1. Except for property held in a safe deposit box or other safekeeping depository, upon filingthe report required by section 556.11, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the administrator the property described inthe report as unclaimed, but ifthe property isan automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance isextended until a penalty or forfeiture would no longer result. At the direction of the treasurer of state, the holder of tangible property held in a safe deposit box or other safekeeping depository shall deliver the property to the treasurer of state at the same time as or after filing the abandoned property report required in section 556.11. 2. Ifthe property reported to the treasurer of state isa security or security entitlement under the Uniform Commercial Code, chapter 554, article 8, the treasurer of state is an appropriate person to make an indorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer or its transfer agent or the securities intermediary to transfer or dispose of the security or the security entitlement in accordance with the Uniform Commercial Code, chapter 554, article 8. 3. Ifthe holder of property reported to the treasurer of state is the issuer of a certificated security, the treasurer of state has the right to obtain a replacement certificate pursuant to section 554.8405 but an indemnity bond is not required. 4. An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of andon behalf of theissuer or holder inaccordance with thissection isnotliable to the apparent owner and shall be indemnified against claims of any person in accordance with section 556.14.
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