Section 523A-19 - Periods of limitation(a) The expiration, before or after July 1, 2009, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order, shall not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by this part.(b) An action or proceeding may not be maintained by the administrator to enforce this part in regard to the reporting, delivery, or payment of property more than ten years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation shall be tolled. The period of limitation shall also be tolled by the filing of a report that is fraudulent.(c) Beginning on July 1, 2014, any claim made under this part for funds in the unclaimed property trust fund shall be void if the claim is: (1) For funds totaling less than $100; and(2) Filed more than ten years after the date that the full amount of the claim was deposited into the unclaimed property trust fund; provided that for funds totaling less than $100 that were deposited into the unclaimed property trust fund on or prior to June 30, 2014, the ten-year time limitation on claiming the funds shall commence on July 1, 2014. Unclaimed funds subject to this subsection, upon the expiration of the ten-year time limitation, shall escheat to the State and be transferred to the general fund.
Amended by L 2014, c 184,§ 3, eff. 7/1/2014.Revision Note
"July 1, 2009" substituted for "the effective date of this chapter".