Section 38-13-207.5 - Bank deposits and funds in financial organizations - definition(1) Any demand, savings, or matured time deposit with a financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a financial organization is presumed abandoned unless the owner, within five years, has: (a) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest;(b) Communicated in writing with the banking or financial organization concerning the property;(c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the financial organization;(d) Owned other property to which subsection (1)(a), (1)(b), or (1)(c) of this section applies and unless the financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection (1) at the address to which communications regarding the other property regularly are sent; or(e) Had another relationship with the financial organization concerning which the owner has: (I) Communicated in writing with the financial organization; or(II) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and unless the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection (1) at the address to which communications regarding the other relationship regularly are sent.(2) Any property described in subsection (1) of this section that is automatically renewable is matured for purposes of subsection (1) of this section upon the expiration of its initial time period, but, in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the financial organization or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in section 38-13-603, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.(3) For purposes of this section, "property" includes interest and dividends.Added by 2021 Ch. 32,§3, eff. 4/15/2021.