|
This bill
establishes a process for a United States savings bond to escheat to the
State if it is unclaimed 3 years after its date of final maturity and the
last known address of the owner is in this State. The Treasurer of State
currently has $170,000 in these bonds that could be eligible for escheatment
and would need to bring a civil court action to have these bonds escheat to
the State. If a judgment is received, and after any costs are reimbursed,
funds would be deposited into the Abandoned Property Fund, then transferred
to the General Fund in the annual end-of-the-fiscal-year transfer of amounts
of unclaimed property received from all sources that is already required by
current statute. |