Property presumed abandoned; general rule.

(1) Except as otherwise provided by this chapter, all intangible property, including any income or increment thereon less any lawful charges, that is held, issued, or owing in the ordinary course of the holder’s business and for which the apparent owner or authorized representative fails to demonstrate continued interest for more than the applicable dormancy period prescribed by this chapter shall be presumed abandoned. Unless otherwise specified by law, the dormancy period is 5 years from the date the property becomes payable or distributable. For the purposes of this chapter, property is considered payable or distributable once the holder’s obligation to pay or deliver the property arises, regardless of whether the apparent owner or authorized representative has failed to demand or to present documents required to receive payment.

(2) A presumption that property is abandoned may be rebutted by the affirmative demonstration of continued interest by the apparent owner or authorized representative. Such demonstration of continued interest includes, but is not limited to, any of the following:

(a) A record communicated by the apparent owner or authorized representative to the holder or its agent concerning the property or the account in which the property is held.

(b) An oral communication by the apparent owner or authorized representative to the holder or its agent concerning the property or the account in which the property is held, if the holder or its agent contemporaneously records and preserves evidence of the communication.

(c) Presentment of a check or other instrument for payment of dividends, interest, or other distributions related to the property.

(d) Any account activity initiated by an apparent owner or authorized representative, including accessing the account or directing changes to information concerning the account or to the amount or type of property held, excluding routine automatic transactions previously authorized, to increase, decrease, or otherwise change the amount or type of property held in the account.

(e) Any deposit into or withdrawal from the property or the account in which the property is held, excluding automatic deposits, withdrawals, or reinvestments previously authorized by the apparent owner or authorized representative.

(f) Any other action by the apparent owner or authorized representative which reasonably demonstrates to the holder that the apparent owner or authorized representative is aware of and maintains an interest in the property.

(3) If a holder learns or receives confirmation of an apparent owner’s death, the property shall be presumed abandoned 2 years after the date of death, unless an authorized representative makes an affirmative demonstration of interest in the property before the expiration of the 2-year period. This subsection may not be construed to extend the otherwise applicable dormancy period prescribed by this chapter.