Unclaimed Property - 2.60

2.60.010 Purpose

The purpose of this Chapter is to provide for the administration and disposition of unclaimed property, which is in the possession of or under the control of the Town.

2.60.020 Definitions

Unless otherwise required by context or use, words and terms shall be defined as follows:

  1. "Unclaimed property” means any tangible or intangible property, excluding motor vehicles and police property, including any income or increment derived therefrom, less any lawful charges, that is held by or under the control of the Town which has not been claimed by its owner for a period of more than one (1) year after is became payable or distributable."
  2. "Owner" means a person or entity, including a corporation, partnership, association, governmental entity other than this Town, or a duly authorized legal representative or successor in interest of same, which owns unclaimed property held by the Town.
2.60.030 Procedure for disposition of property
  1. Prior to disposition of any unclaimed property having an estimated value of fifty dollars () or more, the Town manager shall send a written notice by certified mail, return receipt requested, to the last known address, if any, of any owner of unclaimed property. The last known address of the owner shall be the last address of the owner as shown by the record of the Town department or agency holding the property. The notice shall include a description of the property, the amount or estimated value of the property, and, when available, the purpose for which the property was deposited or otherwise held. The notice shall state where the owner may make inquiry of or claim the property. The notice shall also state that if the owner fails to provide the town manager with a written claim for the return of the property within sixty (60) days of the date of the notice, the property shall become the sole property of the Town and any claim of the owner to such property shall be deemed forfeited.
  2. Prior to the disposition of any unclaimed property having an estimated value of less than fifty dollars (), and if the Town has no last known address for the owner, the Town manager shall cause a notice to be published in a newspaper of general circulation in the Town. The notice shall include a description of the property, the owner of the property, the amount or estimated value of the property, and, when available, the purpose for which the property was deposited or otherwise held. The notice shall state where the owner may make inquiry of or claim the property. The notice shall also state that if the owner fails to provide the Town manager with a written claim for the return of the property within sixty (60) days of the date of the publication of the notice, the property shall become the sole property of the Town and any claims of the owner to such property shall be deemed forfeited.
  3. If the Town manager receives no written claim within the above sixty (60) day claim period, the property shall become the sole property of the Town and any claim of the owner to such property shall be deemed forfeited.
  4. If the Town manager receives a written claim within the above sixty (60) day claim period, the Town manager shall evaluate the claim and give written notice to the claimant within ninety (90) days thereof that the claim has been accepted or denied in whole or in part. The Town manager may investigate the validity of a claim and may request supporting documentation from the claimant prior to disbursing or refusing to disburse the property.
  5. In the event that there is more than one claimant for the same property, the Town manager, may, in the Town manager’s sole discretion, resolve said claims, or may resolve such claims by depositing the disputed property with the registry of the District Court in an interpleader action.
  6. In the event that all claims filed are denied, the property shall become the sole property of the Town and any claim of the owner of such property shall be deemed forfeited.
  7. Any legal action filed challenging a decision of the Town manager shall be filed pursuant to Rule 106 of the Colorado Rules of Civil Procedure within thirty (30) days of such decision or shall be forever barred. If any legal action is timely filed, the property shall be disbursed by the Town manager pursuant to the order of the court having jurisdiction over such claim.
  8. The Town manager, within three (3) years after tangible or intangible property becomes the property of the Town, shall order the sale of such unclaimed property. Any sale held under this section shall be by public auction and must be preceded by a single publication of notice at least three (3) days in advance of public auction in a newspaper of general circulation in the Town.
  9. The Town manager is authorized to establish and administer procedures of the administration and disposition of unclaimed property consistent with this Chapter, including compliance requirements for other Town officers and employees in the identification and disposition of such property.