The Florida Senate

717.1101  Stock and other intangible interests in business associations.--

(1)  Except as provided in subsections (2) and (5), any stock or other intangible ownership interest in a business association, the existence of which is evidenced by record available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has for 5 years remained unclaimed by the owner and the owner has not within 5 years:

(a)  Communicated 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

(b)  Otherwise communicated 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 prepared by an employee of the association or its agent.

(2)  At the expiration of a 5-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest shall not be presumed abandoned unless there have been at least five dividends, distributions, or other sums paid during the period, none of which has been claimed. If five dividends, distributions, or other sums are paid during the 5-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If five dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been five dividends, distributions, or other sums that have not been claimed by the owner.

(3)  The running of the 5-year period of abandonment ceases immediately upon the occurrence of one or more of the conditions referred to in subsection (1). 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 of abandonment commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.

(4)  At the same time any interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned.

(5)  This chapter shall not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show:

(a)  With respect to any intangible ownership interest not enrolled in the reinvestment plan, that the owner has not within 5 years satisfied any of the conditions referred to in subsection (1); or

(b)  The holder has reason to believe the owner has not received statements or other mailings for a 5-year period.

History.--s. 11, ch. 87-105; s. 5, ch. 96-301.