eLaws of Florida

  SECTION 717.1101. Unclaimed equity and debt of business associations.  


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  • 1(1)(a) 2Stock or other equity interest in a business association is presumed unclaimed 3 years after the earliest of:
    201. 21The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner;
    382. 39The date of a statement of account or other notification or communication that was returned as undeliverable; or
    573. 58The date the holder discontinued mailings, notifications, or communications to the apparent owner.
    71(b) 72Unmatured or unredeemed debt, other than a bearer bond or an original issue discount bond, is presumed unclaimed 3 years after the date of the most recent interest payment unclaimed by the owner.
    105(c) 106Matured or redeemed debt is presumed unclaimed 3 years after the date of maturity or redemption.
    122(d) 123At the time property is presumed unclaimed under paragraph (a) or paragraph (b), any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed unclaimed is also presumed unclaimed.
    162(2) 163The running of such 3-year period ceases if the person:
    173(a)1. 174Communicates in writing with the association or its agent regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
    2012. 202Otherwise communicates 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 or its agent.
    240(b) 241Presents an instrument issued to pay interest or a dividend or other cash distribution. If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period in which the property is presumed unclaimed commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.
    309(3) 310At the same time any interest is presumed unclaimed under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, is presumed unclaimed.
    345(4) 346Any dividend, profit, distribution, interest redemption, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificateholder, member, bondholder, or other security holder, who has not claimed such amount or corresponded in writing with the business association concerning such amount, within 3 years after the date prescribed for payment or delivery, is presumed unclaimed.
History.-s. 11, ch. 87-105; s. 5, ch. 96-301; s. 11, ch. 2001-36; s. 3, ch. 2003-21; s. 3, ch. 2005-163.

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