LAWS OF THE 2001 REGULAR SESSION
OF THE SEVENTY-NINTH
GENERAL ASSEMBLY OF THE STATE OF IOWA

CHAPTER 152

UNCLAIMED AND ABANDONED PROPERTY — BUSINESS ASSOCIATION PROPERTY

S.F. 526   Bill History

AN ACT excluding certain business property from being considered abandoned property under the state's disposition of unclaimed property law.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 556.1, subsection 9, Code 2001, is amended by adding the following new unnumbered paragraph:

NEW UNNUMBERED PARAGRAPH. "Property" does not include credits, advance payments, overpayments, refunds, or credit memoranda shown on the books and records of a business association with respect to another business association unless the balance is property described in section 556.2 held by a banking organization or financial organization.

Approved May 21, 2001



Updated: 29-Oct-2001 03:28 PM
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