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Missouri

Vernon's Annotated Missouri Statutes. Title XXIX. Ownership and Conveyance of Property. Chapter 447. Lost and Unclaimed Property.

Statute Details
Printable Version
Citation: MO ST 447.010 - 721

Citation: V. A. M. S. 447.010 - 721


Last Checked by Web Center Staff: 01/2013

Summary:   This section comprises Missouri's Uniform Disposition of Unclaimed Property Act.


Statute in Full:

447.010. Duty of persons finding lost money, goods

447.020. Appointment of appraisers by circuit judge

447.030. Appraiser's list, where filed--publication

447.040. Procedure if no owner appears, when

447.050. Restoration of property, when--owner may sue, when

447.060. Failure to discover--penalty

447.070. Goods retained until payment of charges

447.080. Sale of unclaimed property

447.090. Unclaimed proceeds

447.100. Carrier's responsibility ceases, when

447.110. Sale of property upon which advances are made, when

447.500. Law, how cited--exceptions--purpose

447.503. Definitions

447.505. Property held or owing by banking, financial organization or business presumed abandoned, when--exception

447.506. Imposition of charges including prepayment penalties on certificates of deposit, requirements--not to affect unclaimed property

447.510. Unclaimed funds held and owing by insurance company presumed abandoned, when--unclaimed funds defined

447.517. Utilities, funds held or owing presumed abandoned, when

447.520. Stock, certificates and ownership--dividend profit--distribution or interest payment, held or owing by business association presumed abandoned, when

447.527. Dissolution of business--unclaimed intangible personal property presumed abandoned, when

447.530. Fiduciary holding intangible personal property for benefit of another presumed abandoned, when, exception

447.532. Courts--public corporations--public authority--officers--political subdivisions holding intangible personal property for another presumed abandoned, when

447.533. Interest, dividends or their earnings deemed unclaimed property, when

447.535. All other intangible property presumed abandoned, when

447.536. Abandonment periods--change to 5 years from 7 years beginning January 1, 2000--exceptions

447.537. Owner of property in another state and holder subject to that state's jurisdiction, effect

447.539. Report on property presumed abandoned--content--filed, when-- extension of filing time--location of owner, duties

447.540. Charitable, fraternal and other federally tax-exempt entities to report unclaimed property--disposition of property

447.541. Notices required--publication form, content--mailed notice, requirements, content, exception

447.543. Delivery of property, when--retention of approved costs--errors of presumption, procedure--abandoned fund account established--payment of claims--records subject to public inspection, exception

447.545. No liability for claims by holder after delivery to state--legal actions, procedure

447.547. Law of abandoned property not applicable, when

447.549. Statute of limitations not a defense for governmental agencies in proceedings to recover unclaimed property

447.558. Sale of property, when--publication of notice--purchaser's title-- proceeds, deposit

447.559. Historical review of items by state historical society, when--fee, how determined

447.560. Record of property, content--retained for public inspection-- furnished information not open to public inspection

447.561. Destruction or disposal of property by director if of no value--no liability for state or holder

447.562. Claim to be filed for property delivered to the state, form, procedure, penalty--claims paid by holder, reimbursement

447.565. Hearing on claims--payment of claim, amount, no charges authorized--interest--discharge from liability--claimant accountable to person with superior right

447.567. Repealed by L.1994, S.B. No. 757, § A, eff. July 1, 1994

447.569. Appeal of decision or failure to act, when

447.571. Custody of property, powers to receive or decline--failure to act, effect--postponing delivery, when, limitation

447.572. Examination of records by authorized persons--when

447.575. Enforcing delivery, court action

447.577. Reports--payment or delivery of property, failure to make--false statements in report--penalties

447.579. Rules authorized

447.581. Agreements to locate or reveal whereabouts of property-- requirements for validity

447.583. Reciprocal agreements with other states--attorney general's duties, when

447.584. Agreements--property held by business entities in other states-- duties--fees

447.585. Another state may recover property from state of Missouri, when

447.587. Safe deposit box contents that become unclaimed property right to fees charges and authority to enforce possessory liens

447.595. Bond required for arrest warrantor, probation or civil cash bond, proceeds deemed unclaimed property, when

447.620. Definitions

447.622. Petition--abandonment--possession

447.624. Commencement of proceedings

447.625. Petition, contents--Issuance of summons--prayer for sheriff's deed--stay

447.626. Expedited treatment

447.628. Notice of pendency of suit--constructive notice

447.630. Hearing--rehabilitation plan

447.632. Grant of petition

447.634. Grant--approval of plan--temporary possession

447.636. Quarterly report

447.638. Restoration of possession--compensation

447.640. Quitclaim judicial deed

447.700. Definitions

447.701. Consideration of projected direct and indirect economic benefits-- sale within five-year period after receipt of remediation tax credits, grants, etc.--repayment

447.702. Loan of moneys from property reuse fund--validity--fees and charges

447.704. Guarantee of loans issued by private financial institutions-- validity--fees and charges

447.706. Grants to qualified recipients--validity--fees and charges

447.708. Tax credits, exemptions and refunds--prospective operator of facility being remedied and renovated

447.710. Property reuse revolving fund

447.712. Government agencies--immunity from liability

447.714. Voluntary remediation work--purchaser of abandoned property, release from further liability--immunity

447.716. Purchaser of abandoned property as part of qualified project-- subsequent breach or failure to perform--private financing--change of business conditions--sanctions

447.718. Rules and regulations

447.721. Contiguous Property Redevelopment Fund established; grants; rules; expiration of section - 447.721. Repealed by L.2007, S.B. No. 613 Revision, § A [Repealed]

 

447.010. Duty of persons finding lost money, goods

If any person finds any money, goods, right in action, or other personal property, or valuable thing whatever, of the value of ten dollars or more, the owner of which is unknown, he shall, within ten days, make an affidavit before some judge of the circuit court of the county, other than a municipal judge, stating when and where he found the same, that the owner is unknown to him, and that he has not secreted, withheld or disposed of any part thereof.

CREDIT(S)

(R.S.1939, § 15317. Amended by L.1978, p. 826, H.B. No. 1634, § A(§ 1), eff. Jan. 2, 1979.)

 

447.020. Appointment of appraisers by circuit judge

Such judge shall then, if necessary, summon three disinterested householders to appraise the same; such appraisers, or any two of them, shall make two lists of the valuation and description of such property, money, or other valuable thing, and sign and make oath to the same, and shall deliver one of the lists to the finder and the other to the judge.

CREDIT(S)

(R.S.1939, § 15318. Amended by L.1978, p. 826, H.B. No. 1634, § A(§ 1), eff. Jan. 2, 1979.)

 

447.030. Appraiser's list, where filed--publication

The judge shall file such list and the finder shall transmit a copy of the same to the clerk of the county commission within fifteen days, and shall set up at the courthouse door, and four other public places in the township or city, a copy of such valuation within ten days.

CREDIT(S)

(R.S.1939, § 15319. Amended by L.1978, p. 827, H.B. No. 1634, § A(§ 1), eff. Jan. 2, 1979.)

 

447.040. Procedure if no owner appears, when

If no owner appear and prove the money or property within forty days, and the value exceed twenty dollars, the finder shall, within thirty days thereafter, cause a copy of the description to be inserted in some newspaper of general circulation, qualified pursuant to chapter 493, RSMo, and located in the county where the money or property was found, once per week for three consecutive weeks; and if no owner prove the property within one hundred eighty days after such publication, the same shall vest in the finder.

CREDIT(S)

(R.S.1939, § 15320. Amended by L.2003, S.B. No. 288, § A.)

 

447.050. Restoration of property, when--owner may sue, when

If, within one year, any owner appear and prove the property, and pay all reasonable charges, the finder shall restore the same to him; and on failure to make restoration of such property, or the appraised value thereof, on being tendered such charges, the owner may recover the same or the value thereof, by civil action, in any court having jurisdiction.

CREDIT(S)

(R.S.1939, § 15321.)

 

447.060. Failure to discover--penalty

If any person find any money, property or other valuable thing, and fail to make discovery of the same as required by this chapter, he shall forfeit to the owner double the value thereof.

CREDIT(S)

(R.S.1939, § 15322.)

 

447.070. Goods retained until payment of charges

When any goods, merchandise or other property shall have been received by any railroad or express company, or other common carrier, commission merchant or warehouseman, and shall not be received by the owner, consignee, or other authorized person, it shall be lawful to hold the same by said carrier, commission merchant or warehouseman, or the same may be stored with some responsible person, and be retained until the freight and all just and reasonable charges be paid.

CREDIT(S)

(R.S.1939, § 15323.)

 

447.080. Sale of unclaimed property

If no person call for said goods, merchandise or other property, within sixty days from the receipt thereof, and pay freight and charges thereon, it shall be lawful for such carrier, commission merchant or warehouseman to sell such goods, merchandise or other property, or so much thereof at auction, to the highest bidder, as will pay said freight and charges, first having given twenty days' notice of the time and place of sale to the owner, consignee or consignor, when known, and by advertisement in a daily paper, or if in a weekly paper, four weeks, published where such sale is to take place; and if any surplus be left after paying freight, storage, cost of advertising and all other just and reasonable charges, the same shall be paid over to the rightful owner of said property at any time thereafter, upon demand being made therefor, within sixty days; provided, however, that any common carrier may sell such goods, merchandise, or other property in accordance with the provisions of the bill of lading applicable thereto, where the form of bill of lading used has been duly filed with the public service commission of Missouri.

CREDIT(S)

(R.S.1939, § 15324.)

 

447.090. Unclaimed proceeds

If the rightful owner or his agent fail to demand such surplus within sixty days of the time of such sale, then said surplus shall be paid into the county treasury, subject to the order of the owner.

CREDIT(S)

(R.S.1939, § 15325.)

 

447.100. Carrier's responsibility ceases, when

After the storage of goods, merchandise or property as herein provided, the responsibility of the carrier shall cease, nor shall the person with whom the same may be stored be liable for any loss or damage on account thereof, unless the same shall result from his negligence or want of proper care.

CREDIT(S)

(R.S.1939, § 15326.)

 

447.110. Sale of property upon which advances are made, when

When any commission merchant or warehouseman shall receive, on consignment, produce, merchandise or other property, and shall make advances thereon, either to the owner or for freight and charges, it shall be lawful for the person who may make such advances, if the same be not paid to him within sixty days from the date of such advances, to cause the produce, merchandise or property on which the advances were made to be advertised and sold as provided in section 447.080.

CREDIT(S)

(R.S.1939, § 15327.)

 

447.500. Law, how cited--exceptions--purpose- Preempted by Treasurer of New Jersey v. U.S. Dept. of Treasury 3rd Cir.(N.J.)Jun 27, 2012

1. Sections 447.500 to 447.595 may be cited as the "Uniform Disposition of Unclaimed Property Act".

2. Sections 447.500 to 447.595 shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it, except when the words in sections 447.500 to 447.595 do not conform to the uniform laws enacted by other states.

CREDIT(S)

(L.1984, pp. 712, 713, H.B. No. 1088, §§ 30, 27. Amended by L.1989, H.B. No. 506, § A; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.503. Definitions

As used in sections 447.500 to 447.595, unless the context otherwise requires, the following terms mean:

(1) “Banking organization”, any bank, trust company, or safe deposit company, engaged in business in this state;

(2) “Business association”, any corporation, joint stock company, business trust, partnership, limited partnership, or any association for business purposes, or any mutual fund or other similar entity, whether operating in the form of a corporation or a trust, including but not limited to any investment companies registered under the federal Investment Company Act of 1940;

(3) “Engaged in business in this state”, any transaction of business within this state sufficient to support personal jurisdiction in the courts of this state;

(4) “Financial organization”, any savings and loan association, credit union, or loan and investment company engaged in business in this state;

(5) “Holder”, any person in possession of property subject to sections 447.500 to 447.595 belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to sections 447.500 to 447.595;

(6) “Insurance corporation”, any association or corporation transacting within this state the business of property insurance or casualty insurance or life insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities;

(7) “Military medals”, any decoration or award that may be presented or awarded to a member of a unit of the armed forces or national guard;

(8) “Owner”, a depositor in case of a deposit, a beneficiary in case of a trust except a trust defined in section 456.500, RSMo, the unclaimed property of which has not escheated pursuant to the provisions of section 456.650, RSMo, a creditor, claimant, or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to sections 447.500 to 447.595, or such person's legal representative;

(9) “Person”, any individual, business association, government or political subdivision, public corporation, public authority, estate, trust except a trust defined in section 456.500, RSMo, two or more persons having a joint or common interest, or any other legal or commercial entity;

(10) “Reasonable and necessary diligence as is consistent with good business practice”, efforts appropriate to and commensurate with the nature and value of the property at issue; however, the holder shall send a notice regarding the unclaimed property via first class mail postage prepaid, marked “Address Correction Requested”. Such letter shall be sent by the holder within twelve months prior to turning the property over to the treasurer. Notwithstanding the provisions of this section, the holder may treat letters sent in the ordinary course of business, first class and “Address Correction Requested” as satisfying the definition of “reasonable and necessary diligence as is consistent with good business practice”. The holder may treat notices regarding the unclaimed property as satisfying the “reasonable and necessary standard” for contacting owners. If the postal service provides the holder with additional information as part of the address correction process, the holder shall send second and subsequent notices in the same format as the first notice to any new address provided to the holder;

(11) “Treasurer”, the Missouri state treasurer;

(12) “Utility”, any person who owns or operates within this state, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas or who engages in such business in this state.

CREDIT(S)

(L.1984, p. 704, H.B. No. 1088, § 1. Amended by L.1986, H.B. No. 1547, § 1; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A; L.2010, H.B. Nos. 1524 & 2260, § A.)

