Sec. 3-61a. Property held by fiduciary presumed abandoned, when.
Sec. 3-61a. Property held by fiduciary presumed abandoned, when. All property and any income or increment thereon held in a fiduciary capacity for the benefit of
another person is presumed abandoned unless the owner has, within seven years after
it became payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing with the fiduciary concerning the
property or otherwise indicated an interest as evidenced by a memorandum on file with
the fiduciary.
(1961, P.A. 540, S. 6; Nov. Sp. Sess. P.A. 81-1, S. 5, 10; P.A. 84-456, S. 7, 12.)
History: Nov. Sp. Sess. P.A. 81-1 changed time period after which property is presumed abandoned from 10 to 7 years;
P.A. 84-456 deleted all references, as included under Subdivs. (1) to (3), inclusive, to the type of organization or any person
acting as fiduciary.
See Sec. 3-66b re conditions raising presumption of abandonment of unclaimed intangible property.