W. Va. Code R. § 112-5-15

Current through Register Vol. XLI, No. 45, November 8, 2024

Section 112-5-15 - Unknown and Unlocatable Interest Owners Reserved Interests

15.1. The Act and the UUIO Act are to be read in conjunction with each other and not in conflict. In the event of a conflict, the administrator shall establish the controlling provision. The procedures and requirements of this rule apply to properties, holders, and owners subject to the UUIO Act, unless otherwise specified in this section.

15.2. Reserved interests are presumed abandoned and reportable under the Act when a UUIO holder has not paid the UUIO owner and is unable to identify or locate the UUIO owner.

15.3. To resolve the conflict between the due diligence and reporting requirements of W.Va. Code § 37B-2-4 and W.Va. Code § 36-8-7(e), the administrator hereby establishes that UUIO holders shall follow the due diligence and reporting procedures and requirements of section 6 of this rule with respect to all properties subject to the UUIO Act. The holder must report and remit payment separately from any Unclaimed Property report filed under W.Va. Code § 36-8-7(e).

15.4. A UUIO owner shall file a claim according to the procedures and requirements of section 9 of this rule.

15.5. The reserved interest of an unknown and unlocatable interest owner reportable under the Act will be advertised in the same manner required in W.Va. Code § 36-8-9.

W. Va. Code R. § 112-5-15