 

447.505. Property held or owing by banking, financial organization or business presumed abandoned, when--exception

The following property held or owing by a banking or financial organization or by a business association is presumed abandoned; provided, however, that neither this section nor any other provision of sections 447.500 to 447.595 shall apply to an instrument issued as an offer to settle a claim when failure to present the instrument for payment may be deemed a refusal of the offer to settle:

(1) Any deposit held in this state with a banking organization, together with any interest or dividend thereon that would be due had the owner not abandoned the account, excluding any charges that may lawfully be withheld, unless the owner has, within seven years or five years as provided in section 447.536:

(a) Increased or decreased the amount of the deposit, or presented the passbook or other similar evidence of the deposit for the crediting of interest; or

(b) Corresponded in writing with, or accepted mail from, the banking organization concerning the deposit; and the term "accepted mail from the banking organization" shall mean the banking organization did send correspondence in writing to the owner by first class mail postage prepaid, marked "Address Correction Requested", and such correspondence was not returned by the post office; or

(c) Otherwise indicated an interest in the deposit as evidenced by a memorandum on file with the banking organization;

(2) Any funds paid in this state toward the purchase of shares or other interest in a financial organization, or any deposit made therewith in this state, and any interest or dividends thereon that would be due had the owner not abandoned the account, excluding any charges that may lawfully be withheld, unless the owner has within seven years or five years as provided in section 447.536:

(a) Increased or decreased the amount of the funds or deposit, or presented an appropriate record for the crediting of interest or dividends; or

(b) Corresponded in writing with, or accepted mail from, the financial organization concerning the funds or deposit; and the term "accepted mail from the financial organization" shall mean the financial organization did send correspondence in writing to the owner by first class mail postage prepaid, marked "Address Correction Requested", and such correspondence was not returned by the post office; or

(c) Otherwise indicated an interest in the funds or deposit as evidenced by a memorandum on file with the financial organization;

(3) Any sum payable on checks certified in this state or on written instruments issued in this state on which a banking or financial organization or business association is directly liable, including, by way of illustration but not of limitation, certificates of deposit, drafts, money orders, and traveler's checks, that, with the exception of traveler's checks and money orders, has been outstanding for more than seven years or five years as provided in section 447.536 from the date it was payable, or from the date of its issuance if payable on demand, or, in the case of traveler's checks, that has been outstanding for more than fifteen years from the date of its issuance, unless the owner has within seven years or five years as provided in section 447.536, or within fifteen years in the case of traveler's checks, corresponded in writing with the banking or financial organization or business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the banking or financial organization or business association;

(a) No holder may deduct from the amount of any money order any charges imposed by reason of the failure to present those instruments for payment unless there is a valid and enforceable written contract between the issuer and the owner of the property pursuant to which the issuer may impose those charges and the issuer regularly imposes those charges and does not regularly reverse or otherwise cancel those charges with respect to the property. Disclosure of the amount of any such charges shall be deemed adequate if set forth on the money order;

(b) No sum payable on a traveler's check, money order, or similar written instrument (other than a third-party bank check) described in this subdivision may be subjected to the custody of this state as unclaimed property unless:

a. The records of the issuer show that the traveler's check, money order, or similar written instrument was purchased in this state;

b. The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the traveler's check, money order, or similar written instrument was purchased; or

c. The issuer has its principal place of business in this state, the records of the issuer show the state in which the traveler's check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property;

(4) Any funds or other personal property, tangible or intangible, removed from a safe deposit box or any other safekeeping repository or agency or collateral deposit box in this state on which the lease or rental period has expired due to nonpayment of rental charges or other reason, or any surplus amounts arising from the sale thereof pursuant to law, that have been unclaimed by the owner for more than seven years or five years as provided in section 447.536 from the date on which the lease or rental period expired;

(5) Gift certificates, credit memos and credit balances that are redeemable in merchandise only shall be reportable at a rate equal to sixty percent of their respective face value. The state treasurer shall reimburse the owner the full face value.

CREDIT(S)

(L.1984, p. 704, H.B. No. 1088, § 2. Amended by L.1989, H.B. No. 506, § A; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.506. Imposition of charges including prepayment penalties on certificates of deposit, requirements--not to affect unclaimed property

1. For the purpose of sections 447.500 to 447.595, a banking organization, business association, or financial organization may impose charges including prepayment penalties on certificates of deposit, on property subject to sections 447.500 to 447.595 that are lawful when collected, provided such organization or association gives prior constructive or actual notice to their customers that such charges may be imposed.

2. Incorrect computations or other bona fide errors that result in recredited charges to a customer's account that are made despite the holder's standard procedures to the contrary do not establish a pattern of custom or usage for charges on unclaimed property.

CREDIT(S)

(L.1989, H.B. No. 506, § A. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.510. Unclaimed funds held and owing by insurance company presumed abandoned, when--unclaimed funds defined

1. Unclaimed funds, as defined in this section, held and owing by an insurance corporation shall be presumed abandoned if the last known address, according to the records of the corporation, of the person entitled to the funds is within this state. If a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the corporation or if it is not definite and certain from the records of the corporation what person is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the corporation.

2. "Unclaimed funds", as used in this section, means all moneys held and owing by any insurance corporation unclaimed and unpaid for more than seven years or five years as provided in section 447.536 after the moneys became due and payable as established from the records of the corporation under any property insurance or casualty insurance policy or any life or endowment insurance policy or annuity contract which has matured or terminated, including all unpaid drafts, except drafts issued for the purpose of an offer of settlement. It shall be the responsibility of the issuing company to establish that an unpaid draft was tendered as a settlement offer. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding seven years or five years as provided in section 447.536:

(1) Assigned, readjusted, or paid premiums on the policy, or subjected the policy to loan; or

(2) Corresponded in writing with the life insurance corporation concerning the policy.

Moneys otherwise payable according to the records of the corporation are deemed due and payable although the policy or contract has not been surrendered as required.

3. (1) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company is deemed abandoned two years after the date the property is first distributable if at the time of the first distribution the last known address of the owner on the books and records of the holder is known to be incorrect, or the distribution or statements are returned by the post office as undeliverable; and the owner:

(a) Has not communicated in writing with the holder or its agent regarding the property; or

(b) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent.

(2) Property distributable in the course of demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection 1 of this section shall be reportable as otherwise provided in section 447.536.

(3) The initial report for December 31, 2002, required pursuant to this subsection shall be filed no later than November 1, 2003. Any additional reports of property subject to subsection 1 of this section shall be reported and delivered no later than May first of each year for all property to be reported pursuant to this subsection for December of the preceding year.

CREDIT(S)

(L.1984, p. 706, H.B. No. 1088, § 3. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A; L.2003, S.B. No. 346, § A.)

 

447.517. Utilities, funds held or owing presumed abandoned, when

1. The following funds held or owing by any utility are presumed abandoned:

(1) Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than seven years or five years as provided in section 447.536 after the termination of the services for which the deposit or advance payment was made;

(2) Any sum which a utility has been ordered to refund and which was received for utility services rendered in this state, together with any interest thereon, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than seven years or five years as provided in section 447.536 after the date it became payable in accordance with the final determination or order providing for the refund.

2. For purposes of corporations organized pursuant to chapter 274, RSMo, corporations organized pursuant to chapter 357, RSMo, corporations organized pursuant to chapter 394, RSMo, and electric service corporations organized pursuant to chapter 351, RSMo, which have received a loan or loans pursuant to the Rural Electrification Act of 1936, Title VII, U.S. Code as amended, sections 447.500 to 447.595 shall only apply to property and funds which become held or owing and for which the period of time which must expire before such property or funds are presumed abandoned has begun after August 13, 1984.

CREDIT(S)

(L.1984, p. 706, H.B. No. 1088, § 4. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.520. Stock, certificates and ownership--dividend profit--distribution or interest payment, held or owing by business association presumed abandoned, when

1. Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder, or other security holder, or a participating patron of a cooperative, who has not claimed it, or corresponded in writing with the business association concerning it, within seven years or five years as provided in section 447.536 after the date prescribed for payment or delivery, is presumed abandoned if:

(1) It is held or owing by a business association organized pursuant to the laws of or created in this state; or

(2) It is held or owing by a business association doing business in this state, but not organized pursuant to the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state.

2. Any intangible interest in a business association, as evidenced by the stock records or membership records of the association, is presumed abandoned if:

(1) The interest in the association is owned by a person who for more than seven years or five years as provided in section 447.536 has neither claimed a dividend or other sum nor corresponded in writing with the association or otherwise indicated an interest as evidenced by a memorandum or other record on file with the association; and

(2) The association does not know the location of the owner at the end of such seven-year period or five-year period as provided in section 447.536. With respect to such interest, the business association shall be deemed the holder.

3. Any dividend or other distribution held for or owing to a person at the time the stock or other security to which such dividend or other distribution attaches is considered abandoned at the same time.

CREDIT(S)

(L.1984, p. 706, H.B. No. 1088, § 5. Amended by L.1998, H.B. No. 1510, § A.)

 

447.527. Dissolution of business--unclaimed intangible personal property presumed abandoned, when

All intangible personal property distributable in the course of a dissolution of a business association, banking organization, or financial organization organized under the laws of or created in this state, that is unclaimed by the owner within two years after the date for final distribution, is presumed abandoned, notwithstanding the provisions of section 375.1224, RSMo.

CREDIT(S)

(L.1984, p. 707, H.B. No. 1088, § 6. Amended by L.1998, H.B. No. 1510, § A.)

 

447.530. Fiduciary holding intangible personal property for benefit of another presumed abandoned, when, exception

All intangible personal property, and any income or increment thereon that would be due had the owner not abandoned the account, held in a fiduciary capacity for the benefit of another person and including property held by an attorney in fact or an agent, except a trust defined in section 456.500, RSMo, subject to escheat pursuant to the provisions of sections 456.220 or 456.640 to 456.660, RSMo, is presumed abandoned unless the owner has, within seven years or five years as provided in section 447.536 after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. If unclaimed property in a trust defined in section 456.500, RSMo, has not escheated within the time periods specified in section 456.640, RSMo, then such property is subject to the provisions of sections 447.500 to 447.595:

(1) If the property is held by a banking organization or a financial organization, or by a business association organized pursuant to the laws of or created in this state; or

(2) If it is held by a business association, doing business in this state, but not organized pursuant to the laws of or created in this state, and the records of the business association indicate that the last known address of the person entitled thereto is in this state; or

(3) If it is held in this state by any other person; or

(4) Except any property that is held for the benefit of another whether absolute or contingent where the owner has not reached the age of twenty-one and such property is in a trust or agency account, or is not subject to a trust as permitted by section 456.012 or 456.013, RSMo.

CREDIT(S)

(L.1984, p. 707, H.B. No. 1088, § 7. Amended by L.1986, H.B. No. 1547, § 1; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.532. Courts--public corporations--public authority--officers--political subdivisions holding intangible personal property for another presumed abandoned, when-Preempted by Treasurer of New Jersey v. U.S. Dept. of Treasury 3rd Cir.(N.J.)Jun 27, 2012

1. Notwithstanding the provisions of section 447.536, all intangible personal property held as of June 19, 2002, for the owner by any court, including any receivership or custodianship under court supervision, or public corporation, public authority, or public officer of this state, or a political subdivision thereof, that has remained unclaimed by the owner for more than three years is deemed abandoned and shall be turned over immediately to the treasurer pursuant to section 447.543.

2. Notwithstanding the provisions of section 447.536, all intangible personal property held for the owner whose last known address is located in Missouri, by a public officer, official, agency, department, or court, of the United States or any state or local government or governmental subdivision, agency, or entity thereof that has remained unclaimed by the owner for more than three years is deemed abandoned and shall be turned over to the treasurer pursuant to section 447.543. If no address is listed or if the address is outside this state, all intangible personal property held for the owner by such entities listed in this section and located in this state, or held for a holder that is located in this state, that has remained unclaimed by the owner for more than three years is deemed abandoned and shall be turned over immediately to the treasurer pursuant to section 447.543, except as provided in section 447.547.

3. All intangible personal property referred to in this section is subject to the provisions of sections 447.500 to 447.595.

CREDIT(S)

(L.1984, p. 707, H.B. No. 1088, § 8. Amended by L.1989, H.B. No. 506, § A; L.1990, H.B. No. 1052, § A; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A; L.2002, S.B. No. 1248, § A, eff. June 19, 2002.)

 

447.533. Interest, dividends or their earnings deemed unclaimed property, when

1. All intangible property, including but not limited to any interest, dividend, or other earnings thereon that would be due had the owner not abandoned the account, less any lawful charges, held by a business association, federal, state or local government or governmental subdivision, agency or entity, or any other person or entity, regardless of where the holder may be found, if the owner has not claimed or corresponded in writing concerning the property within seven years or five years as provided in section 447.536 after the date prescribed for payment or delivery, is presumed abandoned and subject to the custody of this state as unclaimed property if:

(1) The last address of the owner is unknown; and

(2) The person or entity originating or issuing the intangible property is this state or any political subdivision of this state, or is incorporated, organized, created or otherwise located in this state.

2. The provisions of subsection 1 of this section shall not apply to property which is or may be presumed abandoned and subject to the custody of this state pursuant to any other provision of law containing a dormancy period different than that prescribed in subsection 1 of this section.

3. The provisions of subsection 1 of this section shall apply to all property held as of August 28, 1990, or at any time thereafter, regardless of when such property became or becomes presumptively abandoned.

4. The provisions of subsection 1 of this section shall not apply to any property held in this state where the holder is a banking organization or financial organization which has a principal place of business in this state.

CREDIT(S)

(L.1990, H.B. No. 1052, § A. Amended by L.1992, S.B. Nos. 661 & 620, § C; L.1998, H.B. No. 1510, § A.)

