclaimed property and assists them in retrieving the property for a fee or commission.

(2) "Holder" has the meaning given in 70-9-802, MCA, and includes, but is not limited to, financial institutions, corporations, partnerships, limited liability companies, cooperatives, business associations, courts, governmental entities, and political subdivisions.

(3) "Memorandum" means, but is not limited to, the following:

(a) a confirmation letter or card signed by the owner;

(b) a personal letter or inquiry from the owner;

(c) a note in the holder's file that the owner discussed the account or property with the holder or holder's employee in person or by telephone; or

(d) a written or verbal communication (evidenced by a note in the holder's file) between the holder and the owner of multiple accounts regarding knowledge of all accounts, active and dormant, that generate regular statements or notices to the owner.

This rule has been transferred.

(1) Property in the possession of a holder that is presumed abandoned under the act must be reported and delivered to the department as abandoned property.

(2) Property held by a fiduciary is presumed abandoned unless the owner has, within five years after it became payable or distributable:

(a) increased or decreased the principal;

(b) accepted payment of principal or income;

(c) corresponded in writing concerning the property; or

(d) otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.

(3) Tangible safe deposit box property must be shipped to the following address:

Montana Department of Revenue

Unclaimed Property Manager

2517 Airport Rd.

Helena, MT 59601

This rule has been repealed.

This rule has been transferred.

This rule has been repealed.

This rule has been repealed.

This rule has been transferred.

(1) Unclaimed patronage refunds of a rural electric or telephone cooperative are not presumed abandoned under 70-9-803, MCA, if the cooperative, upon the action of the board of trustees:

(a) maintains the unclaimed patronage refunds in a separate general ledger account or fund, which can only be used for educational purposes;

(b) does not include the amount of the unclaimed patronage refunds in the cooperative's general fund;

(c) demonstrates the existence of established written guidelines, policies, and procedures granting the use of the unclaimed patronage refunds for educational purposes only; and

(d) records and substantiates all disbursements of the unclaimed patronage funds.

(2) Unclaimed patronage refunds held in the separate account or fund set forth in (1) can remain in the account or fund and accumulate to provide for educational expenditures that are greater than the annual amount deposited into the account or fund.

(3) For patronage refunds issued in a calendar year, the distribution date is December 31, of the year the patronage refund is issued.

(1) Unclaimed shares in a nonutility cooperative are not presumed abandoned under 70-9-803, MCA, if the cooperative, upon the action of the board of trustees:

(a) maintains the unclaimed shares in a separate general ledger account or fund, which can only be used for charitable or civic purposes in the cooperative's community;

(b) does not include the amount of the unclaimed shares in the cooperative's general fund;

(c) demonstrates the existence of established written guidelines, policies, and procedures granting the use of the unclaimed shares for charitable or civic purposes only; and

(d) records and substantiates all disbursements of the shares.

(2) Unclaimed shares held in the separate account or fund set forth in (1) can remain in the account or fund and accumulate to provide for charitable or civic expenditures that are greater than the annual amounts deposited into the account or fund.

(1) It shall be presumed that the stock book of a corporation shows the owner of the stock certificate or other certificate of ownership of the corporation and the amount of ownership interest in the corporation.

(2) Presumption of ownership of other intangible property required to be reported to the Department of Revenue, and thereafter delivered to the state, shall arise from the records of the person reporting the ownership or entitlement to such property.

(1) The owner of property which has been delivered to the Department of Revenue as abandoned property must claim the property or the proceeds of the property on forms supplied by the department.

(a) No claim may be filed for property with a value of less than $50 unless the holder has specifically identified the owner of the property to the department, and the holder has done so since the implementation of the department's new abandoned property computerized tracking system in June 2007.

(2) General claim requirements are as follows:

(a) Submission of a claim and request for return of property in the possession of the department must be on a form prescribed by the department and bearing the notarized signature of the owner, if required by the department.

(b) The department may require production of originals or copies of driver's license, social security card, voter registration card, or any other documents needed to verify a claimant's identity and signature.

(c) A claim received from an owner of property held by the department shall have first payment priority over any other claim, unless:

(i) the other claim is supported by a court ordered judgment against the owner; or

(ii) a bond or other indemnified claim is received from the former holder of the property.

(3) Specific claim requirements are as follows:

(a) In the course of verifying a claim, the department is authorized to require reproduction of any of the following:

(i) a properly completed claim form prescribed by the department, bearing the notarized signature of the claimant;

(ii) original negotiable instrument;

(iii) a stock certificate;

(iv) check;

(v) money orders;

(vi) certificate of deposit; and

(vii) cashier's check.

(b) Originals or photocopies of any of the following documents to substantiate the right to claim property:

(i) death certificate;

(ii) birth certificate;

(iii) marriage license of claimant or decedent;

(iv) complete last will and testament or letter from the Clerk of District Court stating there is no will or probate record on file;

(v) insurance policy;

(vi) document establishing trust;

(vii) power of attorney;

(viii) indemnity bond;

(ix) articles of incorporation;

(x) final account of decree of distribution;

(xi) valid driver's license;

(xii) social security card;

(xiii) voter registration card;

(xiv) court document showing appointment as personal representative, executor, executrix, conservator, etc.;

(xv) affidavit of authority to receive and disburse funds for the company;

(xvi) affidavit for collection of personal property of decedent;

(xvii) proof of federal identification number;

(xviii) proof of address;

(xix) disposition of stock; and

(xx) decedent's family history.

(4) The department may require any other documents as provided in (3) to verify the claim.

(1) Claims for abandoned property submitted by a finder must include:

(a) a properly completed claim form as prescribed by the department, bearing the notarized signature of the claimant; and

(b) an original signed power of attorney, or written agreement, authorizing the finder to prosecute a claim for abandoned property on behalf of a claimant. The power of attorney or written agreement must contain:

(i) specific authorization to release private information concerning the owner's interest in the property; and

(ii) specific instructions concerning payment.

(2) A finder may not charge a fee that exceeds 15 percent of the value of the property paid or delivered to the administrator. Any amount that exceeds this percentage is considered unconscionable.

(3) A finder must have a current private investigators license from the state of Montana to serve as a finder on behalf of the owner of property, as required in 37-60-101, MCA.

(4) Only one check is issued by the state. The check will be issued in the name of the person signing the power of attorney and mailed to the finder, unless the power of attorney specifically states that the check is to be made payable to both the finder and the person signing the power of attorney or written agreement. If the check is to be made payable to the finder only, the power of attorney or written agreement must specifically authorize "authority to receive the check in the name of the (fee finder's name)."

(5) In the event of a written request by a finder that the department do a search on behalf of the finder's client, the department may require written confirmation of the request bearing the claimant or client's signature. If the claimant or client is a business, it will be sufficient if the confirmation letter is on company letterhead.