(1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if: (a) a valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and (b) the holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge. (2) The amount of the deduction under Subsection (1) is limited to an amount that is not unconscionable considering all relevant factors, including: (a) the marginal transactional costs incurred by the holder in maintaining the apparent owner's property; and (b) any services received by the apparent owner. Repealed and Re-enacted by Chapter 371, 2017 General Session
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.