 

447.535. All other intangible property presumed abandoned, when

All intangible personal property, not otherwise covered by sections 447.500 to 447.595, including any income or increment thereon, and deducting any lawful charges, that is held or owing in this state in the ordinary course of the holder's business and has remained unclaimed by the owner for more than seven years or five years as provided in section 447.536 after it became payable or distributable is presumed abandoned. Intangible personal property where the property is held in a jurisdiction in which the abandonment presumption is less than seven years or five years as provided in section 447.536 shall be accepted by the state of Missouri.

CREDIT(S)

(L.1984, p. 707, H.B. No. 1088, § 9. Amended by L.1986, H.B. No. 1547, § 1; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.536. Abandonment periods--change to 5 years from 7 years beginning January 1, 2000--exceptions

Except for the abandonment period for travelers checks and money orders provided for in subdivision (3) of section 447.505; the abandonment period for dissolution of business associations, banking organizations and financial organizations as provided for in section 447.527; and the abandonment period for court-related bond proceeds as provided for in section 447.595; all other abandonment periods referenced in sections 447.505 to 447.595, shall change from seven to five years beginning January 1, 2000. The abandonment periods provision of this section shall not apply to property which is held pursuant to any resolution, order or trust indenture entered into prior to August 28, 1998, by a city, county, school district, authority, agency or other political subdivision where the abandonment period or other abandonment provision specified in the resolution, order or trust indenture is different than the abandonment period specified in this section.

CREDIT(S)

(L.1998, H.B. No. 1510, § A.)

 

447.537. Owner of property in another state and holder subject to that state's jurisdiction, effect

If specific property which is subject to the provisions of sections 447.505, 447.520, 447.527, 447.530 and 447.535 is held for or owed or distributable to an owner whose last known address is in another state by a holder who is subject to the jurisdiction of that state, the specific property is not presumed abandoned in this state and subject to sections 447.500 to 447.595 if:

(1) It may be claimed as abandoned or escheated under the laws of such other state; and

(2) The laws of such other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by such other state when held for or owed or distributable to an owner whose last known address is within this state by a holder who is subject to the jurisdiction of this state; provided, however, such other state shall only enforce its claim by trial de novo in the appropriate court in Missouri.

CREDIT(S)

(L.1984, p. 708, H.B. No. 1088, § 10. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.539. Report on property presumed abandoned--content--filed, when-- extension of filing time--location of owner, duties

1. Every person holding funds or other property, tangible or intangible, presumed abandoned pursuant to sections 447.500 to 447.595 shall report to the treasurer with respect to the abandoned property as provided in this section.

2. The report shall be verified by the person filing the report and shall include:

(1) The name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of the value of fifty dollars or more presumed abandoned pursuant to sections 447.500 to 447.595;

(2) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under fifty dollars each may be reported in aggregate;

(3) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and

(4) Other information under the control of the holder which the treasurer prescribes by rule as necessary for the administration of sections 447.500 to 447.595; however, the treasurer shall not request a history of fees and charges on the property in question for information prior to the cutoff date for reporting. Should the case be referred to the attorney general for legal action, the attorney general may examine records that are retained under the authority applicable to the entity's record retention law.

3. If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has changed his or her name while holding the property, the person shall file with his or her report all prior known names and addresses of each holder of the property.

4. Except for the year ending June 30, 1984, the report shall be filed before November first of each year as of June thirtieth next preceding, but the report of life insurance corporations shall be filed before May first of each year as of December thirty-first next preceding. The report for the year ending June 30, 1984, may be combined with the report for the year ending June 30, 1985, and may be included in the report due on November 1, 1985. The treasurer may extend the reporting deadline for periods of thirty days upon written request by any person required to file a report.

5. If the holder of property presumed abandoned pursuant to sections 447.500 to 447.595 knows the whereabouts of the owner, if the owner's claim has not been barred by the statute of limitations, and the property involved is valued at fifty dollars or more, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise such reasonable and necessary diligence as is consistent with good business practice to ascertain the whereabouts of such owner of property valued at fifty dollars or more within one year prior to reporting the property to the state treasurer.

6. Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or corporation, by an officer.

7. If the treasurer determines that the person holding property presumed abandoned failed to exercise such reasonable and necessary diligence as is consistent with good business practice to ascertain the whereabouts of a property owner, the treasurer may impose a penalty on such holder of up to twenty percent of the value of the property returned to the owner by the treasurer.

8. Any amount (including any penalty) assessed against a holder of property presumed abandoned by the treasurer pursuant to sections 447.500 to 447.595 shall be due and payable to the treasurer thirty days after the holder has received written notice of such assessment, unless the holder has filed a written request for reconsideration by the treasurer. Any amount assessed against a holder upon reconsideration by the treasurer shall be deemed the final decision of the treasurer and shall be due and payable thirty days after the holder has received written notice of such final decision. Any assessment that remains unpaid forty-five days after the holder has received written notice of the final decision by the treasurer shall accrue interest at the rate of one and one-half percent per month, which interest shall be added to and included in the amount due and payable to the treasurer. The treasurer may, for good cause, waive in part, or in whole, any penalty (including interest) assessed against the holder pursuant to sections 447.500 to 447.595. The treasurer is authorized to take the appropriate legal action necessary to collect any unpaid assessment pursuant to sections 447.500 to 447.595. Any penalty imposed and collected by the treasurer pursuant to the provisions of sections 447.500 to 447.595 shall be deposited in the state general revenue fund.

9. The holder shall retain such records necessary to verify the relationship of the owner to the holder for a period of not less than five years subsequent to reporting the property to the treasurer.

10. If a holder has failed to retain records sufficient to allow the treasurer to determine the holder's compliance with sections 447.500 to 447.595, the treasurer shall use estimation techniques, in accordance with generally accepted accounting principles to determine the amount of abandoned property that is reportable for and limited to the most current reportable abandonment period. In cases where multiple states have examined a holder, the treasurer may use reasonable estimation techniques in accordance with generally accepted accounting principles to determine the holder's compliance with sections 447.500 to 447.595, for all reportable periods that were subject to the examination. The amount determined by such methods shall be used as the amount of property presumed abandoned in the holder's report of such property to the treasurer. The holder may contest the estimation techniques used by the treasurer in an appeal de novo to a circuit court of competent jurisdiction.

CREDIT(S)

(L.1984, p. 708, H.B. No. 1088, § 11. Amended by L.1989, H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.540. Charitable, fraternal and other federally tax-exempt entities to report unclaimed property--disposition of property

Entities which are exempt from federal taxation pursuant to Section 501(c)(3) of the Internal Revenue Code [FN1] shall report and remit as required by this chapter.

CREDIT(S)

(L.1990, H.B. No. 1361, § A(1). Amended by L.1998, H.B. No. 1510, § A.)

[FN1] 26 U.S.C.A. § 501.

 

447.541. Notices required--publication form, content--mailed notice, requirements, content, exception

1. Within two hundred forty days from the due date of the report required by section 447.539, the treasurer shall cause notice to be published at least once each week for two successive weeks in a newspaper of general circulation as defined in section 493.050, RSMo, in the county in this state in which is located the last known address of any person to be named in the notice. If no address is listed or if the address is outside this state and the property may be subject to sale or liquidation, the notice shall be published in the county in which the holder of the abandoned property has his principal place of business within this state.

2. The published notice shall be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property", and shall contain:

(1) The names in alphabetical order and last known addresses, if any, of persons listed in the report and entitled to notice within the county as specified in subsection 1 of this section;

(2) A statement that information concerning the amount or description of the property and the name and address of the holder may be obtained by any persons possessing an interest in the property by addressing an inquiry to the treasurer;

(3) A statement that if proof of claim is not presented by the owner to the holder and if the owner's right to receive the property is not established to the treasurer's satisfaction within one year from the date of the delivery of the property to the treasurer, the abandoned property will be sold as provided in section 447.558. The treasurer is not required to publish in the notice any items of less than fifty dollars unless, in the aggregate, the items total fifty or more dollars for any one individual. The treasurer shall use reasonable diligence to determine if small items in fact belong to the same individual.

3. Within one hundred twenty days from the receipt of the report required by section 447.539, the treasurer shall mail a notice to each person having an address listed therein who appears to be entitled to property of the value of fifty dollars or more presumed abandoned under sections 447.500 to 447.595.

4. The mailed notice shall contain:

(1) A statement that, according to a report filed with the treasurer, property is being held by the treasurer to which the addressee appears entitled; and

(2) A statement that, if satisfactory proof of claim is not presented by the owner to the treasurer by the date specified in the published notice, the property will be sold as provided in section 447.558.

5. Subsections 1 and 4 of this section are not applicable to sums payable on traveler's checks or money orders.

6. In addition to the above forms of notice to owners of abandoned property, the treasurer shall work with other state agencies to provide notice to holders of their rights and responsibilities pursuant to sections 447.500 to 447.595 by including information regarding Missouri's unclaimed property laws.

CREDIT(S)

(L.1984, p. 708, H.B. No. 1088, § 12. Amended by L.1986, H.B. No. 1547, § 1; L.1989 H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.543. Delivery of property, when--retention of approved costs--errors of presumption, procedure--abandoned fund account established--payment of claims-- records subject to public inspection, exception

1. Every person who has filed a report pursuant to section 447.539 shall pay all moneys to the treasurer and deliver to the treasurer all other abandoned property specified in the report at the time of filing the report, provided the holder may retain from any such moneys the reasonable costs of complying with sections 447.500 to 447.595, which costs shall be approved by the treasurer. The treasurer shall approve such costs provided such costs are not unreasonable given the facts and circumstances of each case. The holder may recover the total bona fide costs for compliance with sections 447.500 to 447.595. If the owner establishes his or her right to receive the abandoned property to the satisfaction of the holder before such report is filed, or if it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property as required in this subsection, which will no longer be presumed abandoned, but in lieu thereof shall file a verified written explanation of the proof of claim or of the error in the presumption of abandonment with the treasurer.

2. The treasurer shall record the name and the last known address of each person appearing from the holders' reports to be entitled to the abandoned funds and cause such funds to be deposited in the special account known as the "Abandoned Fund Account", which is hereby created. The abandoned fund account created by this section shall be the successor account to the abandoned fund account previously in the state treasury and all funds in such accounts on August 13, 1984, shall be transferred to the abandoned fund account created by this section. Records made herein, and open for public inspection pursuant to section 447.560, shall be available for public inspection at all reasonable business hours; except that, the records shall not be subject to public inspection or available for copying, reproduction, or scrutiny by commercial or professional locators of property presumed abandoned who charge any service or finder's fee until ninety days after the names of the people to whom property is owed have been published or officially disclosed. From this account the treasurer shall make prompt payment of claims duly allowed by the treasurer. At any time when the balance of the account exceeds one-twelfth of the previous fiscal year's total disbursement from the abandoned property fund, the treasurer may, and at least once every fiscal year shall, transfer to the general revenue of the state of Missouri the balance of the abandoned fund account which exceeds one-twelfth of the previous fiscal year's total disbursement from the abandoned property fund, and, notwithstanding the provisions of section 33.080, RSMo, to the contrary, no other moneys in the fund shall lapse at the end of the biennium. Should any claims be allowed or refunds ordered which reduce the balance to less than one-twenty-fourth of the previous fiscal year's total disbursement from the abandoned property fund, the treasurer shall transfer from the general funds of the state an amount which is sufficient to restore the balance to one-twelfth of the previous fiscal year's total disbursement from the abandoned property fund.

CREDIT(S)

(L.1984, p. 709, H.B. No. 1088, § 13. Amended by L.1986, H.B. No. 1547, § 1; L.1989, H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.545. No liability for claims by holder after delivery to state--legal actions, procedure

1. Upon the payment or delivery of abandoned property, the state shall assume custody and shall be responsible for the safekeeping thereof. Any person who pays or delivers abandoned property pursuant to sections 447.500 to 447.595 is relieved of all liability for any claim which then exists or which thereafter may arise or be made in respect to the property.

2. In the event legal proceedings are instituted against a prior holder in a court of this state, or in any other state or federal court, by any other state claiming to be entitled to unclaimed funds or abandoned property previously paid or delivered to the treasurer, such holder shall give timely written notice to the treasurer and the attorney general of this state of such proceedings, or in the alternative at least ten days before the return date on which an answer or similar pleading is required to be filed. The attorney general may intervene or take such other action as the attorney general deems appropriate or necessary to protect the interests of this state.

3. If the notice provided in subsection 2 of this section is given by the holder and thereafter a judgment is entered against the holder for any amount paid to the treasurer pursuant to the terms of sections 447.500 to 447.595, the treasurer shall, upon being furnished with proof thereof, return to the holder the amount of such judgment, not to exceed the amount of the property reported which is the subject of the dispute.

4. The holder of any interest pursuant to section 447.520 evidenced only by the stock records or membership records of the business association may deliver a duplicate certificate to the treasurer. Upon such delivery, the holder and any transfer agent, registrar, or other person acting for or on behalf of the holder in executing or delivering such duplicate certificate shall be relieved from all liability of every kind to the person acquiring the original certificate or the duplicate of such certificate issued to the treasurer, not to exceed the liquidated value of the property on the date of delivery, or if unliquidated, the market value of the property on the date of delivery. If the holder elects not to issue and deliver a duplicate certificate, the holder shall transfer title of the underlying shares to the state on the records of the issuing corporation in a manner acceptable to the treasurer.

CREDIT(S)

(L.1984, p. 710, H.B. No. 1088, § 14. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.547. Law of abandoned property not applicable, when

1. Sections 447.500 to 447.595 shall not affect property the title to which is vested in a holder by the operation of a statute of limitations prior to August 13, 1984, nor to any property held in a fiduciary capacity that was unclaimed property prior to August 13, 1974. This subsection shall not apply to property the title to which is vested in the holder when the holder is a federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee thereof.

