Colorado § 38-13-201 - When property presumed abandoned.

§ 38-13-201. When property presumed abandoned.

(1) Subject to section 38-13-210, the following property is presumed abandoned if it is unclaimed by the apparent owner during the period specified in this section:

(a) A traveler's check, fifteen years after issuance;

(b) A money order, seven years after issuance;

(c) A state or municipal bond, a bearer bond, or an original-issue-discount bond, three years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises;

(d) A debt of a business association, three years after the obligation to pay arises;

(e) Repealed.

(f) Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, three years after the obligation arose;

(g) An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, three years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

(I) With respect to an amount owed on a life or endowment insurance policy, three years after the earlier of the date:

(A) The insurance company has knowledge of the death of the insured; or

(B) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and

(II) With respect to an amount owed on an annuity contract, three years after the date the insurance company has knowledge of the death of the annuitant;

(h) Property distributable by a business association in the course of dissolution, one year after the property becomes distributable;

(i) Property held by a court, including property received as proceeds of a class action, one year after the property becomes distributable;

(j) Property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, one year after the property becomes distributable;

(k) Wages, commissions, bonuses, or reimbursements to which an employee is entitled, or other compensation for personal services, other than amounts held in a payroll card, one year after the amount becomes payable;

(l) Except as otherwise provided for unclaimed utility deposits under section 40-8.5-106, a deposit or refund owed to a subscriber by a utility, one year after the deposit or refund becomes payable;

(l.5) Any virtual currency held or owing by any banking organization, corporation, custodian, exchange, or other entity engaged in virtual currency business activity, three years after the latest indication of interest in the property, as described in section 38-13-210 (2), by the apparent owner of the virtual currency; and

(m) (I) All other property not specified in this section or sections 38-13-202 to 38-13-208 and 38-13-213 to 38-13-220, including the reportable amount of a legacy preneed contract as set forth in section 38-13-406 (1), the earlier of three years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.

(II) For purposes of subsection (1)(m)(I) of this section and notwithstanding section 10-15-111.7 (2), the owner of a legacy preneed contract first has a right to demand the property, the obligation to pay or distribute the property arises, and the three-year presumptive abandonment period for the legacy preneed contract commences on the earlier of:

(A) The confirmed date of death of the legacy preneed contract beneficiary; or

(B) In the absence of knowledge of the death of the legacy preneed contract beneficiary, the presumed date of death, which is the date on which the legacy preneed contract beneficiary reaches one hundred seven years of age. The date of death of the legacy preneed contract beneficiary can be obtained through any source, including a declaration of death, a death certificate, the United States social security administration or other governmental death records, or other equivalent resource.

Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 414, § 1, effective July 1, 2020. L. 2021: (1)(e) repealed, (SB 21-121), ch. 32, p. 132, § 2, effective April 15. L. 2025: (1)(l) and (1)(m) amended and (1)(l.5) added, (HB 25-1224), ch. 440, p. 2532, § 3, effective June 4.