Nebraska Disposition of Unclaimed Property Law


Nebraska Law Summary
Uniform Disposition of Unclaimed Property Act

Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. You should check the State Laws for updates.

Title 69 Personal Property

Terms, defined.
As used in the Uniform Disposition of Unclaimed Property Act unless the context otherwise requires:

(a) Banking organization means any bank, trust company, savings bank (industrial bank, land bank, safe deposit company), or a private banker engaged in business in this state.

(b) Business association means any corporation (other than a public corporation), joint-stock company, business trust, partnership, limited liability company, or association for business purposes of two or more individuals.

(c) Financial organization means any savings and loan association, building and loan association, industrial loan and investment company, credit union, (cooperative bank) or investment company, engaged in business in this state.

(d) Holder means any person in possession of property subject to the act belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to the act.

(e) Life insurance corporation means any association or corporation transacting within this state the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.

(f) Owner means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant, or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to the act, or his or her legal representative.

(g) Person means any individual, business association, governmental or political subdivision, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

(h) Utility means any person who owns or operates within this state, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas.Title 69, §69-1301

Title 69, §69-1302

Property held or owing by a banking or financial organization or business association; presumed abandoned; when.

The following property held or owing by a banking or financial organization or by a business association is presumed abandoned:

(a) Any demand, savings, or matured time deposit that is not automatically renewable made in this state with a banking organization, together with any interest or dividends thereon, excluding any charges that may lawfully be withheld, unless the owner has, within five years:

(1) Increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest or dividends; or

(2) Corresponded in writing with the banking organization concerning the deposit; or

(3) Otherwise indicated an interest in the deposit as evidenced by a memorandum or other record on file with the banking organization; or

(4) Owned other property to which subdivision (a)(1), (2), or (3) applies and if the banking organization corresponds in writing with the owner with regard to the property that would otherwise be presumed abandoned under subdivision (a) of this section at the address to which correspondence regarding the other property regularly is sent; or

(5) Had another relationship with the banking organization concerning which the owner has:

(i) Corresponded in writing with the banking organization; or

(ii) Otherwise indicated an interest as evidenced by a memorandum or other record on file with the banking organization and if the banking organization corresponds in writing with the owner with regard to the property that would otherwise be abandoned under subdivision (a) of this section at the address to which correspondence regarding the other relationship regularly is sent.

(b) Any funds paid in this state toward the purchase of shares or other interest in a financial organization or any deposit that is not automatically renewable, including a certificate of indebtedness that is not automatically renewable, made therewith in this state, and any interest or dividends thereon, excluding any charges that may lawfully be withheld, unless the owner has within five years:

(1) Increased or decreased the amount of the funds or deposit, or presented an appropriate record for the crediting of interest or dividends; or

(2) Corresponded in writing with the financial organization concerning the funds or deposit; or

(3) Otherwise indicated an interest in the funds or deposit as evidenced by a memorandum or other record on file with the financial organization; or

(4) Owned other property to which subdivision (b)(1), (2), or (3) applies and if the financial organization corresponds in writing with the owner with regard to the property that would otherwise be presumed abandoned under subdivision (b) of this section at the address to which correspondence regarding the other property regularly is sent; or

(5) Had another relationship with the financial organization concerning which the owner has:

(i) Corresponded in writing with the financial organization; or

(ii) Otherwise indicated an interest as evidenced by a memorandum or other record on file with the financial organization and if the financial organization corresponds in writing with the owner with regard to the property that would otherwise be abandoned under this subdivision (b) of this section at the address to which correspondence regarding the other relationship regularly is sent.

(c) A holder may not, with respect to property described in subdivision (a) or (b) of this section, impose any charges solely due to dormancy or cease payment of interest solely due to dormancy unless there is a written contract between the holder and the owner of the property pursuant to which the holder may impose reasonable charges or cease payment of interest or modify the imposition of such charges and the conditions under which such payment may be ceased. A holder of such property who imposes charges solely due to dormancy may not increase such charges with respect to such property during the period of dormancy. The contract required by this subdivision may be in the form of a signature card, deposit agreement, or similar agreement which contains or incorporates by reference (1) the holder’s schedule of charges and the conditions, if any, under which the payment of interest may be ceased or (2) the holder’s rules and regulations setting forth the holder’s schedule of charges and the conditions, if any, under which the payment of interest may be ceased.