2. Payment and delivery of unclaimed property to the treasurer is not barred by statutes of limitations when title to the property has not vested in the holder prior to August 13, 1984.

3. Sections 447.500 to 447.595 shall not apply to final orders, judgments or decrees of distribution or to abandoned property entered by the probate division of the circuit court after August 13, 1984.

4. Sections 447.500 to 447.595 shall not apply to institutions chartered pursuant to the provisions of an act of the Congress of the United States known as the Farm Credit Act of 1971 and acts amendatory thereto. [FN1]

5. In addition to other exclusions, sections 447.500 to 447.595 shall not apply to any property that had been unclaimed prior to January 1, 1965, where the holder is a financial organization or banking organization which has a principal place of business in this state.

[FN1] See 12 U.S.C.A. § 2001 et seq.

CREDIT(S)

(L.1984, pp. 710, 712, H.B. No. 1088, §§ 15, 26. Amended by L.1989, H.B. No. 506, § A; L.1990, H.B. No. 1052, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.549. Statute of limitations not a defense for governmental agencies in proceedings to recover unclaimed property

1. The expiration of any period of time specified by law during which an action or proceeding may be commenced or enforced to secure payment of a claim for money or recovery of property shall not serve as a defense in any action or proceeding brought by or on behalf of the treasurer against any federal or state government, or agency or entity thereof, for the payment or delivery of any abandoned property to the treasurer pursuant to sections 447.500 to 447.595, or to enforce or to collect any penalty provided by sections 447.500 to 447.595.

2. This section shall apply to all abandoned property held by any federal or state government, or agency or entity thereof, as of August 28, 1990, or any time thereafter, regardless of when such property became or becomes presumptively abandoned.

CREDIT(S)

(L.1990, H.B. No. 1052, § A. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.558. Sale of property, when--publication of notice--purchaser's title-- proceeds, deposit

1. All abandoned property delivered to the treasurer pursuant to sections 447.500 to 447.595 shall, within two years after the delivery, be sold by the treasurer to the highest bidder at public sale in whatever manner affords in the treasurer's judgment the most favorable market for the property involved. The treasurer may decline the highest bid and reoffer the property for sale if the treasurer considers the price bid insufficient. The treasurer need not offer any property for sale if, in the treasurer's opinion, the probable cost of sale exceeds the value of the property.

2. Any sale held pursuant to this section, except for the sale of marketable securities, shall be preceded by a single publication of notice thereof, at least three weeks in advance of sale, in a newspaper qualified to publish public notices as provided in chapter 493, RSMo, published in the county, or if no such qualified paper is published in the county, then in a county adjacent to such county, and in the city, town, or village where the property is to be sold if the property is to be sold there.

3. The purchaser at any sale conducted by the treasurer pursuant to sections 447.500 to 447.595 shall receive title to the property purchased, free from all claims of the owner or prior holder thereof and of all persons claiming through or under them. The treasurer shall execute all documents necessary to complete the transfer of title.

4. The proceeds from the sale of abandoned property pursuant to this section shall forthwith be deposited in the abandoned funds account.

CREDIT(S)

(L.1984, p. 710, H.B. No. 1088, § 16. Amended by L.1986, H.B. No. 1547, § 1; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.559. Historical review of items by state historical society, when--fee, how determined

All abandoned tangible personal property delivered to the treasurer pursuant to subdivision (4) of section 447.505 that has possible historical significance shall be reviewed as follows:

(1) The treasurer at the treasurer's discretion shall screen such property to determine if the property indicates a need for further review;

(2) In the event it is determined that such property needs further review, the treasurer shall make available such property to the state historical society of Missouri for historical review. The state historical society shall issue to the treasurer its report and recommend to the treasurer the appropriate state department or agency to act as custodian of any property deemed to be of such historical significance as to be retained;

(3) The state historical society shall receive a reasonable fee for its services. If the treasurer and the state historical society cannot agree on the amount of the fee, the commissioner of administration shall determine the fee. The fee shall be paid out of appropriations made from the abandoned fund account;

(4) The state treasurer's office upon receiving military medals shall hold and maintain such military medals until the original owner or their respective heirs or beneficiaries can be identified and the military medal returned. The state treasurer may designate a veteran's organization or other appropriate organization as custodian of medals until the original owner or their respective heirs or beneficiaries are located.

CREDIT(S)

(L.1989, H.B. No. 506, § A. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1998, H.B. No. 1510, subd. § A; L.2010, H.B. Nos. 1524 & 2260, § A.)

 

447.560. Record of property, content--retained for public inspection-- furnished information not open to public inspection

1. The treasurer shall retain a record of the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned moneys and property and of the name and last known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due. The record shall be available for public inspection at all reasonable business hours.

2. Except as specifically provided by this section, no information furnished to the treasurer in the holder reports, including Social Security numbers or other identifying information, shall be open to public inspection or made public. Any officer, employee or agent of the treasurer who, in violation of the provisions of this section, divulges, discloses or permits the inspection of such information shall be guilty of a misdemeanor.

3. If an amount is turned over to the state that is less than fifty dollars, the amount reported may be made available as public information, along with the name and last known address of the person appearing from the holder report to be entitled to the abandoned moneys; except that, no additional information other than provided for in this section may be released, and any individual other than the person appearing from the holder report to be entitled to the abandoned moneys shall be governed by sections 447.500 to 447.595 and other applicable Missouri law in his or her use or dissemination of such information.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 17. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.561. Destruction or disposal of property by director if of no value--no liability for state or holder

If the treasurer determines after investigation that any property delivered under the provisions of sections 447.500 to 447.595 has insubstantial commercial value, the treasurer may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against this state or any of its officers or against the holder of any property for or on account of any action taken by the treasurer pursuant to the provisions of this section.

CREDIT(S)

(L.1989, H.B. No. 506, § A. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.562. Claim to be filed for property delivered to the state, form, procedure, penalty--claims paid by holder, reimbursement

Any person claiming an interest in any moneys or property delivered to the state under sections 447.500 to 447.595 may file a claim to such property or to the proceeds from the sale thereof. The form of the claim shall be prescribed by the treasurer and shall be signed by the claimant and shall contain a statement that it is made under oath or affirmation and that its representations are true, correct and complete to the best knowledge and belief of the claimant, subject to the penalties of making a false affidavit or declaration. Any holder who has paid moneys to the treasurer pursuant to sections 447.500 to 447.595 may make payment to any person appearing to the holder to be entitled thereto, and upon proof of the payment and proof that the payee was entitled thereto, the treasurer shall reimburse the holder for the payment at any time after the moneys or property is delivered to the state, unless the treasurer has already made payment to said person pursuant to a claim filed under the provisions of this section.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 18. Amended by L.1989, H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.565. Hearing on claims--payment of claim, amount, no charges authorized--interest--discharge from liability--claimant accountable to person with superior right

1. The treasurer shall consider any claim filed pursuant to sections 447.500 to 447.595 and may hold a hearing and receive evidence concerning it. If a hearing is held, the treasurer shall prepare a finding and a decision in writing on each claim filed, stating the substance of any evidence heard by the treasurer and the reasons for the treasurer's decision. The decision shall be a public record.

2. If the claim is allowed, the treasurer shall make payment forthwith. The claim shall be paid without deduction for costs of notices or sale or for service charges, and any such claim paid shall include interest, if the owner would have been entitled interest had the property not been presumed to be abandoned. Such interest shall equal the year-to-date annualized average rate of return on all funds invested by the state treasurer for each year of accrual and the previous year's annualized average rate of return for the current fiscal year, but shall not accrue more than seven years after such property has been determined to be abandoned and transferred to the custody of the state.

3. The treasurer [FN1], after paying a claim, is discharged and released to the same extent as if the treasurer dealt with a legal representative of the owner. The treasurer is not required to see to the application of the payment or to inquire into the truth of any statement made in the claim except to the extent that confirmatory information is provided to the treasurer. Any claimant, attorney in fact, attorney, or anyone representing a claimant to whom payment is made is accountable therefor to any other person having a superior right to the payment.

[FN1] Word "treasurer" was substituted for "treasure" in RSMo.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 19 (§§ 1, 2). Amended by L.1989, H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.567. Repealed by L.1994, S.B. No. 757, § A, eff. July 1, 1994

 

447.569. Appeal of decision or failure to act, when

Any person aggrieved by a decision of the treasurer or as to whose claim the treasurer has failed to act within ninety days after the filing of a claim shall be entitled to a hearing under the provisions of chapter 536, RSMo, and the proceedings instituted by him shall be deemed a contested case under chapter 536, RSMo.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 20. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993.)

 

447.571. Custody of property, powers to receive or decline--failure to act, effect--postponing delivery, when, limitation

The treasurer, after receiving reports of property deemed abandoned pursuant to sections 447.500 to 447.595, may decline to receive any property reported which the treasurer deems to have a value less than the cost of giving notice and holding sale, or the treasurer may, if the treasurer deems it desirable because of the small sum involved, postpone taking possession until a sufficient sum accumulates, but in no event shall the treasurer postpone taking possession for longer than one year. Unless the holder of the property is notified to the contrary within one hundred twenty days after filing the report required pursuant to section 447.539, the treasurer shall be deemed to have elected to receive the custody of the property. Nothing in this chapter shall prevent the treasurer from accepting property prior to the date it becomes unclaimed or abandoned as defined in sections 447.500 to 447.595.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 21. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.572. Examination of records by authorized persons--when

The treasurer may at reasonable times and upon reasonable notice examine the records of any person if the treasurer has reason to believe that such person has failed to report property that should have been reported pursuant to sections 447.500 to 447.595; provided, however, that examination of the records of any person or entity subject to the supervision of the divisions of finance, credit unions, the department of insurance, or the public service commission shall be made by the chief officer of the respective agency at the request of the treasurer. Such examination by the chief officer of the respective agency may be delegated to the chief officer's full-time employees, who otherwise examine the specific listed institution regulated by such agency. Such chief officer of the respective agency shall certify in writing to the treasurer and the institution under examination when the chief officer has reason to believe that such institution has failed to report property that should have been reported pursuant to sections 447.500 to 447.595. In such case the treasurer may examine such institution. The communications between such chief officers and the treasurer concerning this section shall be considered exceptions to any applicable confidentiality statutes. The treasurer may delegate any duty imposed upon the treasurer pursuant to the provisions of sections 447.500 to 447.595 to such other agency employees as the treasurer deems appropriate.

CREDIT(S)

(L.1984, p. 711, H.B. No. 1088, § 22. Amended by L.1989, H.B. No. 506, § A; L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, H.B. No. 1165, § A, eff. July 6, 1994; L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.575. Enforcing delivery, court action

If any person refuses to deliver property to the state as required under sections 447.500 to 447.595, the treasurer shall bring an action in a court of appropriate jurisdiction to enforce such delivery.

CREDIT(S)

(L.1984, p. 712, H.B. No. 1088, § 23. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.577. Reports--payment or delivery of property, failure to make--false statements in report--penalties

1. Any person who intentionally fails to render any report or perform other duties required pursuant to sections 447.500 to 447.595 may be assessed a penalty of five percent of the total value of the property at issue, but not less than one hundred dollars, for each month the report is not filed or duty not performed, up to twenty-five percent of the total value of the property at issue. Any penalty imposed pursuant to this subsection shall be in lieu of, and not in addition to, other penalties established pursuant to sections 447.500 to 447.595.

2. Any person who intentionally refuses to pay or deliver abandoned property as required pursuant to sections 447.500 to 447.595 may be assessed a penalty of not less than one hundred dollars per day, not to exceed a maximum of ten thousand dollars, and shall be guilty of a class A misdemeanor.

3. Any person who intentionally makes a false statement in any report required pursuant to sections 447.500 to 447.595 may be fined not less than one hundred dollars nor more than ten thousand dollars and shall be guilty of a class B misdemeanor.

CREDIT(S)

(L.1984, p. 712, H.B. No. 1088, § 24. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994; L.1998, H.B. No. 1510, § A.)

 

447.579. Rules authorized

The treasurer is hereby authorized to make necessary rules and regulations to carry out the provisions of sections 447.500 to 447.595.

CREDIT(S)

(L.1984, p. 712, H.B. No. 1088, § 25. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.581. Agreements to locate or reveal whereabouts of property-- requirements for validity

1. No agreement entered into after a report is filed is valid if any person undertakes thereby to locate or reveal the whereabouts of property included in that report for a fee or compensation, unless the agreement discloses the nature and value of the property, is in writing, duly signed and acknowledged by the property owner.

2. Any agreement to pay compensation to recover or assist in the recovery of property reported or delivered to the treasurer under the provisions of sections 447.500 to 447.595 which is made within twelve months after the date of payment or delivery to the treasurer is unenforceable. Any agreement to pay compensation to recover or assist in the recovery of property reported or delivered to the treasurer which is made more than twelve months, but less than twenty-four months, after the date of payment or delivery to the treasurer shall be invalid if the compensation for recovery is greater than ten percent of the property at issue. Any agreement to pay compensation to recover or assist in the recovery of property reported or delivered to the treasurer which is made more than twenty-four months, but less than thirty-six months, after the date of payment or delivery to the treasurer shall be invalid if the compensation for recovery is greater than fifteen percent of the property at issue. Any agreement to pay compensation to recover or assist in the recovery of property reported or delivered to the treasurer which is made more than thirty-six months after the date of payment or delivery to the treasurer shall be invalid if the compensation for recovery is greater than twenty percent of the property at issue.

