4800 West 92nd Avenue Westminster, CO 80031

City Government

 

29. Unclaimed Intangible Property

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CHAPTER 29

UNCLAIMED INTANGIBLE PROPERTY

1-29-1:  PURPOSE
1-29-2:  DEFINITIONS
1-29-3:  DISPOSITION OF UNCLAIMED INTANGIBLE PROPERTY

1-29-1:  PURPOSE:  (2060)  The purpose of this ordinance is to provide for the administration and disposition of unclaimed intangible property that is in the possession of or under the control of the City.

1-29-2:  DEFINITIONS:  (2060)  The following words, terms and phrases, when used in this Chapter, shall have the following meanings, unless the context clearly indicates otherwise:

"Unclaimed intangible property" shall mean any intangible property, including, but not limited to, any moneys, checks, deposits, overpayments, refunds, unpaid wages or pension benefits, reimbursements, restitution payments, and any interest or income derived therefrom, that is held, issued or owing by the City in the ordinary course of the City's business, and that has not been claimed by its owner for a period of more than one (1) year after the date it became payable or distributable.

"Unclaimed intangible property" does not include abandoned, lost, stolen or confiscated property that has been placed in the custody of the Chief of Police under Chapter 11 of Title VI.

"Owner" shall mean a depositor, beneficiary, creditor, payee or other person having a legal or equitable interest in unclaimed intangible property, or a duly authorized legal representative or successor in interest of such person.

"Finance Director" shall mean the Finance Director of the City of Westminster or such person's designee.

1-29-3:  DISPOSITION OF UNCLAIMED INTANGIBLE PROPERTY:  (2060)

(A)  Prior to the disposition of any unclaimed intangible property, the Finance Director shall send a written notice by first class mail to the owner's last known address.  The notice shall include a description of the property, the amount or value of the property and the purpose for which the property was deposited or otherwise held.  The notice shall explain how the owner may inquire about or claim the property, and shall state tha,t if the owner fails to provide the City with a written claim for the return of the property within sixty (60) days of the date of the notice, the property shall become the sole property of the City and any claim of the owner to such property shall be deemed forfeited.

(B)  When the notice provided for in subsection (A) of this Section is returned undelivered, or when a last known address of the owner cannot be determined, and the unclaimed intangible property has a value of more than twenty dollars ($20.00), the notice shall be published in a newspaper of general circulation within the City.

(C)  If the City receives no written claim to the property within the sixty- (60) day claim period, the property shall become the sole property of the City and any claim of the owner to such property shall be deemed forfeited.

(D)  If the City receives a written claim within the sixty- (60) day claim period, the City shall evaluate the claim and give written notice to the claimant within sixty (60) days thereof that the claim has been accepted or denied in whole or in part.  The City may investigate the validity of a claim and may request further supporting documentation from the claimant prior to disbursing or refusing to disburse the property.

(E)  In the event that there is more than one (1) claimant for the same property, the Finance Director may resolve said claims or may deposit the disputed property with the registry of the district court in an interpleader action.

(F)  In the event that all claims filed are denied, the property shall become the sole property of the City, and any claim of the owner of such property shall be deemed forfeited.

(G)  Any legal action challenging a decision of the Finance Director shall be filed pursuant to Rule 106 of the Colorado Rules of Civil Procedure within thirty (30) days of such decision or shall be forever barred.  If any legal action is timely filed, the property shall be disbursed pursuant to the final order of the court having jurisdiction over the claim.

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