(1) Any time deposit that is automatically renewable, including a certificate of indebtedness that is automatically renewable, made in this state with a banking or financial organization, together with any interest thereon, seven years after the expiration of the initial time period or any renewal time period unless the owner has, during such initial time period or renewal time period:

(i) Increased or decreased the amount of the deposit, or presented an appropriate record or other similar evidence of the deposit for the crediting of interest;

(ii) Corresponded in writing with the banking or financial organization concerning the deposit;

(iii) Otherwise indicated an interest in the deposit as evidenced by a memorandum or other record on file with the banking or financial organization;

(iv) Owned other property to which subdivision (d)(1)(i), (ii), or (iii) of this section applies and if the banking or financial organization corresponds in writing with the owner with regard to the property that would otherwise be presumed abandoned under subdivision (d) of this section at the address to which correspondence regarding the other property regularly is sent; or

(v) Had another relationship with the banking or financial organization concerning which the owner has:

(A) Corresponded in writing with the banking or financial organization; or

(B) Otherwise indicated an interest as evidenced by a memorandum or other record on file with the banking or financial organization and if the banking or financial organization corresponds in writing with the owner with regard to the property that would otherwise be abandoned under subdivision (d) of this section at the address to which correspondence regarding the other relationship regularly is sent.

(2) If, at the time provided for delivery in section 69-1310, a penalty or forfeiture in the payment of interest would result from the delivery of a time deposit subject to subdivision

(d) of this section, the time for delivery shall be extended until the time when no penalty or forfeiture would result.

(e) Any sum payable on checks certified in this state or on written instruments issued in this state on which a banking or financial organization or business association is directly liable, including, by way of illustration but not of limitation, certificates of deposit that are not automatically renewable, drafts, money orders, and traveler’s checks, that, with the exception of money orders and traveler’s checks, has been outstanding for more than five years from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of

(i) money orders, that has been outstanding for more than seven years from the date of issuance and

(ii) traveler’s checks, that has been outstanding for more than fifteen years from the date of issuance, unless the owner has within five years, or within seven years in the case of money orders and within fifteen years in the case of traveler’s checks, corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the banking or financial organization or business association.

(f) Any funds or other personal property,tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in this state on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than five years from the date on which the lease or rental period expired.

(g) For the purposes of this section failure of the United States mails to return a letter, duly deposited therein, first-class postage prepaid, to the last-known address of an owner of tangible or intangible property shall be deemed correspondence in writing and shall be sufficient to overcome the presumption of abandonment created herein. A memorandum or writing on file with such banking or financial organization shall be sufficient to evidence such failure.

Title 69, §69-1303

Unclaimed funds held and owing by a life insurance corporation; presumed abandoned; when.

(a) Unclaimed funds, as defined in this section, held and owing by a life insurance corporation shall be presumed abandoned if the last-known address, according to the records of the corporation, of the person entitled to the funds is within this state. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the corporation.

(b) Unclaimed funds, as used in this section, means all money held and owing by any life insurance corporation unclaimed and unpaid for more than five years after the money became due and payable as established from the records of the corporation under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding five years, (1) assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the life insurance corporation concerning the policy. Money otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.

Title 69, §69-1304

Funds held or owing by any utility; presumed abandoned; when.
The following funds held or owing by any utility are presumed abandoned:

(a) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than three years after the termination of the services for which the deposit or advance payment was made.

(b) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than three years after the date it became payable in accordance with the final determination or order providing for the refund.

Title 69, §69-1305

Stock, shareholding, or other intangible ownership interest; presumed abandoned; when.

(a) Any stock, shareholding, or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is resumed abandoned and, with respect to the interest, the association is the holder, if:

(1) The interest in the association is owned by a person who for more than five years has not claimed a dividend, distribution, or other sum payable as a result of the interest or has not communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association; and

(2) The association does not know the location of the owner at the end of the five-year period.

(b) The return of official shareholder notifications or communications by the postal service as undeliverable shall be evidence that the association does not know the location of the owner.

(c) The Uniform Disposition of Unclaimed Property Act shall be applicable to both the underlying stock, shareholdings, or other intangible ownership interests of an owner, and any stock, shareholdings, or other intangible ownership interest of which the business association is in possession of the certificate or other evidence or indicia of ownership, and to the stock, shareholdings, or other intangible ownership interests of dividend and non-dividend-paying business associations whether or not the interest is represented by a certificate.

