(1) Expiration, before, on, or after the effective date of this chapter, of a period of limitation on an owner's right to receive or recover property, whether specified by contract, statute, or court order, does not prevent the property from being presumed abandoned or affect the duty of a holder under this chapter to file a report or pay or deliver property to the administrator. (2) An action or proceeding may not be maintained by the administrator to enforce this chapter in regard to the reporting, delivery, or payment of property more than five years after the holder: (a) (i) filed a nonfraudlent report under Section 67-4a-401 with the administrator; and (ii) specifically identified the property in the report filed with the administrator under Subsection (2)(a); or (b) gave express notice to the administrator of a dispute regarding the property. (3) (a) In the absence of a report or other express notice under Subsection (2), the period of limitation is tolled. (b) The period of limitation is also tolled by the filing of a report that is fraudulent. (4) The administrator may not commence an action, proceeding, or examination regarding the duty of a holder under this chapter on a day that is more than 10 years after the day on which the duty arises.
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