3. Except as provided in subsection 7 of this section, any person who enters into an agreement to recover or perform in a representative capacity to assist in the recovery of property reported or delivered to the treasurer under sections 447.500 to 447.595, for compensation, shall register with the treasurer prior to submitting a claim to the treasurer for recovery of such property. Any claim filed by a person acting in a representative capacity for the recovery of property reported or delivered to the treasurer under sections 447.500 to 447.595, for compensation, shall be invalid unless the person is registered with the treasurer in accordance with this section. Every person who registers with the treasurer in accordance with this section shall certify compliance and good standing with the tax, business registration and other regulatory requirements of the state of Missouri. To remain registered a person must annually recertify compliance with such requirements.

4. The treasurer may require such additional information from persons wishing to register in accordance with the provisions of this section as the treasurer reasonably believes to be necessary to protect the rightful owners of property presumed abandoned and the citizens of the state of Missouri, generally.

5. If the treasurer receives information, directly or indirectly, which gives the treasurer reason to believe that a person registered in accordance with the provisions of this section to recover or perform in a representative capacity to assist in the recovery of property reported or delivered to the treasurer, for compensation, has violated the provisions of sections 447.500 to 447.595, or any other provision of law, the treasurer may suspend the registration of such person. In such a case, the treasurer shall notify the person in writing of the grounds for the proposed suspension of registration and provide the person an opportunity to respond to the allegations in writing or, upon request, through a hearing conducted in accordance with the provisions of chapter 536, RSMo. For good cause shown, the treasurer may refrain from acting on any claim filed by such a person pending determination of the appropriateness of suspending such a person's registration. Suspension of a person's registration by the treasurer shall not be a prerequisite nor a substitute for any other civil or criminal causes of action to which such person may otherwise be subject, but is in addition to such possible remedies. Any information obtained or compiled by the treasurer in determining whether to register or suspend such a person's registration may be disclosed to appropriate law enforcement agencies, in any investigation, action or proceeding, civil, criminal or mixed, brought by a governmental agency to enforce the laws of this state, and except for the treasurer's office work product, upon court order in any action or proceeding where such information is material to an issue in the action or proceeding.

6. Any person whose registration has been suspended or which has lapsed pursuant to this section may thereafter seek to reregister in accordance with the provisions of this section.

7. Subsection 1 of this section shall not apply to any agreement made by any person, including personal representatives, guardians, trustee, and others in a representative capacity, with another to discover property in which such person has an interest for a fixed fee or hourly or daily rate, not contingent upon the discovery of property or the value of property discovered; provided, however, that any agreement entered into under this subsection for the purpose of evading the provisions of subsection 1 of this section shall be invalid and unenforceable.

8. Nothing in this section shall be construed to prevent an owner from asserting, at any time, that any agreement to locate or reveal the whereabouts of properties is based on an excessive or unjust consideration.

CREDIT(S)

(L.1986, H.B. No. 1547, § 1. Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.583. Reciprocal agreements with other states--attorney general's duties, when

1. The treasurer may enter into reciprocal agreements with other states to provide information needed to determine what abandoned property such states may be entitled to escheat if such other states or officials thereof agree to provide this state with information needed to enable this state to determine what abandoned property it may be entitled to escheat.

2. At the request of another state, the attorney general of this state may bring an action in the name of the other state, in any court of appropriate jurisdiction within this state, to enforce the abandoned property laws of the other state against a holder in this state of property subject to escheat by the other state if:

(1) The courts of the other state cannot obtain jurisdiction over the holder;

(2) The other state has agreed to bring actions in the name of this state at the request of the attorney general of this state to enforce the provisions of sections 447.500 to 447.595 against any person in the other state believed by the treasurer to hold property subject to escheat under the provisions of sections 447.500 to 447.595 when the courts of this state cannot obtain jurisdiction over such person;

(3) The other state has agreed to pay reasonable costs incurred by the attorney general in bringing the action; and

(4) The other state's laws do not require the holder to a greater duty than that provided in sections 447.500 to 447.595.

CREDIT(S)

(L.1984, p. 712, H.B. No. 1088, § 28. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.584. Agreements--property held by business entities in other states-- duties--fees

The treasurer, with the approval of the governor, may enter into agreements with any person, firm or corporation to assist in the identification, collection, and processing of abandoned property held by any business entity domiciled and located in another state. The treasurer may agree to pay a fee for such services based in whole or in part on a percentage of the value of any property received pursuant to such agreements. Any expenses paid pursuant to this section may not be deducted from the amount subject to claim by the owner under sections 447.500 to 447.595.

CREDIT(S)

(L.1986, H.B. No. 1547, § 1. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.585. Another state may recover property from state of Missouri, when

1. At any time after property has been paid for or delivered to the state under the provisions of sections 447.500 to 447.595, another state is entitled to recover the property if:

(1) The last known address of the apparent owner of the property appearing on the records of the holder is in such other state and, under the laws of that state, the property has escheated to that state;

(2) The property is the sum payable on a traveler's check, money order, or other similar instrument that escheated to this state and the traveler's check, money order, or other similar instrument was in fact purchased in such other state, and, under the laws of that state, the property escheated to that state; or

(3) The property is funds held or owing by a life insurance corporation that escheated to this state pursuant to sections 447.500 to 447.595, the last known address of the person entitled to the funds was in fact in such other state, and, under the laws of that state, the property escheated to that state.

2. The claim of another state to recover escheated property under the provisions of this section shall be presented in writing to the treasurer, who shall treat the claim as if it were filed under section 447.562.

CREDIT(S)

(L.1984, p. 712, H.B. No. 1088, § 29. Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.587. Safe deposit box contents that become unclaimed property right to fees charges and authority to enforce possessory liens

1. Notwithstanding any law to the contrary, including sections 447.500 to 447.595, a banking organization as defined in section 447.503 may retain any fees and charges, including enforcing possessory liens for such fees and charges permitted by safe deposit law or the banking organization's safe deposit box contract, when the contents of the safe deposit box becomes unclaimed property.

2. Notwithstanding any law to the contrary, including sections 447.500 to 447.595, a financial organization as defined in section 447.503 may retain any fees and charges, including enforcing possessory liens for such fees and charges permitted by safe deposit law or the financial organization's safe deposit box contract, when the contents of the safe deposit box becomes unclaimed property.

3. Notwithstanding any law to the contrary, including sections 447.500 to 447.595, a business association as defined in section 447.503 may retain any fees and charges, including enforcing possessory liens for such fees and charges permitted by safe deposit law or the business association's safe deposit box contract, when the contents of the safe deposit box becomes unclaimed property.

CREDIT(S)

(L.1989, H.B. No. 506, § A(subsecs. 1 to 3). Amended by L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.595. Bond required for arrest warrantor, probation or civil cash bond, proceeds deemed unclaimed property, when

Where a person or party is required by the terms of an arrest warrant or of his probation to post a cash bond or cash probation bond or a civil cash bond ordered by the court, the court shall return the bond, less any outstanding court costs, to such person or party upon the termination of the court proceedings or probation period. If such person or party does not claim the bond proceeds within one year of the date of final court action or termination of his probation period, the court shall transfer the cash bond or cash probation bond to the treasurer for disposition pursuant to sections 447.500 to 447.595.

CREDIT(S)

(L.1989, H.B. No. 506, § A(§ 4). Amended by L.1993, H.B. No. 566, § B, eff. July 1, 1993; L.1994, S.B. No. 757, § A, eff. July 1, 1994.)

 

447.620. Definitions

As used in sections 447.620 to 447.640, the following terms mean:

(1) "Housing code", a local building, fire, health, property maintenance, nuisance, or other ordinance which contains standards regulating the condition or maintenance of residential buildings;

(2) "Last known address", the address where the property is located or the address as listed in the property tax records;

(3) "Municipality", any incorporated city, town, or village;

(4) "Nuisance", any property which because of its physical condition or use is a public nuisance or any property which constitutes a blight on the surrounding area or any property which is in violation of the applicable housing code such that it constitutes a substantial threat to the life, health, or safety of the public. For purposes of sections 447.620 to 447.640, any declaration of a public nuisance by a municipality pursuant to an ordinance adopted pursuant to sections 67.400 to 67.450, RSMo, shall constitute prima facie evidence that the property is a nuisance;

(5) "Organization", any Missouri not-for-profit organization validly organized pursuant to law and whose purpose includes the provision or enhancement of housing opportunities in its community and which has been incorporated for at least six months;

(6) "Parties in interest", any owner or owners of record, occupant, lessee, mortgagee, trustee, personal representative, agent, or other party having an interest in the property as shown by the land records of the recorder of deeds of the county wherein the property is located, except in any municipality contained wholly or partially within a county with a charter form of government and with more than six hundred thousand but less than seven hundred thousand inhabitants, "parties in interest" shall mean owners, lessees, mortgagees, or lienholders whose interest has been recorded or filed in the public records;

(7) "Rehabilitation", the process of improving the property, including, but not limited to, bringing the property into compliance with the applicable housing code.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 1). Amended by L.1998, H.B. Nos. 977 & 1608, § A; L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A; L.2005, H.B. No. 58, § A.)

 

447.622. Petition--abandonment--possession

Any organization may petition to have property declared abandoned pursuant to the provisions of sections 447.620 to 447.640 and for temporary possession of such property, if:

(1) The property has been continuously unoccupied by persons legally entitled to possession for at least six months prior to the filing of the petition;

(2) The taxes are delinquent on the property;

(3) The property is a nuisance; and

(4) The organization intends to rehabilitate the property.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 2); Amended by L.1994, S.B. No. 513, § A; L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A; L.2005, H.B. No. 58, § A.)

 

447.624. Commencement of proceedings

The proceedings shall be commenced by filing a verified petition in the circuit court in the county in which the property is located. The petition shall allege that the property meets the conditions to be declared abandoned pursuant to the provisions of section 447.622. All parties in interest of the property shall be named as defendants in the petition and summons shall be issued and service had as in other civil cases.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 3).)

 

447.625. Petition, contents--Issuance of summons--prayer for sheriff's deed--stay

1. Any petition filed under the provisions of sections 447.620 to 447.640 which pertains to property located within any home rule city shall meet the requirements of this section.

2. Summons shall be issued and service of process shall be had as in other in rem or quasi in rem civil actions.

3. The petition shall contain a prayer for a court order approving the organization's rehabilitation plan and granting temporary possession of the property to the organization. The petition shall also contain a prayer for a sheriff's deed conveying title to the property to the organization upon the completion of rehabilitation when no owner has regained possession of the property pursuant to section 447.638.

4. The court shall stay any ruling on the organization's prayer for a sheriff's deed until rehabilitation has been completed.

5. The owner may file a motion for restoration of possession of the property prior to the completion of rehabilitation. The court shall determine whether to restore possession to the owner and proper compensation to the organization in the same manner as in section 447.638.

6. Upon completion of rehabilitation the organization may file a motion for sheriff's deed in place of a petition for judicial deed under section 447.640.

7. The provisions of sections 447.620 to 447.640 shall apply except where they are in conflict with this section.

CREDIT(S)

(L.1998, H.B. Nos. 977 & 1608, § A. Amended by L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A; L.2005, H.B. No. 58, § A.)

 

 

447.626. Expedited treatment

Any action brought pursuant to the provisions of sections 447.620 to 447.640 shall be expedited by the court and may be given precedence over other suits. Trial shall be by the court without a jury.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 4).)

 

447.628. Notice of pendency of suit--constructive notice

In any civil action brought pursuant to the provisions of sections 447.620 to 447.640, the plaintiff shall file for record, with the recorder of deeds of the county in which any such real estate is situated, a written notice of the pendency of the suit pursuant to the requirements of section 527.260, RSMo. From the time of filing such notice the pendency of suit shall be constructive notice to persons thereafter acquiring an interest in the building.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 5).)

 

447.630. Hearing--rehabilitation plan

The court shall hold a hearing on the organization's petition at which time the organization shall submit to the court a plan for the rehabilitation of the property and present evidence that the organization has adequate resources to rehabilitate and thereafter manage the property. For the purpose of developing such a plan, representatives of the organization may be permitted entry into the property by the court at such time and on such terms as the court may deem appropriate. Any defendant shall be given an opportunity to show cause why such organization should not be allowed to rehabilitate the property.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 6).)

 

447.632. Grant of petition

The court shall grant the organization's petition if the court finds that the conditions alleged by the plaintiff as specified in section 447.622 existed at the time the verified petition was filed in the circuit court, that the plan for the rehabilitation of the property submitted to the court by the plaintiff is feasible, and defendant has failed to demonstrate that the plaintiff should not be allowed to rehabilitate the property.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 7). Amended by L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A.)

 

447.634. Grant--approval of plan--temporary possession

If the court grants the petition, the court shall enter an order approving the rehabilitation plan and granting temporary possession of the property to the organization. The organization may, subject to court approval, enter into leases or other agreements in relation to the property.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 8).)

 

447.636. Quarterly report

The organization shall file a quarterly report of its rehabilitation and use of the property, including a statement of all expenditures made by the organization and all income and receipts from the property for the preceding quarters.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 9). Amended by L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A.)

 

447.638. Restoration of possession--compensation

The owner may petition the circuit court for restoration of possession of the property and, upon due notice to the plaintiff organization, for a hearing on such petition. At the hearing, the court shall determine whether the owner has the capacity and the resources to complete rehabilitation of the property if such work has not been completed by the organization. If the court determines that the owner does not have the capacity or the resources to complete rehabilitation of the property, the court shall not restore possession to the owner. If the court determines that the rehabilitation work has been completed by the organization or that the owner has the capacity and the resources to complete the rehabilitation, the court shall then determine proper compensation to the organization for its expenditures, including management fees, based on the organization's reports to the court. The court, in determining the proper compensation to the organization, may consider income or receipts received from the property by the organization. After the owner pays the compensation to the organization as determined by the court, the owner shall resume possession of the property, subject to all existing rental agreements, whether written or verbal, entered into by the organization.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 10). Amended by L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A.)