Title 69, §69-1305.01

Stock or other intangible ownership interest; applicability of act; conditions.

The Uniform Disposition of Unclaimed Property Act does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless:

(a) The records available to the administrator of the plan show, with respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within five years communicated in any manner described in subdivision (a)(1) of section 69-1305; or

(b) Five years have elapsed since the location of the owner became unknown to the business association as evidenced by the return of official shareholder notifications or communications by the postal service as undeliverable and the owner has not within those five years communicated in any manner described in subdivision (a)(1) of section 69-1305. The five-year period from the return of official shareholder notifications or communications shall commence from the return of the notification or communication.

Title 69, §69-1305.02

Gift certificate or credit memo; presumed abandoned; when.

(a) A gift certificate or a credit memo that remains unredeemed for more than three years after issuance is presumed abandoned.

(b) In the case of a gift certificate, the amount presumed abandoned is the face amount of the certificate itself. In the case of a credit memo, the amount presumed abandoned is the amount credited, as shown on the memo itself.

Title 69, §69-1306

Intangible personal property distributable in voluntary dissolution; presumed abandoned; when.

All intangible personal property distributable in the course of a voluntary dissolution of a business association, banking organization, or financial organization organized under the laws of or created in this state, that is unclaimed by the owner within two years after the date for distribution, is presumed abandoned.

Title 69, §69-1307

Intangible personal property and increment held in a fiduciary capacity; presumed abandoned; when.

All intangible personal property and any income or increment thereon, held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner has, within five years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary:

(a) If the property is held by a banking organization or a financial organization, or by a business association organized under the laws of or created in this state; or

(b) If it is held by a business association, doing business in this state, but not organized under the laws of or created in this state, and the records of the business association indicate that the last-known address of the person entitled thereto is in this state; or

(c) If it is held in this state by any other person.

Title 69, §69-1307.01

Intangible personal property held by court, public entities, or political subdivision; presumed abandoned; when.

Except as otherwise provided by law, all intangible personal property held for the owner by any court, public corporation, public authority, or public officer of this state, or a political subdivision thereof, that has remained unclaimed by the owner for more than three years is presumed abandoned.

Title 69, §69-1307.02

Unpaid wages; presumed abandoned; when.

Unpaid wages, including wages represented by payroll checks owing in the ordinary course of the holder’s business which remain unclaimed by the owner for more than one year after becoming payable, are presumed abandoned.

Title 69, §69-1307.03

Retirement funds; presumed abandoned; when.

All intangible property and any income or increment derived therefrom held in an individual retirement account, a retirement plan for self-employed individuals, or similar account or plan established pursuant to the internal revenue laws of the United States, which has not been paid or distributed for more than thirty days after the earliest of the following:

(a) The actual date of distribution or attempted distribution;

(b) the date contracted for distribution in the plan or trust agreement governing the account or plan; or

(c) the date specified in the internal revenue law of the United States by which distribution must begin in order to avoid a tax penalty, is presumed abandoned unless the owner or beneficiary within the five years preceding any such date has made additional payments or transfers of property to the account or plan, was paid or received a distribution, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the account or plan fiduciary.

Title 69, §69-1307.04

Mineral rights and proceeds; presumed abandoned; when.

(a) For purposes of this section, unless the context otherwise requires:

(1) Mineral means oil, gas, uranium, sulphur, lignite, coal, and any other substance that is ordinarily and naturally considered a mineral, regardless of the depth at which the oil, gas, uranium, sulphur, lignite, coal, or other substance is found; and

(2) Mineral proceeds includes:

(i) All obligations to pay resulting from the production and sale of minerals, including net revenue interest, royalties, overriding royalties, production payments, and joint operating agreements; and

(ii) All obligations for the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties.

(b) Any sum payable as mineral proceeds and the underlying right to receive mineral proceeds are presumed abandoned if any sum payable as mineral rights has remained unclaimed by the owner for more than three years after it became payable or distributable. At the time an owner’s underlying right to receive mineral proceeds is presumed abandoned, any mineral proceeds then owing to the owner and any proceeds accruing after that time are presumed abandoned.

