58-3954. Crediting of dividends, interest, or increments to owner's account.
58-3954
58-3954. Crediting of dividends, interest, orincrements to owner'saccount.(a) Whenever property other than money is paid or delivered to theadministrator under this act, the owner is entitled to receive fromthe administrator any dividends, interest or other incrementsrealized or accruing on the property at or before liquidation orconversion thereof into money if the amount of dividends, interest orother increments is $5 or more.
(b) When interest bearing property is paid or delivered to theadministrator, the owner shall be entitled to receive interest accruingthereafter.At the time a valid claim is approved by the administrator, simple interestwithout compounding shall be computed and paid based upon the average of themonthly net earnings rates of the pooled money investment portfolio for thetime period that the administrator has held the property. If the administratorhas held the property for more than five years, the five year average of themonthly net earnings rates of the pooled money investment portfolio shall beused.
History: L. 1994, ch. 8, § 21;L. 2007, ch. 92, § 3; July 1.