 

447.640. Quitclaim judicial deed

If an owner does not regain possession of the property in the one-year period following entry of an order granting temporary possession of the property to the organization, the organization may file a petition for judicial deed and, upon due notice to the named defendants, an order may be entered granting a quitclaim judicial deed to the organization. A conveyance by judicial deed shall operate to extinguish all existing ownership interests in, liens on, and other interest in the property, except tax liens. Any party in interest of the property shall present any claim for compensation prior to the entering of the court order conveying title to the organization.

CREDIT(S)

(L.1993, S.B. No. 376, § A(§ 11); Amended by L.1994, S.B. No. 513, § A; L.2002, H.B. No. 1634, § A; L.2002, S.B. Nos. 1086 & 1126, § A; L.2005, H.B. No. 58, § A.)

 

447.700. Definitions

As used in sections 447.700 to 447.718, the following terms mean:

(1) "Abandoned property", real property previously used for, or which has the potential to be used for, commercial or industrial purposes which reverted to the ownership of the state, a county, or municipal government, or an agency thereof, through donation, purchase, tax delinquency, foreclosure, default or settlement, including conveyance by deed in lieu of foreclosure; or a privately owned property endorsed by the city, or county if the property is not in a city, for inclusion in the program which will be transferred to a person other than the potentially responsible party as defined in chapter 260, RSMo, and has been vacant for a period of not less than three years from the time an application is made to the department of economic development;

(2) "Allowable cost", all or part of the costs of project facilities, including the costs of acquiring the property, relocating any remaining occupants, constructing, reconstructing, rehabilitating, renovating, enlarging, improving, equipping or furnishing project facilities, demolition, site clearance and preparation, backfill, supplementing and relocating public capital improvements or utility facilities, designs, plans, specifications, surveys, studies and estimates of costs, expenses necessary or incident to determining the feasibility or practicability of assisting an eligible project or providing project facilities, architectural, engineering and legal service fees and expenses, the costs of conducting any other activities as part of a voluntary remediation and such other expenses as may be necessary or incidental to the establishment or development of an eligible project and reimbursement of moneys advanced or applied by any governmental agency or other person for allowable costs. Allowable costs shall also include the demolition and reconstruction of any building or structure which is not the object of remediation as defined in section 260.565, RSMo, but which is located on the site of an abandoned or underutilized property approved for financial assistance pursuant to sections 447.702 to 447.708, provided that any such demolition is contained in a redevelopment plan approved by the director of the department of economic development and the municipal or county government having jurisdiction in the area in which the project is located;

(3) "Applicant", the person that submits an application for consideration of a project or location or real property for financial, tax credit or other assistance pursuant to sections 447.700 to 447.718; an applicant may not be any party who intentionally or negligently caused the release or potential release of hazardous substances at the eligible project as that term is defined pursuant to chapter 260, RSMo;

(4) "Eligible project", abandoned or underutilized property to be acquired, established, expanded, remodeled, rehabilitated or modernized for industry, commerce, distribution or research, or any combination thereof, the operation of which, alone or in conjunction with other facilities, will create new jobs or preserve existing jobs and employment opportunities, attract new businesses to the state, prevent existing businesses from leaving the state and improve the economic welfare of the people of the state. The term "eligible project", without limitation, includes voluntary remediation conducted pursuant to sections 260.565 to 260.575, RSMo. To be an "eligible project" pursuant to sections 447.700 to 447.718, the obligations of the prospective applicant and the governmental agency shall be defined in a written agreement signed by both parties. The facility, when completed, shall be operated in compliance with applicable federal, state and local environmental statutes, regulations and ordinances. An "eligible project" shall be determined by consideration of the entire project. The definition or identification of an "eligible project" shall not be segmented into parts to separate commercial and industrial uses from residential uses. Any property immediately adjacent to any abandoned or underutilized property may also be an "eligible project" pursuant to sections 447.700 to 447.718, provided that the abandoned or underutilized property otherwise meets the qualifications of this subdivision;

(5) "Financial assistance", direct loans, loan guarantees, and grants pursuant to sections 447.702 to 447.706; and tax credits, inducements and abatements pursuant to section 447.708;

(6) "Governmental action", any action by a state, county or municipal agency relating to the establishment, development or operation of an eligible project and project facilities that the governmental agency has authority to take or provide for the purpose under law, charter or ordinance, including but not limited to, actions relating to contracts and agreements, zoning, building, permits, acquisition and disposition of property, public capital improvements, utility and transportation service, taxation, employee recruitment and training, and liaison and coordination with and among governmental agencies;

(7) "Governmental agency", the state, county and municipality and any department, division, commission, agency, institution or authority, including a municipal corporation, township, and any agency thereof and any other political subdivision or public corporation; the United States or any agency thereof; any agency, commission or authority established pursuant to an interstate compact or agreement and any combination of the above;

(8) "Person", any individual, firm, partnership, association, limited liability company, corporation or governmental agency, and any combination thereof;

(9) "Project facilities", buildings, structures and other improvements and equipment and other property or fixtures, excluding small tools, supplies and inventory, and public capital improvements;

(10) "Public capital improvements", capital improvements or facilities owned by a governmental agency and which such agency has authority to acquire, pay the costs of, maintain, relocate or operate, or to contract with other persons to have the same done, including but not limited to, highways, roads, streets, electrical, gas, water and sewer facilities, railroad and other transportation facilities, and air and water pollution control and solid waste disposal facilities;

(11) "Underutilized", real property of which less than thirty-five percent of the commercially usable space of the property and improvements thereon, are used for their most commercially profitable and economically productive use; or property that was used by the state of Missouri as a correctional center for a period of at least one hundred years and which requires environmental remediation before redevelopment can occur, if approval from the general assembly has been given for any improvements to, or remediation, lease or sale of, said property;

(12) "Voluntary remediation", an action to remediate hazardous substances and hazardous waste pursuant to sections 260.565 to 260.575, RSMo.

CREDIT(S)

(L.1995, H.B. No. 414, § C. Amended by L.1998, S.B. No. 827, § A; L.2001, H.B. No. 133, § A.)

 

447.701. Consideration of projected direct and indirect economic benefits-- sale within five-year period after receipt of remediation tax credits, grants, etc.--repayment

1. The director of the department of economic development may consider the direct and indirect economic benefits projected to be provided by the eligible project. An applicant for funding or tax credit and exemption assistance pursuant to sections 447.702 to 447.708 may prepare and submit an estimate of the direct and indirect economic benefits in accordance with this section. The department of economic development may accept the applicant's projection of the economic benefit of the eligible project. The total amount of state funding, tax credits or tax exemptions for each eligible project shall be limited to the projected state economic benefit, as determined by the department of economic development.

2. In the event the owner sells the abandoned or underutilized property within a five-year period after the receipt of remediation tax credits, grants, loans or loan guarantee, subject to sections 447.700 to 447.718, the owner shall repay a portion of the tax credits and grant funds provided based on the percentage of the owner's investment for the project to the department of economic development's total financial assistance, upon achieving an annual internal rate of return of twenty-five percent. The internal rate of return calculation shall be documented by the owner's capital gains tax calculation. Owner investment is equity and debt for the eligible project.

CREDIT(S)

(L.1998, S.B. No. 827, § A.)

 

447.702. Loan of moneys from property reuse fund--validity--fees and charges

1. The director of economic development, with the approval of the director of the department of natural resources, subject to the other provisions of sections 447.700 to 447.718, may lend moneys in the property reuse fund to persons for the purpose of paying allowable costs of an eligible project if the director determines that:

(1) The project is an eligible project and is economically sound; except that, the costs of remediation may exceed the fair market value of the property prior to redevelopment;

(2) The borrower is unable to finance necessary allowable costs through ordinary financial channels, and that the loan is the least amount necessary to cause the project to occur;

(3) The amount to be lent from the property reuse fund will not exceed one million dollars of the total allowable costs of the eligible project;

(4) When completed, the eligible project is projected to create not less than ten new jobs, or shall retain a business which supplies not less than twenty-five existing jobs, or a combination thereof, providing not less than an average of thirty-five hours of employment per week per job. Such projection shall be made by the department of economic development;

(5) The eligible project could not be achieved in the local area in which it is to be located if the portion of the project to be financed by the loan instead were to be financed by a loan guarantee pursuant to section 447.704; and

(6) The amount of the loan from the property reuse fund to be repaid will be adequately secured by a mortgage, lien, assignment or pledge at such amount and level of priority as the director may require.

2. The determinations of the director of economic development pursuant to subsection 1 of this section shall be conclusive for purposes of the validity of a loan commitment evidenced by a loan agreement signed by the director.

3. Fees, charges, rates of interest, times of payment of interest and principal and other terms, conditions and provisions of, and security for, loans made from the property reuse fund pursuant to this section shall be such as the director of economic development determines to be appropriate and in furtherance of the purpose for which the loans are made. The moneys used in making such loans shall be disbursed from the property reuse fund upon the written order of the director. The director shall give special consideration in setting the required job creation ratios and interest rates for loans that are for voluntary remediation actions.

4. The director of economic development may take all actions necessary or appropriate to collect or otherwise deal with any loan made under this section.

5. The director of economic development may fix service charges for the [FN1] making of a loan. Such charges shall be payable at such times and place and in such amounts and manner as may be prescribed by the director.

CREDIT(S)

(L.1995, H.B. No. 414, § C. Amended by L.1998, S.B. No. 827, § A.)

[FN1] Word "the" does not appear in original rolls.

 

447.704. Guarantee of loans issued by private financial institutions-- validity--fees and charges

1. The director of economic development, with the approval of the director of the department of natural resources, subject to other applicable provisions of sections 447.700 to 447.718, may guarantee loans issued by private financial institutions to persons for the purpose of paying the allowable costs of an eligible project if:

(1) The project otherwise qualifies as an eligible project and is economically sound, except that the costs of remediation may exceed the fair market value of the property prior to redevelopment;

(2) The private lender is unwilling to make the loan without the guarantee, and that the guarantee is the minimum necessary to cause the loan;

(3) The amount to be guaranteed will not exceed one million dollars of the total allowable costs of the eligible project;

(4) The loan will be adequately secured by a mortgage, lien, assignment or pledge, at such a level of priority as is acceptable to the lender and the director of economic development; and

(5) When completed, the eligible project is projected to create not less than ten new jobs, or shall retain a business which supplies not less than twenty-five existing jobs, or a combination thereof, providing not less than an average of thirty-five hours of employment per week per job. Such projection shall be made by the department of economic development.

2. The determinations of the director of economic development pursuant to subsection 1 of this section shall be conclusive for purposes of the validity of a guarantee agreement signed by the director.

3. Fees, charges, rates of interest, times of payment of interest and principal and other terms, conditions and provisions of, and security for, loans guaranteed from the property reuse fund pursuant to this section shall be such as the director of economic development determines to be appropriate and in furtherance of the purpose for which the guarantees are made. The director shall give special consideration in setting the required job creation ratios and project locations for loan guarantees that are for voluntary remediation actions. Interest rates on such guaranteed loans shall not exceed three percentage points above the prime interest rate and the director may require a lower rate be used as is appropriate based upon the financial merits of the application and financial statement of the borrower. Nor may the term of the underlying loan exceed twenty years.

4. The director of economic development may take all actions necessary or appropriate to collect on loan defaults and deficiencies or otherwise deal with the borrower for any loan guarantee made pursuant to this section. The director of economic development shall enact appropriate regulations establishing guidelines for the property reuse fund guarantee program, including guidelines regarding the manner and timing of payouts of guarantee moneys, the order and manner in which security, other than the underlying abandoned or underutilized property, provided by the borrower will be valued, and in the event of default or breach of this program, applied to the reduction of the borrower's debt prior to payment of guarantee moneys to the private lender.

5. The director of economic development may fix service charges for making of a loan guarantee. Such charges shall be payable at such times and place and in such amounts and manner as may be prescribed by the director.

6. The private lender shall be immune from any liability arising out of the performance of the project, including potential liability from the incomplete or unsuccessful remediation of the facility; its lender status by which it holds indicia of ownership primarily to protect its security interest; and any potential liability arising out of or under the environmental laws of this state pursuant to the protections of sections 427.011 to 427.041, RSMo.

Upon written request from a private lender who has foreclosed upon the property of an eligible project and has held the abandoned or underutilized property for a period of at least two years, or longer, the director of the department of economic development shall use the guarantee moneys from the property reuse fund to repay the lender the unpaid amount of the defaulted loan. Such written request by the private lender shall describe the efforts made to sell the property and, to the extent known, the reasons the property is unable to be sold to a new buyer.

CREDIT(S)

(L.1995, H.B. No. 414, § C. Amended by L.1998, S.B. No. 827, § A.)

 

447.706. Grants to qualified recipients--validity--fees and charges

1. The director of economic development, with the approval of the director of the department of natural resources, subject to other applicable provisions of sections 447.700 to 447.718, may issue a grant to a governmental [FN1] agency for the purpose of paying the allowable costs of public capital improvements needed to cause an eligible project if:

(1) The project otherwise qualifies as an eligible project and is economically sound;

(2) The project proposed is a cooperative venture between a municipal or county government and a prospective private purchaser of the facility;

(3) The prospective purchaser is unable to finance the entire cost of the project through ordinary financial channels upon comparable terms and, further, a lender is unwilling to make the loan even with a loan guarantee pursuant to section 447.704. When completed, the eligible project is projected to create not less than ten new jobs, or shall retain a business which supplies not less than twenty-five existing jobs, or a combination thereof, providing not less than an average of thirty-five hours of employment per week per job. Such projection shall be made by the department of economic development; and

(4) The amount to be issued in a grant shall not exceed one million dollars.