(c) A holder may not deduct any amount from mineral proceeds unless:

(1) There is an enforceable written contract between the holder and the owner of the mineral proceeds pursuant to which the holder may impose a charge;

(2) For mineral proceeds in excess of five dollars, the holder, no more than three months before the initial imposition of those charges, has mailed written notice to the owner of the amount of those charges at the last-known address of the owner stating that those charges will be imposed, but the notice provided in this section need not be given with respect to charges imposed before July 16, 1994; and

(3) The holder regularly imposes such charges and in no instance reverses or otherwise cancels them.

(d) Charges imposed pursuant to subsection (c) of this section may be made and collected monthly, quarterly, or annually. However, beginning with July 16, 1994, the cumulative amount of charges shall not exceed twelve dollars per year, and shall only be charged for a maximum of two calendar years.

Title 69, §69-1308

Other intangible property; presumed abandoned; when.

All intangible personal property, not otherwise covered by the Uniform Disposition of Unclaimed Property Act, including any income or increment thereon and deducting any lawful charges, that is held or owing in this state in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned.

Title 69, §69-1309

Owner in another state; property not presumed abandoned; when.

If specific property which is subject to the provisions of sections 69-1302 and 69-1305 to 69-1308 is held for or owed or distributable to an owner whose last-known address is in another state by a holder who is subjected to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to sections 69-1301 to 69-1329 if:

(a) It may be claimed as abandoned or escheated under the laws of such other state; and

(b) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last-known address is within this state by a holder who is subject to the jurisdiction of this state.

Title 69, §69-1310

Property presumed abandoned; reports to State Treasurer; contents; filing date; property accompany report; prevent abandonment, when; verification.

(a) Every person holding funds or other property, tangible or intangible, presumed abandoned under the Uniform Disposition of Unclaimed Property Act shall report to the State Treasurer with respect to the property as hereinafter provided.

(b) The report shall be verified and shall include:

(1) Except with respect to traveler’s checks and money orders, the name, if known, and last-known address, if any, of each person appearing from the records of the holder to be the owner of any property presumed abandoned under the act;

(2) In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant and his or her last-known address according to the life insurance corporation’s records;

(3) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of less than twenty-five dollars may be reported in the aggregate;

(4) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and

(5) Other information which the State Treasurer may prescribe by rule as necessary for the administration of the act.

(c) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his or her name while holding the property, he or she shall file with his or her report all prior known names and addresses of each holder of the property.

(d) The report shall be filed before November 1 of each year as of June 30 next preceding, but the report of life insurance corporations shall be filed before May 1 of each year as of December 31 next preceding. The property must accompany the report unless excused by the State Treasurer for good cause. The State Treasurer may postpone the reporting date upon written request by any person required to file a report.

(e) If the holder of property presumed abandoned under the act knows the whereabouts of the owner and if the owner’s claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed.The holder shall exercise due diligence to ascertain the whereabouts of the owner.

(f) Verification, if made by a partnership, shall be executed by a partner; if made by a limited liability company, by a member; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

Title 69, §69-1311

Report of property presumed abandoned; notices; time; contents; exceptions.

(a) Between March 1 and March 10 of each year the State Treasurer shall cause notice to be published once in an English language legal newspaper of general circulation in the county in this state in which is located the last-known address of any person to be named in the notice. If no address is listed or if the address is outside this state, the notice shall be published in the county in which the holder of the abandoned property has his principal place of business within this state and also in a legal newspaper having statewide circulation.

(b) The published notice shall be entitled Notice of Names of Persons Appearing to be Owners of Abandoned Property, and shall contain:

(1) The names in alphabetical order and last-known addresses, if any, of persons listed in the report and entitled to notice within the county as hereinbefore specified.

(2) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the State Treasurer.

(c) The State Treasurer is not required to publish in such notice any item of less than twenty-five dollars unless he deems such publication to be in the public interest.

(d) Within one hundred twenty days from the receipt of the report required by section 69-1310, the State Treasurer shall mail a notice to each person having an address listed therein who appears to be entitled to property of the value of twenty-five dollars or more presumed abandoned under sections 69-1301 to 69-1329.

(e) The mailed notice shall contain:

(1) A statement that, according to a report filed with the State Treasurer, property is being held to which the addressee appears entitled.

(2) The name and address of the person holding the property and any necessary information regarding changes of name and address of the holder.

(3) A statement that, if satisfactory proof of claim is presented by the owner to the State Treasurer, arrangements will be made to transfer the property to the owner as provided by law.

