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North Dakota Passes Revised Uniform Unclaimed Property Act

On April 20, North Dakota became the most recent state to enact a version of the Revised Uniform Unclaimed Property Act (2016).  The new law , which takes effect on July 1 does not overhaul the state's general three year dormancy period, but does provide useful clarity on the reporting or remittance of many property types.  Under the new legislation: securities are deemed abandoned three years after the second instance of a communication being returned by the Post Office as undeliverable (a change from previous law that required unclaimed distributions); there is a specific dormancy period for "stored-value cards" (three years after December 31 of the year of issuance, or three years since last activity, whichever is later); and there are specific dormancy standards for UTMAs and other tax-deferred accounts. The new law also provides additional detail regarding notices to the owners of unclaimed property.  The legislation includes specific language that must be included i

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