Section 34.45.200. Stock and other intangible interests in business associations.

   (a) Stock or other equity interest in a business association is presumed abandoned five years after the earliest of the date
        (1) of the most recent dividend, stock split, or other distribution unclaimed by the owner;
        (2) that a statement of account or other notification or communication concerning the stock or other equity interest was returned as undeliverable; or
        (3) that the holder of the stock or other equity interest discontinued mailings, notifications, or communications to the owner.
   (b) Unmatured or unredeemed debt of a business association, other than a bearer bond or an original issue discount bond, is presumed abandoned five years after the date of the most recent interest payment unclaimed by the owner.
   (c) Matured or redeemed debt, including bearer bonds and original issue discount bonds, is presumed abandoned five years after the date of maturity or redemption.
   (d) At the time property is presumed abandoned under this section, any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed abandoned is also presumed abandoned.
   (e) A distribution of net margins by a cooperative incorporated under AS 10.25 is presumed abandoned if the distribution remains unclaimed by the owner for more than one year after the date authorized for the distribution. The distribution presumed abandoned under this subsection reverts to the cooperative if the cooperative has, at least six months before the proposed date that the distribution reverts to the cooperative, mailed a notice of the proposed reversion to the last known address of the owner as shown on the cooperative records and
        (1) if the cooperative does not have an Internet website, published notice of the proposed reversion in the manner provided by law or court rule for service of a summons by publication; or
        (2) if the cooperative has an Internet website,
             (A) posted for at least 180 days on the cooperative's Internet website
                  (i) a list of the persons for whom the cooperative has unclaimed distributions; and
                  (ii) a notice of the proposed reversion that prominently displays a notice line and that provides a link to the list identified in (i) of this subparagraph; the notice must appear on the home page of the cooperative's Internet website; and
             (B) published once a week for four consecutive weeks in a newspaper of general circulation in the judicial district where the cooperative is located a notice of the proposed reversion that provides the address of the cooperative's Internet website and indicates that the list identified in (A)(i) of this paragraph can be found at that address; the notice shall be published simultaneously
                  (i) in the print version of the newspaper in a display advertisement; the display advertisement must be at least 18 square inches in area and must prominently display the notice line at the top; and
                  (ii) on the Internet version of the newspaper, if an Internet version of the newspaper exists.
   (f) In (e) of this section,
        (1) "newspaper of general circulation" has the meaning given in AS 09.35.140;
        (2) "notice line" means the words "do we owe you money? unclaimed (name of cooperative) capital credits" in capital letters.

Authorities

34.45.320;34.45.360

Notes

References

AS 34.45.320 Payment or delivery of abandoned property.
AS 34.45.360 Public sale of abandoned property.

History

(Sec. 11 ch 133 SLA 1986; am Sec. 1 ch 145 SLA 1996; am Sec. 6 ch 90 SLA 2004; am Sec. 1, 2 ch 43 SLA 2008)