(f) This section is not applicable to sums payable on traveler’s checks or money orders presumed abandoned under section 69-1302.

Title 69, §69-1312

Delivery of property to State Treasurer; exceptions.

Every person who has filed a report under section 69-1310, or in the case of sums payable on traveler’s checks or money orders presumed abandoned under section 69-1302, shall pay or deliver to the State Treasurer all abandoned property specified in this report, except that, if the owner establishes his right to receive the abandoned property to the satisfaction of the holder within the time specified in section 69-1311, or if it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property, which will no longer be presumed abandoned, to the State Treasurer, but in lieu thereof shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment.

Title 69, §69-1313

Property; delivery to State Treasurer; custodian; holder relieved of liability; reimbursement.

Upon the payment or delivery of abandoned property to the State Treasurer or upon payment or delivery of property to the State Treasurer pursuant to section 69-1321, the state shall assume custody and shall be responsible for the safekeeping thereof. Any person who pays or delivers abandoned property to the State Treasurer under the Uniform Disposition of Unclaimed Property Act or who pays or delivers property to the State Treasurer pursuant to section 69-1321 is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property. Any holder who has paid money to the State Treasurer pursuant to the act may make payment to any person appearing to such holder to be entitled thereto, and upon proof of such payment and proof that the payee was entitled thereto, the State Treasurer shall forthwith reimburse the holder for the payment.

Title 69, §69-1314

Property paid or delivered to State Treasurer; owner not entitled to income.

When property is paid or delivered to the State Treasurer under sections 69-1301 to 69-1329, the owner is not entitled to receive income or other increments accruing thereafter.

Title 69, §69-1315

Limitation of action; claim; effect.

(a) The expiration of any period of time specified by statute or court order, during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, shall not prevent the money or property from being presumed abandoned property, nor affect any duty to file a report required by the Uniform Disposition of Unclaimed Property Act or to pay or deliver abandoned property to the State Treasurer. Holders shall not be required to report or to pay or to deliver abandoned property or unclaimed funds as to which the statute of limitations applicable to the enforcement of any claim to such property shall have expired prior to December 25, 1969.

(b) No action or proceeding may be commenced by the State Treasurer with respect to any duty of a holder under the act more than seven years after the holder files a report for the period in which the duty arose. This subsection shall not apply to holders described in section 69-1307.01.

Title 69, §69-1316

Abandoned property; State Treasurer; sell; when; notice; title.

(a) Except as provided in section 69-1321, all abandoned property other than money, securities, bonds, or similar property delivered to the State Treasurer under the Uniform Disposition of Unclaimed Property Act shall be sold by him or her to the highest bidder at public sale in whatever city in the state affords in his or her judgment the most favorable market for the property involved. The State Treasurer shall hold the sale whenever he or she decides, but a sale must be conducted at least once every five years. The State Treasurer may decline the highest bid and reoffer the property for sale if he or she considers the price bid insufficient. He or she need not offer any property for sale if, in his or her opinion, the probable cost of sale exceeds the value of the property.

(b) Any sale held under this section shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale in an English language newspaper of general circulation in the county where the property is to be sold.

(c) The purchaser at any sale conducted by the State Treasurer pursuant to the act shall receive title to the property purchased, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The State Treasurer shall execute all documents necessary to complete the transfer of title.

(d) Securities listed on an established stock exchange shall be sold at the prevailing prices on the exchange. Other securities may be sold over the counter at prevailing prices or by another commercially reasonable method. All securities presumed abandoned under the act and delivered to the State Treasurer shall be held for at least three years before he or she sells them. A person making a claim under this section is entitled to receive either the securities delivered to the State Treasurer by the holder, if they still remain in the hands of the State Treasurer, or the proceeds received from the sale, but no person has any claim under this section against the state, the holder, any transfer agent, any registrar, or any other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the State Treasurer.

Title 69, §69-1317

Abandoned property; trust fund; record; professional finder’s fee; information withheld; when; proceeds of sale; transfers; Unclaimed Property Cash Fund; created; investment.

