When administrator shall honor claim for property

(1) (a) The administrator shall pay or deliver property to a claimant under Subsection 67-4a-903(1) if the administrator receives evidence sufficient to establish to the satisfaction of the administrator that the claimant is the owner of the property. (b) The administrator shall pay or deliver property to a claimant under Subsection 67-4a-903(3) if the administrator receives the documents described in Subsection 67-4a-903(3)(b). (2) Not later than 90 days after a claim is filed under Subsection 67-4a-903(1) or (3), the administrator shall allow or deny the claim and give the claimant notice in a record of the decision. (3) If the claim is denied under Subsection (2): (a) the administrator shall inform the claimant or claimants of the reason for the denial and specify what additional evidence, if any, is required for the claim to be allowed; (b) the claimant or claimants may file an amended claim with the administrator or commence an action under Section 67-4a-906; and (c) the administrator shall consider an amended claim filed under Subsection (3)(b) as an initial claim. (4) If the administrator does not take action on a claim during the 90-day period following the filing of a claim under Subsection 67-4a-903(1) or (3), the claim is considered denied. (5) The state, the administrator, and the state's agents, officers, and employees may not be held liable to an owner for any loss arising from the administrator's payment or delivery of property in accordance with Subsection (1)(b), including a claimant's failure to equitably distribute property to an owner after payment or delivery is made.