Sec. 14-7-1    Purpose
Sec. 14-7-2    Definitions
Sec. 14-7-3    Procedure for disposition of property
Sec. 14-7-4    Disposition of unclaimed property

Director shall mean the Town Administrator or designee thereof.

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.

Unclaimed property means any tangible or intangible property, including any income or increment derived therefrom, less any lawful charges, that is held by or under the control of the Town and which has not been claimed by its owner for a period of time of presumed abandonment as provided under the Unclaimed Property Act, Section 38-13-101 et seq., C.R.S.  (Ord. 427 §1, 1992)

(a)    Prior to disposition of any unclaimed property having an estimated value of fifty dollars ($50.00) or more, the Director shall send a written notice by certified mail, return receipt requested, and first class mail postage prepaid 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 records 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 location where the owner may make inquiry of or claim the property.  The notice shall also state that, if the owner fails to provide the Director with written notice, the property shall become the sole property of the Town and any claim of the owner to such property shall be deemed forfeited.
(b)    Prior to disposition of any unclaimed property having an estimated value of fifty dollars ($50.00) or more and no known address of the owner, the Director 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 Director 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 claim of the owner to such property shall be deemed forfeited.
(c)    If the Director receives no written claim within the above sixty-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.
(d)    If the Director receives a written claim within the sixty-day claim period, the Director 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 Director may investigate the validity of a claim and may request further supporting documentation from the claimant prior to disbursing or refusing to disburse the property.
(e)    In the event that these is more than one (1) claimant for the same property, the Director may, in the Director'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.
(f)    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.
(g)    Any legal action filed challenging a decision of the Director 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 Director pursuant to the order of the court having jurisdiction over such claim.
(h)    The Director is authorized to establish and administer procedures for the administration and disposition of unclaimed property consistent with this Section, including compliance requirements for other municipal officers and employees in the identification and disposition of such property.  (Ord. 427 §1, 1992; Ord. 428 §1, 1992)