(a)

(1) All funds received under the Uniform Disposition of Unclaimed Property Act, including the proceeds from the sale of abandoned property under section 69-1316, shall be deposited by the State Treasurer in a separate trust fund from which he or she shall make prompt payment of claims allowed pursuant to the act and payment of any auditing expenses associated with the receipt of abandoned property. Before making the deposit he or she shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the abandoned property, the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection during business hours. The record shall not be subject to public inspection or available for copying, reproduction, or scrutiny by commercial or professional locators of property presumed abandoned who charge any service or finders’ fee until twenty-four months after the names from the holders’ reports have been published or officially disclosed. A professional finders’ fee shall be limited to ten percent of the total amount of the property presumed abandoned. To claim any such fee, the nature and location of the property must be disclosed to the claimant by the finder.

(2) The unclaimed property records of the State Treasurer, the unclaimed property reports of holders, and the information derived by an unclaimed property examination or audit of the records of a person or otherwise obtained by or communicated to the State Treasurer may be withheld from the public. Any record or information that may be withheld under the laws of this state or of the United States when in the possession of such a person may be withheld when revealed or delivered to the State Treasurer. Any record or information that is withheld under any law of another state when in the possession of that other state may be withheld when revealed or delivered by the other state to the State Treasurer.

Information withheld from the general public concerning any aspect of unclaimed property shall only be disclosed to an apparent owner of the property, or to the escheat, unclaimed, or abandoned property administrators or officials of another state if that other state accords substantially reciprocal privileges to the State Treasurer.

(b)

(1) On or after October 6, 1992, the State Treasurer shall periodically transfer any balance in excess of an amount not to exceed five hundred thousand dollars from the separate trust fund to the General Fund no less frequently than on or before November 1 and May 1 of each year, except that the total amount of all such transfers shall not exceed five million dollars.

(2)

(i) On the next succeeding November 1 after five million dollars has been transferred to the General Fund in the manner described in subdivision (b)(1) of this section or

(ii) on November 1, 1996, whichever occurs first, and on or before November 1 of each year thereafter, the State Treasurer shall transfer any balance in excess of an amount not to exceed five hundred thousand dollars from the separate trust fund to the permanent school fund.

(c) Before making any deposit to the credit of the permanent school fund or the General Fund, the State Treasurer may deduct (1) any costs in connection with sale of abandoned property, (2) any costs of mailing and publication in connection with any abandoned property, and (3) reasonable service charges and place such funds in the Unclaimed Property Cash Fund which is hereby created. Any money in the Unclaimed Property Cash Fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

Title 69, §69-1318

Person claiming interest in property delivered to state; claim; filing.

Any person claiming an interest in any property delivered to the state under sections 24-345, and 69-1301 to 69-1329 may file a claim thereto or to the proceeds from the sale thereof on the form prescribed by the State Treasurer.

Title 69, §69-1319

Claim; hearing; decision; payment.

(a) The State Treasurer shall consider any claim filed under sections 69-1301 to 69-1329 and may hold a hearing and receive evidence concerning it. If a hearing is held he shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by him and the reasons for his decision. The decision shall be a public record.

(b) If the claim is allowed, the State Treasurer shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges.

Title 69, §69-1320

Claim; appeal; procedure.

Any person aggrieved by a decision of the State Treasurer or as to whose claim the State Treasurer has failed to act within ninety days after the filing of the claim may appeal, and the appeal shall be in accordance with the Administrative Procedure Act.

Title 69, §69-1321

Abandoned property; State Treasurer; decline to accept; when; other payments or delivery authorized.

(a) The State Treasurer, after receiving reports of property deemed abandoned pursuant to the Uniform Disposition of Unclaimed Property Act, may decline to receive any property reported which he or she deems to have a value less than the cost of giving notice and holding sale, or he or she may, if he or she deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates. Unless the holder of the property is notified to the contrary within one hundred twenty days after filing the report required under section 69-1310, the State Treasurer shall be deemed to have elected to receive the custody of the property.

(b) A holder may pay or deliver property before the property is presumed abandoned with written consent of the State Treasurer and upon conditions and terms prescribed by the State Treasurer. Property paid or delivered under this subsection shall be held by the State Treasurer and is not presumed abandoned until such time as it otherwise would be presumed abandoned under the act.

Title 69, §69-1322

Failure to report property; State Treasurer; powers and duties; holder; duties.

(a) If the State Treasurer has reason to believe that any person has failed to report property in accordance with the Uniform Disposition of Unclaimed Property Act, the State Treasurer may demand that such person file a verified report or otherwise comply with the act within thirty days of the demand.

(b) The State Treasurer may at reasonable times and upon reasonable notice examine the records of any person if he or she has reason to believe that such person has failed to report property that should have been reported pursuant to the act.

