An Act To Clarify the Law Governing Mortuary Trust Accounts as They Relate to the Uniform Unclaimed Property Act
Sec. 1. 33 MRSA §1953, sub-§1, ¶E, as amended by PL 2003, c. 20, Pt. T, §20, is further amended to read:
(1) In the case of a time deposit that is automatically renewable and whose term is longer than one year, at the date of maturity following the 5th renewal of the deposit after the last indication of interest by the owner; and
(2) In the case of a deposit for the benefit of a minor, the later of 3 years after the last indication of interest by the owner or the date on which the minor reaches 18 years of age ; .
This paragraph does not apply to prearranged funeral or burial plans described in Title 32, section 1401;
summary
The purpose of this bill is to clarify that the Uniform Unclaimed Property Act does not presume the funds held by a financial institution for a prearranged funeral or burial plan are presumed abandoned until 3 years after the death of the person on whose behalf funds were paid into the plan. The bill amends the provision establishing the presumptive abandonment of demand, savings and time deposit accounts to specifically state that it does not apply to prearranged funeral and burial plans. Those plans are explicitly covered by the Maine Revised Statutes, Title 33, section 1953, subsection 1, paragraph P.