§ 556.13

556.13 Payment or delivery of abandoned property. 1. Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by section 556.11, the holder of property presumed abandoned shallpay, deliver, or cause to be paid or delivered to the administrator the property described in thereport as unclaimed, but if the property is an automatically renewable deposit, and a penaltyor forfeiture in the payment of interest would result, the time for compliance is extended untila penalty or forfeiture would no longer result. At the direction of the treasurer of state, theholder of tangible property held in a safe deposit box or other safekeeping depository shalldeliver the property to the treasurer of state at the same time as or after filing the abandonedproperty report required in section 556.11. 2. If the property reported to the treasurer of state is a security or security entitlement under the Uniform Commercial Code, chapter 554, article 8, the treasurer of state is anappropriate person to make an indorsement, instruction, or entitlement order on behalf ofthe apparent owner to invoke the duty of the issuer or its transfer agent or the

, the treasurer of state is anappropriate person to make an indorsement, instruction, or entitlement order on behalf ofthe apparent owner to invoke the duty of the issuer or its transfer agent or the securitiesintermediary to transfer or dispose of the security or the security entitlement in accordancewith the Uniform Commercial Code, chapter 554, article 8. 3. If the holder of property reported to the treasurer of state is the issuer of a certificated security, the treasurer of state has the right to obtain a replacement certificate pursuant tosection 554.8405 but an indemnity bond is not required. 4. An issuer, the holder, and any transfer agent or other person acting pursuant to the instructions of and on behalf of the issuer or holder in accordance with this section is not liableto the apparent owner and shall be indemnified against claims of any person in accordancewith section 556.14. [C71, 73, 75, 77, 79, 81, §556.13]84 Acts, ch 1295, §16; 92 Acts, ch 1243, §32; 96 Acts, ch 1173, §7; 98 Acts, ch 1100, §76; 2007 Acts, ch 37, §4 Referred to in §556.2, 556.11 Sat Dec 23 11:04:30 2023 Iowa Code 2024, Section 556.13 (16, 0)