(c) If an examination of the records of a person results in the disclosure of property reportable under the act, the State Treasurer may assess the cost of the examination against the holder but in no case may the charges exceed the value of the property found to be reportable.

(d)

(1) Every holder required to file a report under section 69-1310, as to any property for which it has obtained the last-known address of the owner, shall maintain a record of the name and last-known address of the owner for seven years after the property becomes reportable, except to the extent that a shorter time is provided in subdivision (2) of this subsection or by rule of the State Treasurer.

(2) Any holder that sells in this state its travelers checks, money orders, or other similar written instruments on which the holder is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.

Title 69, §69-1323

Refusal to deliver property; action to enforce delivery.

If any person refuses to deliver property to the State Treasurer as required under sections 69-1301 to 69-1329, he shall bring an action in a court of appropriate jurisdiction to enforce such delivery.

Title 69, §69-1324

Failing to render report or refusing to pay or deliver property; penalty.

(a) A person who fails to pay or deliver property within the time prescribed by the Uniform Disposition of Unclaimed Property Act shall be required to pay to the State Treasurer interest calculated pursuant to section 45-103 as such section was in effect on the date the property should have been paid or delivered on the value of the property from the date the property should have been paid or delivered.

(b) A person who willfully fails to render any report or perform other duties required under the act shall pay a civil penalty of one hundred dollars for each day the report is withheld or the duty is not performed, but not more than five thousand dollars.

(c) A person who willfully fails to pay or deliver property to the State Treasurer as required under the act shall pay a civil penalty equal to twenty-five percent of the value of the property that should have been paid or delivered.

(d) The interest or penalty or any portion thereof as imposed by subsections (a), (b), or (c) of this section may be waived or remitted by the State Treasurer for good cause shown.

(e) Any person who willfully refuses to pay or deliver abandoned property to the State Treasurer as required under the act shall be guilty of a Class II misdemeanor.

Title 69, §69-1325

State Treasurer; rules and regulations; adopt.

The State Treasurer is hereby authorized to make necessary rules and regulations to carry out the provisions of sections 69-1301 to 69-1329.

Title 69, §69-1326

Property exempt from act.

Sections 69-1301 to 69-1329 shall not apply to any property that has been presumed abandoned or escheated under the laws of another state prior to December 25, 1969.

Title 69, §69-1327

Act; severability.

If any provision of sections 69-1301 to 69-1329 or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of sections 69-1301 to 69-1329 are severable.

Title 69, §69-1328

Act, how construed.

Sections 69-1301 to 69-1329 shall be so construed as to effectuate their general purpose to make uniform the law of those states which enact them.

Title 69, §69-1329

Act, how cited.

Sections 69-1301 to 69-1329 may be cited as the Uniform Disposition of Unclaimed Property Act.

Title 69, §69-1330

Certain unclaimed property; disposition.

Any property that shall come into the possession of the county sheriff of any county by virtue of his or her office, the disposition of which is not otherwise provided for by law, and which appears to be abandoned or unclaimed, may be sold at auction or disposed of as provided in sections 69-1330 to 69-1332.

Title 69, §69-1331

Unclaimed property; sale; disposal; procedure.

If the property described in section 69-1330 shall remain unclaimed for a period of not less than one hundred eighty days, the county sheriff may sell such property at auction. Prior to such sale the county sheriff shall cause a list of all property subject to sale to be published once a week for three consecutive weeks in a newspaper of general circulation in the county in which he or she holds office. If such property is not bid upon at sale, or the county sheriff reasonably believes that such property has little or no sale value, he or she may dispose of such property. Before the county sheriff may dispose of such property he or she shall submit a plan for disposing of such property to the county board for its approval. Upon the approval of the board, the county sheriff may dispose of such property in the manner approved and shall be exempt from any civil liability for such action.

Title 69, §69-1332

Unclaimed property; sale proceeds; disposition.

The county sheriff shall pay over to the county treasurer the proceeds of any sale authorized by sections 69-1330 to 69-1332, less the reasonable expenses of such sale. The county treasurer shall hold such proceeds for a period of two years from the date of sale. If at the end of such period no person has presented a lawful claim to the proceeds of such sale, the county treasurer shall deposit such proceeds, including any interest thereon, to the general fund of the county and any claims thereon shall be extinguished.