1. Upon the payment or delivery of property to the treasurer of state, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the treasurer of state in good faith isrelieved of all liabilityto the extent of the value of the property paid or delivered for any claim then existing or which may arise or be made in respect to the property. 2. If the holder pays or delivers property to the treasurer of state in good faith and thereafter another person claims the property from the holder or another state claims the money or property under itslaws relating to escheat or abandoned or unclaimed property, the treasurer of state, upon written notice of the claim, shall defend the holder against any liabilityon the claim. 3. Theholder of an interestunder section 556.5 shall deliver a duplicatecertificate or other evidence of ownership ifthe holder does not issue certificates of ownership to the treasurer of state. Upon delivery of a duplicate certificate to the treasurer of state, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liabilityin accordance with subsections 1 and 2 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the treasurer of state, for any losses or damages resulting to any person by the issuance and delivery to the treasurer of state of the duplicate certificate. 4. A holder who has paid money to the treasurer of state under this chapter may make payment to any person appearing to the holder to be entitled to payment and upon filing proof of payment and proof that the payee is entitled thereto, the treasurer of state shall reimburse the holder for the payment without imposing any fee or other charge. If reimbursement is sought for payment made on a negotiable instrument, including a traveler’s check or money order, the holder must be reimbursed under this subsection upon filingproof that the instrument was duly presented and that payment was made to a person who appeared to the holder to be entitled to payment. The holder must be reimbursed for payment made under this subsection even ifthe payment was made to a person whose claim was barred under section 556.16. 5. A holder who has delivered property including a certificate of any interest in a business association, other than money, to the treasurer of state may reclaim the property if the property isstill in the possession of the treasurer of state without paying any fee or other charge, upon filingproof that the owner has claimed the property from the holder. 6. The treasurer of state may accept the holder’s affidavit as sufficient proof of the facts that entitle the holder to recover money and property under this section. 7. For purposes of this section, “good faith” means that: a. Payment or delivery was made in a reasonable attempt to comply with this chapter. b. The person delivering the property was not a fiduciarythen in breach oftrust inrespect to the property and had a reasonable basis for believing, based on the facts then known to the person, that the property was abandoned for the purposes of this chapter. c. There is no showing that the records pursuant to which the delivery was made did not meet reasonable commercial standards of practice in the industry.
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