2. The determinations of the director of economic development pursuant to subsection 1 of this section shall be conclusive for purposes of the validity of a grant agreement signed by the director.

3. Grants from the property reuse fund pursuant to this section shall be such as the director of economic development determines to be appropriate and in furtherance of the purpose for which the grants are made. The moneys used in making such grants shall be disbursed from the property reuse fund upon written order of the director of economic development. The director shall give special consideration in setting the required job creation ratios and project locations for project grants that are for voluntary remediation actions.

4. The director of economic development shall issue such grants to a governmental agency to administer and direct the expenditure of the funds for public capital improvements. Such grant money shall not be used to hire or pay additional employees of the recipient governmental agency.

5. The director of economic development may fix service charges for the [FN2] making of a property reuse grant. Such charges shall be payable at such times and place and in such amounts and manner as may be prescribed by the director.

CREDIT(S)

(L.1995, H.B. No. 414, § C. Amended by L.1998, S.B. No. 827, § A.)

[FN1] Word "government" appears in original rolls.

[FN2] Word "the" does not appear in original rolls.

 

 

447.708. Tax credits, exemptions and refunds--prospective operator of facility being remedied and renovated

1. For eligible projects, the director of the department of economic development, with notice to the directors of the departments of natural resources and revenue, and subject to the other provisions of sections 447.700 to 447.718, may not create a new enterprise zone but may decide that a prospective operator of a facility being remedied and renovated pursuant to sections 447.700 to 447.718 may receive the tax credits and exemptions pursuant to sections 135.100 to 135.150, RSMo, and sections 135.200 to 135.257, RSMo. The tax credits allowed pursuant to this subsection shall be used to offset the tax imposed by chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, or the tax otherwise imposed by chapter 147, RSMo, or the tax otherwise imposed by chapter 148, RSMo. For purposes of this subsection:

(1) For receipt of the ad valorem tax abatement pursuant to section 135.215, RSMo, the eligible project must create at least ten new jobs or retain businesses which supply at least twenty-five existing jobs. The city, or county if the eligible project is not located in a city, must provide ad valorem tax abatement of at least fifty percent for a period not less than ten years and not more than twenty-five years;

(2) For receipt of the income tax exemption pursuant to section 135.220, RSMo, and tax credit for new or expanded business facilities pursuant to sections 135.100 to 135.150, and 135.225, RSMo, the eligible project must create at least ten new jobs or retain businesses which supply at least twenty-five existing jobs, or combination thereof. For purposes of sections 447.700 to 447.718, the tax credits described in section 135.225, RSMo, are modified as follows: the tax credit shall be four hundred dollars per employee per year, an additional four hundred dollars per year for each employee exceeding the minimum employment thresholds of ten and twenty-five jobs for new and existing businesses, respectively, an additional four hundred dollars per year for each person who is a person difficult to employ as defined by section 135.240, RSMo, and investment tax credits at the same amounts and levels as provided in subdivision (4) of subsection 1 of section 135.225, RSMo;

(3) For eligibility to receive the income tax refund pursuant to section 135.245, RSMo, the eligible project must create at least ten new jobs or retain businesses which supply at least twenty-five existing jobs, or combination thereof, and otherwise comply with the provisions of section 135. 245, RSMo, for application and use of the refund and the eligibility requirements of this section;

(4) The eligible project operates in compliance with applicable environmental laws and regulations, including permitting and registration requirements, of this state as well as the federal and local requirements;

(5) The eligible project operator shall file such reports as may be required by the director of economic development or the director's designee;

(6) The taxpayer may claim the state tax credits authorized by this subsection and the state income exemption for a period not in excess of ten consecutive tax years. For the purpose of this section, “taxpayer” means an individual proprietorship, partnership or corporation described in section 143.441 or 143.471, RSMo, who operates an eligible project. The director shall determine the number of years the taxpayer may claim the state tax credits and the state income exemption based on the projected net state economic benefits attributed to the eligible project;

(7) For the purpose of meeting the new job requirement prescribed in subdivisions (1), (2) and (3) of this subsection, it shall be required that at least ten new jobs be created and maintained during the taxpayer's tax period for which the credits are earned, in the case of an eligible project that does not replace a similar facility in Missouri. “New job” means a person who was not previously employed by the taxpayer or related taxpayer within the twelve-month period immediately preceding the time the person was employed by that taxpayer to work at, or in connection with, the eligible project on a full-time basis. “Full-time basis” means the employee works an average of at least thirty-five hours per week during the taxpayer's tax period for which the tax credits are earned. For the purposes of this section, “related taxpayer” has the same meaning as defined in subdivision (9) of section 135.100, RSMo;

(8) For the purpose of meeting the existing job retention requirement, if the eligible project replaces a similar facility that closed elsewhere in Missouri prior to the end of the taxpayer's tax period in which the tax credits are earned, it shall be required that at least twenty-five existing jobs be retained at, and in connection with the eligible project, on a full-time basis during the taxpayer's tax period for which the credits are earned. “Retained job” means a person who was previously employed by the taxpayer or related taxpayer, at a facility similar to the eligible project that closed elsewhere in Missouri prior to the end of the taxpayer's tax period in which the tax credits are earned, within the tax period immediately preceding the time the person was employed by the taxpayer to work at, or in connection with, the eligible project on a full-time basis. “Full-time basis” means the employee works an average of at least thirty-five hours per week during the taxpayer's tax period for which the tax credits are earned;

(9) In the case where an eligible project replaces a similar facility that closed elsewhere in Missouri prior to the end of the taxpayer's tax period in which the tax credits are earned, the owner and operator of the eligible project shall provide the director with a written statement explaining the reason for discontinuing operations at the closed facility. The statement shall include a comparison of the activities performed at the closed facility prior to the date the facility ceased operating, to the activities performed at the eligible project, and a detailed account describing the need and rationale for relocating to the eligible project. If the director finds the relocation to the eligible project significantly impaired the economic stability of the area in which the closed facility was located, and that such move was detrimental to the overall economic development efforts of the state, the director may deny the taxpayer's request to claim tax benefits;

(10) Notwithstanding any provision of law to the contrary, for the purpose of this section, the number of new jobs created and maintained, the number of existing jobs retained, and the value of new qualified investment used at the eligible project during any tax year shall be determined by dividing by twelve, in the case of jobs, the sum of the number of individuals employed at the eligible project, or in the case of new qualified investment, the value of new qualified investment used at the eligible project, on the last business day of each full calendar month of the tax year. If the eligible project is in operation for less than the entire tax year, the number of new jobs created and maintained, the number of existing jobs retained, and the value of new qualified investment created at the eligible project during any tax year shall be determined by dividing the sum of the number of individuals employed at the eligible project, or in the case of new qualified investment, the value of new qualified investment used at the eligible project, on the last business day of each full calendar month during the portion of the tax year during which the eligible project was in operation, by the number of full calendar months during such period;

(11) For the purpose of this section, “new qualified investment” means new business facility investment as defined and as determined in subdivision (7) of section 135.100, RSMo, which is used at and in connection with the eligible project. “New qualified investment” shall not include small tools, supplies and inventory. “Small tools” means tools that are portable and can be hand held.

2. The determination of the director of economic development pursuant to subsection 1 of this section shall not affect requirements for the prospective purchaser to obtain the approval of the granting of real property tax abatement by the municipal or county government where the eligible project is located.

3. (1) The director of the department of economic development, with the approval of the director of the department of natural resources, may, in addition to the tax credits allowed in subsection 1 of this section, grant a remediation tax credit to the applicant for up to one hundred percent of the costs of materials, supplies, equipment, labor, professional engineering, consulting and architectural fees, permitting fees and expenses, demolition, asbestos abatement, and direct utility charges for performing the voluntary remediation activities for the preexisting hazardous substance contamination and releases, including, but not limited to, the costs of performing operation and maintenance of the remediation equipment at the property beyond the year in which the systems and equipment are built and installed at the eligible project and the costs of performing the voluntary remediation activities over a period not in excess of four tax years following the taxpayer's tax year in which the system and equipment were first put into use at the eligible project, provided the remediation activities are the subject of a plan submitted to, and approved by, the director of natural resources pursuant to sections 260.565 to 260.575, RSMo. The tax credit may also include up to one hundred percent of the costs of demolition that are not directly part of the remediation activities, provided that the demolition is on the property where the voluntary remediation activities are occurring, the demolition is necessary to accomplish the planned use of the facility where the remediation activities are occurring, and the demolition is part of a redevelopment plan approved by the municipal or county government and the department of economic development. The demolition may occur on an adjacent property if the project is located in a municipality which has a population less than twenty thousand and the above conditions are otherwise met. The adjacent property shall independently qualify as abandoned or underutilized. The amount of the credit available for demolition not associated with remediation cannot exceed the total amount of credits approved for remediation including demolition required for remediation.

(2) The amount of remediation tax credits issued shall be limited to the least amount necessary to cause the project to occur, as determined by the director of the department of economic development.

(3) The director may, with the approval of the director of natural resources, extend the tax credits allowed for performing voluntary remediation maintenance activities, in increments of three-year periods, not to exceed five consecutive three-year periods. The tax credits allowed in this subsection shall be used to offset the tax imposed by chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, or the tax otherwise imposed by chapter 147, RSMo, or the tax otherwise imposed by chapter 148, RSMo. The remediation tax credit may be taken in the same tax year in which the tax credits are received or may be taken over a period not to exceed twenty years.

(4) The project facility shall be projected to create at least ten new jobs or at least twenty-five retained jobs, or a combination thereof, as determined by the department of economic development, to be eligible for tax credits pursuant to this section.

(5) No more than seventy-five percent of earned remediation tax credits may be issued when the remediation costs were paid, and the remaining percentage may be issued when the department of natural resources issues a “Letter of Completion” letter or covenant not to sue following completion of the voluntary remediation activities. It shall not include any costs associated with ongoing operational environmental compliance of the facility or remediation costs arising out of spills, leaks, or other releases arising out of the ongoing business operations of the facility. In the event the department of natural resources issues a letter of completion for a portion of a property, an impacted media such as soil or groundwater, or for a site or a portion of a site improvement, a prorated amount of the remaining percentage may be released based on the percentage of the total site receiving a letter of completion.

4. In the exercise of the sound discretion of the director of the department of economic development or the director's designee, the tax credits and exemptions described in this section may be terminated, suspended or revoked, if the eligible project fails to continue to meet the conditions set forth in this section. In making such a determination, the director shall consider the severity of the condition violation, actions taken to correct the violation, the frequency of any condition violations and whether the actions exhibit a pattern of conduct by the eligible facility owner and operator. The director shall also consider changes in general economic conditions and the recommendation of the director of the department of natural resources, or his or her designee, concerning the severity, scope, nature, frequency and extent of any violations of the environmental compliance conditions. The taxpayer or person claiming the tax credits or exemptions may appeal the decision regarding termination, suspension or revocation of any tax credit or exemption in accordance with the procedures outlined in subsections 4 to 6 of section 135.250, RSMo. The director of the department of economic development shall notify the directors of the departments of natural resources and revenue of the termination, suspension or revocation of any tax credits as determined in this section or pursuant to the provisions of section 447.716.

5. Notwithstanding any provision of law to the contrary, no taxpayer shall earn the tax credits, exemptions or refund otherwise allowed in subdivisions (2), (3) and (4) of subsection 1 of this section and the tax credits otherwise allowed in section 135.110, RSMo, or the tax credits, exemptions and refund otherwise allowed in sections 135.215, 135.220, 135.225 and 135.245, RSMo, respectively, for the same facility for the same tax period.

6. The total amount of the tax credits allowed in subsection 1 of this section may not exceed the greater of:

(1) That portion of the taxpayer's income attributed to the eligible project; or

(2) One hundred percent of the total business' income tax if the eligible facility does not replace a similar facility that closed elsewhere in Missouri prior to the end of the taxpayer's tax period in which the tax credits are earned, and further provided the taxpayer does not operate any other facilities besides the eligible project in Missouri; fifty percent of the total business' income tax if the eligible facility replaces a similar facility that closed elsewhere in Missouri prior to the end of the taxpayer's tax period in which the credits are earned, and further provided the taxpayer does not operate any other facilities besides the eligible project in Missouri; or twenty-five percent of the total business income if the taxpayer operates, in addition to the eligible facility, any other facilities in Missouri. In no case shall a taxpayer operating more than one eligible project in Missouri be allowed to offset more than twenty-five percent of the taxpayer's business income in any tax period. That portion of the taxpayer's income attributed to the eligible project as referenced in subdivision (1) of this subsection, for which the credits allowed in sections 135.110 and 135.225, RSMo, and subsection 3 of this section, may apply, shall be determined in the same manner as prescribed in subdivision (6) of section 135.100, RSMo. That portion of the taxpayer's franchise tax attributed to the eligible project for which the remediation tax credit may offset, shall be determined in the same manner as prescribed in paragraph (a) of subdivision (6) of section 135.100, RSMo.

7. Taxpayers claiming the state tax benefits allowed in subdivisions (2) and (3) of subsection 1 of this section shall be required to file all applicable tax credit applications, forms and schedules prescribed by the director during the taxpayer's tax period immediately after the tax period in which the eligible project was first put into use. Otherwise, the taxpayer's right to claim such state tax benefits shall be forfeited. Unused business facility and enterprise zone tax credits shall not be carried forward but shall be initially claimed for the tax period during which the eligible project was first capable of being used, and during any applicable subsequent tax periods.

8. Taxpayers claiming the remediation tax credit allowed in subsection 3 of this section shall be required to file all applicable tax credit applications, forms and schedules prescribed by the director during the taxpayer's tax period immediately after the tax period in which the eligible project was first put into use, or during the taxpayer's tax period immediately after the tax period in which the voluntary remediation activities were performed.

