§ 22-146. Unclaimed intangible property presumed abandoned; custodian.

(a)

All unclaimed intangible property as defined in section 22-145, including, but not limited to, any income or increment derived therefrom, less any lawful charges that are held, issued, or owing in the ordinary course of the town's business, that has remained unclaimed for a period of one year after it has become payable or distributable, is presumed abandoned.

(b)

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

(c)

The town clerk shall be the custodian of all abandoned intangible property as defined in section 22-145.

(Code 1987, § 14-5-2; Ord. No. 06-12, pt. II, § 2, 5-9-2012)