Report Title:

Unclaimed Property; Exemptions; Cooperatives

Description:

Exempts member owned utility consumer cooperatives from unclaimed property law.

THE SENATE

S.B. NO.

2325

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO UNCLAIMED PROPERTY.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 523A-2, Hawaii Revised Statutes, is amended to read as follows:

"[[]523A-2[]] Property presumed abandoned; general rule. (a) Except as otherwise provided by this part, all intangible property, including any income or increment derived therefrom, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned.

(b) Property is payable or distributable for the purpose of this part notwithstanding the owner's failure to make demand or to present any instrument or document required to receive payment.

(c) Property held by member-owned utility consumer cooperative associations that provide services to a county is exempted from this part."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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