9. The recipient of remediation tax credits, for the purpose of this subsection referred to as assignor, may assign, sell or transfer, in whole or in part, the remediation tax credit allowed in subsection 3 of this section to any other person, for the purpose of this subsection referred to as assignee. To perfect the transfer, the assignor shall provide written notice to the director of the assignor's intent to transfer the tax credits to the assignee, the date the transfer is effective, the assignee's name, address and the assignee's tax period and the amount of tax credits to be transferred. The number of tax periods during which the assignee may subsequently claim the tax credits shall not exceed twenty tax periods, less the number of tax periods the assignor previously claimed the credits before the transfer occurred.

10. In the case where an operator and assignor of an eligible project has been certified to claim state tax benefits allowed in subdivisions (2) and (3) of subsection 1 of this section, and sells or otherwise transfers title of the eligible project to another taxpayer or assignee who continues the same or substantially similar operations at the eligible project, the director shall allow the assignee to claim the credits for a period of time to be determined by the director; except that, the total number of tax periods the tax credits may be earned by the assignor and the assignee shall not exceed ten. To perfect the transfer, the assignor shall provide written notice to the director of the assignor's intent to transfer the tax credits to the assignee, the date the transfer is effective, the assignee's name, address, and the assignee's tax period, and the amount of tax credits to be transferred.

11. For the purpose of the state tax benefits described in this section, in the case of a corporation described in section 143.471, RSMo, or partnership, in computing Missouri's tax liability, such state benefits shall be allowed to the following:

(1) The shareholders of the corporation described in section 143.471, RSMo;

(2) The partners of the partnership.

The credit provided in this subsection shall be apportioned to the entities described in subdivisions (1) and (2) of this subsection in proportion to their share of ownership on the last day of the taxpayer's tax period.

CREDIT(S)

(L.1995, H.B. No. 414, § C. Amended by L.1996, H.B. No. 1237, § A, eff. Jan. 1, 1997; L.1998, S.B. No. 827, § A; L.2001, H.B. No. 133, § A; L.2008, H.B. No. 2058, § A; L.2008, S.B. No. 718, § A; L.2009, H.B. No. 191, § A.)

 

447.710. Property reuse revolving fund

1. There is hereby created in the state treasury a fund to be known as the "Property Reuse Revolving Fund". The property reuse fund is intended to provide ten million dollars annually in uncommitted funds for direct loans, loan guarantees and grants. The revolving fund shall consist of all moneys which may be appropriated to it by the general assembly any gifts, contributions, grants or bequests received from federal, private or other sources, and moneys from the repayment of any loans or loan guarantees. Notwithstanding the provisions of section 33.080, RSMo, no portion of the revolving fund shall be transferred to the general revenue fund at the end of any biennium.

2. At least annually, the state treasurer shall certify the amount deposited in the fund to the departments of economic development, natural resources and revenue.

3. Any portion of the property reuse revolving fund not immediately needed for the purposes authorized shall be invested by the state treasurer as provided by the constitution and laws of this state. All income from such investments shall be credited to the property reuse revolving fund.

CREDIT(S)

(L.1995, H.B. No. 414, § C. L.1997, 2nd Ex.Sess., S.B. No. 1, § A, eff. Dec. 23, 1997.)

 

447.712. Government agencies--immunity from liability

1. As used in this section, the following terms shall mean:

(1) "Harm", injury, damage, restitution, death or loss to persons or property, including equitable damages or injunctive relief, caused by or arising out of exposure to a hazardous substance or petroleum at the location of the eligible project, but shall not include harms arising from other causes even if the harm occurs on the remediation site;

(2) "Tort action", a civil action for harm, as defined in this subsection, including an action for recovery for costs of conducting a voluntary remediation as part of a qualified eligible project, but does not include a civil action for damages for a breach of contract or another agreement between a government agency and one or more persons, or for breach of an express warranty contained in such agreement.

2. A government agency, as that term is used in sections 447.700 to 447.718, and any officer or employee thereof and the prospective purchaser are immune from liability and are not liable in a tort action resulting from, or arising out of, performance of an eligible project, including harm inflicted in the performance of any voluntary remediation associated with the eligible project. This immunity shall extend to acts, and failures to act, of the governmental agency and its officers and employees which are required by law or authorized by law as necessary or essential to the exercise of the powers and duties described in sections 447.700 to 447.718. This immunity shall also include the actions or failures to act which were within the discretion of an officer or employee of the government agency with respect to policy-making, planning, implementation or enforcement responsibilities under sections 447.700 to 447.718. This immunity of the government agency and its employees and the prospective purchaser shall also include any actions and failures to act by the project contractors, subcontractors, suppliers or materialmen as it may apply to performance of the voluntary remediation. The tort immunity described in this subsection shall cease upon issuance by the department of natural resources of written approval of the completed voluntary remediation.

3. The immunity described in subsection 2 of this section shall not apply to acts or failures to act of a government agency or its officers and employees which were:

(1) Manifestly outside the scope of employment, duties or responsibilities; or

(2) Committed maliciously, in bad faith, or in a wanton and reckless manner.

4. No state, county or municipal government or any agency, officer or employee thereof shall be liable in tort or under the state's environmental laws for the ownership of real or personal property acquired by foreclosure upon or acceptance of a deed in lieu of foreclosure pursuant to a defaulted loan issued under section 447.702 or repurchase and reversion of the property to the original governmental agency owner under subsection 6 of section 447.704, provided the agency did not directly cause or contribute to the cause of the new contamination. Such state, county or municipal governments or agencies thereof shall receive the creditor protections afforded financial institutions under sections 427.011 to 427.041, RSMo.

CREDIT(S)

(L.1995, H.B. No. 414, § C.)

 

447.714. Voluntary remediation work--purchaser of abandoned property, release from further liability--immunity

1. For any eligible project, the purchaser of the abandoned property shall be released from further liability to the extent described in subsection 2 of this section based upon the voluntary remediation work actually performed and consistent with the level of risk to human health and the environment remaining after performance of the voluntary remediation activities to remedy the existence of hazardous substances on the property, the release of which occurred prior to the date of acquisition.

2. For any eligible project, the department of natural resources shall:

(1) Issue a letter requiring no further action from a purchaser who has performed a Phase I and Phase II environmental site assessments, as defined at 10 C.S.R. 25-15.010 (2)(A)7 and 8, which demonstrate that no remedial action is necessary to protect the public health and welfare and the environment;

(2) Issue a letter requiring no further action from a purchaser who has performed voluntary remediation action, as part of an eligible project, pursuant to the requirements of sections 260.565 to 260.575, RSMo, the purchaser certifies to the department of natural resources that the goals of the purchaser's voluntary remediation plan have been attained, attainment of the remediation plan goals is verified by the department and, when completed, the voluntary remediation does not treat all hazardous substances present to levels below regulatory action levels due to use of alternative clean-up goals, risk reduction solutions, institutional controls, including, but not limited to, use restrictions contained in the deed or other alternative actions. The department of natural resources shall not issue a no further action letter unless the voluntary remediation activities significantly restore, in whole or in part, the environment so as to minimize the harmful effects from a release of a hazardous substance to acceptable risk levels;

(3) Provide a covenant not to sue to a purchaser who has performed voluntary remediation action, as part of an eligible project, pursuant to the requirements of sections 260.565 to 260.575, RSMo, the purchaser certifies to the department of natural resources that the remediation goals have been attained, attainment of the remediation goals is verified by the department and, when completed, the voluntary remediation has treated all hazardous substances of concern to levels below then existing regulatory action levels; or

(4) To receive a covenant not to sue from the department of natural resources, the corrective action plan must be submitted for public comment and a public hearing must be held by the department after not less than thirty days' notice to determine the effectiveness of the remedy for the intended use of the eligible project. The public hearing shall be held in a community where the eligible project is located.

3. Upon successful completion of a voluntary remediation action, as part of an eligible project, the purchaser shall be immune from liability in a civil action brought by any third party to recover clean-up costs, response costs or other legal or equitable damages, including costs of restitution. Such immunity shall not apply to the failure to remediate hazardous substances in accordance with the voluntary remediation action site plan, statutes and regulations or the failure to operate the facility in compliance with applicable federal, state and local environmental statutes, regulations and ordinances.

4. The department of natural resources shall not release the purchaser for liability arising from, or associated with:

(1) Conditions not identified or addressed in the voluntary remediation action work;

(2) Contamination or violations caused or contributed to by the purchaser after acquiring the abandoned property; except that, this shall not include contamination existing prior to acquisition of the abandoned property or releases of those prior existing contaminants occurring in the course of performing the voluntary remediation activities; and

(3) Unknown hazardous substance contamination or conditions at the time of performance of the eligible project, including the voluntary remediation activities.

CREDIT(S)

(L.1995, H.B. No. 414, § C.)

 

447.716. Purchaser of abandoned property as part of qualified project-- subsequent breach or failure to perform--private financing--change of business conditions--sanctions

1. Any person who agrees to purchase abandoned property as part of a qualified project and subsequently breaches the agreement or fails to use the property reuse fund moneys for allowable costs may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned. The director of the department of economic development, or the director's designee, shall take such action as the director deems appropriate to effect and secure repayment of the moneys, together with the interest and penalties due, to the property reuse fund. Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.

2. Any person who agrees to purchase abandoned property as part of a qualified project and subsequently fails to properly perform its voluntary remediation activities to the satisfaction and approval of the department of natural resources, may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned. Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.

3. Any person who obtained private financing for a qualified project and a loan guarantee pursuant to section 447.704 and violates any provision of sections 447.700 to 447.718 as described in subsection 1 or 2 of this section:

(1) May have the guarantee withdrawn by the department of economic development to the extent the amount of the guarantee exceeds the outstanding balance of principal and accrued interest under the private financing at the time of withdrawal;

(2) Shall not be eligible to receive the tax exemptions and credits described in section 447.708; and

(3) Shall not receive the liability releases and immunities described in section 447.714.

4. In the event of bankruptcy, insolvency, merger, acquisition or other valid change of business conditions of the purchaser or prospective purchaser which makes completion of the eligible project economically unsound or infeasible, the purchaser or prospective purchaser may elect to terminate their obligations for the eligible project upon ninety days' written notice to the affected governmental agency and the department of economic development. The director of the department of economic development may require repayment of the loan balance together with the interest which would have been received over the remaining term of the loan. Such purchaser or prospective purchaser may not receive the tax credits and abatements of section 447.708. In the discretion of the director of the department of natural resources, the purchaser or prospective purchaser may receive a release under section 447.714, as warranted by the voluntary remediation work actually performed.

5. The director of the department of economic development, with the approval of the director of the department of natural resources, shall determine which of the sanctions described in this section shall be imposed, taking into consideration the severity and materiality of the breach or violation, and the promptness with which the breach or violation is remedied. The director of the department of economic development shall consult with the officer or other designee of the state, county or municipal government, or agency thereof, affected by the eligible project regarding the circumstances of the breach or violation.

CREDIT(S)

(L.1995, H.B. No. 414, § C.)

 

447.718. Rules and regulations

1. The department of economic development may promulgate rules and regulations necessary to administer the provisions of sections 447.700 to 447.718.

2. No rule or portion of a rule promulgated under the authority of sections 447.700 to 447.718 shall become effective until it has been approved by the joint committee on administrative rules in accordance with the procedures provided in this section, and the delegation of the legislative authority to enact law by the adoption of such rules is dependent upon the power of the joint committee on administrative rules to review and suspend rules pending ratification by the senate and the house of representatives as provided in this section.

3. Upon filing any proposed rule with the secretary of state, the department shall concurrently submit such proposed rule to the committee, which may hold hearings upon any proposed rule or portion thereof at any time.

4. A final order of rulemaking shall not be filed with the secretary of state until thirty days after such final order of rulemaking has been received by the committee. The committee may hold one or more hearings upon such final order of rulemaking during the thirty-day period. If the committee does not disapprove such order of rulemaking within the thirty-day period, the department may file such order of rulemaking with the secretary of state and the order of rulemaking shall be deemed approved.

5. The committee may, by majority vote of the members, suspend the order of rulemaking or portion thereof by action taken prior to the filing of the final order of rulemaking only for one or more of the following grounds:

(1) An absence of statutory authority for the proposed rule;

(2) An emergency relating to public health, safety or welfare;

(3) The proposed rule is in conflict with state law;

(4) A substantial change in circumstance since enactment of the law upon which the proposed rule is based.

6. If the committee disapproves any rule or portion thereof, the department shall not file such disapproved portion of any rule with the secretary of state and the secretary of state shall not publish in the Missouri Register any final order of rulemaking containing the disapproved portion.

7. If the committee disapproves any rule or portion thereof, the committee shall report its findings to the senate and the house of representatives. No rule or portion thereof disapproved by the committee shall take effect so long as the senate and the house of representatives ratify the act of the joint committee by resolution adopted in each house within thirty legislative days after such rule or portion thereof has been disapproved by the joint committee.

8. Upon adoption of a rule as provided in this section, any such rule or portion thereof may be suspended or revoked by the general assembly either by bill or, pursuant to section 8, article IV of the Constitution of Missouri, by concurrent resolution upon recommendation of the joint committee on administrative rules. The committee shall be authorized to hold hearings and make recommendations pursuant to the provisions of section 536.037, RSMo. The secretary of state shall publish in the Missouri Register, as soon as practicable, notice of the suspension or revocation.

CREDIT(S)

(L.1995, H.B. No. 414, § C.)

 

447.721. Contiguous Property Redevelopment Fund established; grants; rules; expiration of section - 447.721. Repealed by L.2007, S.B. No. 613 Revision, § A

 



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