Sec. T-1. 4 MRSA §8-A, as enacted by PL 1981, c. 241, is amended by amending the headnote to read:
§8-A. Rules on courts records and unclaimed property
Sec. T-2. 4 MRSA §8-A, sub-§2, as enacted by PL 1981, c. 241, is amended to read:
2. Unclaimed property. To provide, after reasonable notice to interested parties or their attorneys, for the transfer to the Treasurer of State for disposition as abandoned unclaimed property in the manner provided by Title 33, sections 1357 1958 and 1358 1959 of property in the possession or custody of the courts of this State as a result of civil or criminal litigation.
Sec. T-3. 5 MRSA §135, as amended by PL 1999, c. 401, Pt. HHH, §1, is further amended to read:
§135. Deposit of state funds; limitations
The Treasurer of State may deposit the money, including trust funds of the State, in any of the national bank or in any banking institutions or institution, trust companies or company, state or federal savings and loan associations association or mutual savings banks bank organized under the laws of this State or in any national bank or banks or state or federal savings and loan associations located in the State, having a location in the State except as provided in chapter 161. Before making a deposit, the Treasurer of State must consider the rating of the banking institution, trust company, state or federal savings and loan association or mutual savings bank on its most recent assessment conducted pursuant to the federal Community Reinvestment Act, 12 United States Code, Section 2901. When there is excess money in the State Treasury that is not needed to meet current obligations, the Treasurer of State may invest, with the concurrence of the State Controller or the Commissioner of Administrative and Financial Services and with the consent of the Governor, those amounts in bonds, notes, certificates of indebtedness or other obligations of the United States and its agencies and instrumentalities that mature not more than 24 36 months from the date of investment or in repurchase agreements secured by obligations of the United States and its agencies and instrumentalities that mature within the succeeding 24 36 months, prime commercial paper, tax-exempt obligations and corporate bonds rated "AAA" that mature not more than 36 months from the date of investment, banker's acceptances or shares of an investment company registered under the federal Investment Company Act of 1940, whose shares are registered under the United States Securities Act of 1933 marketed through so-called "no-load" money market mutual funds that maintain a constant share price, only if the investments of the investment company are limited to obligations of the United States or any agency or instrumentality, corporate or otherwise, of the United States or repurchase agreements secured by obligations of the United States or any agency or instrumentality, corporate or otherwise, of the United States the securities allowed by this section. The Treasurer of State may participate in the securities loan market by loaning state-owned bonds, notes or certificates of indebtedness of the Federal Government, only if loans are fully collateralized by treasury bills or cash. The Treasurer of State shall seek competitive bids for investments except when, after a reasonable investigation, it appears that an investment of the desired maturity is procurable by the State from only one source. Interest earned on those investments of money must be credited to the respective funds, except that interest earned on investments of special revenue funds must be credited to the General Fund of the State. Effective July 1, 1995, interest earned on investments of the Highway Fund must be credited to the Highway Fund. Interest earned on funds of the Department of Inland Fisheries and Wildlife must be credited to the General Fund. Interest earned on funds of the Baxter State Park Authority must be credited to the Baxter State Park Fund. This section does not prevent the deposit for safekeeping or custodial care of the securities of the several funds of the State in banks or safe deposit companies in this State or any other state, nor the deposit of state funds required by the terms of custodial contracts or agreements negotiated in accordance with the laws of this State. All custodial contracts and agreements are subject to the approval of the Governor.
The Treasurer of State may accept component unit and nonstate funds into custody and invest those funds along with excess state funds as prescribed in this section.
For the purpose of this section only, tax-exempt obligations and securities are limited exclusively to tax-exempt commercial paper and tax-exempt bonds maturing in less than 2 years.
No sum exceeding an amount equal to 25% of the capital, surplus and undivided profits of any trust company or national bank or a sum exceeding an amount equal to 25% of the reserve fund and undivided profit account of a mutual savings bank or state or federal savings and loan associations shall may be on deposit therein at any one time. The restriction shall does not apply to deposits subject to immediate withdrawal available to meet the payment of any bonded debts or interest or to pay current bills or expenses of the State. The restriction shall does not apply to deposits which that are secured by the pledge of certain securities as collateral, nor to deposits fully covered by insurance. Such collateral shall must be in an amount equal to such deposit. The Treasurer of State may require, in the discretion of the Treasurer of State, collateralization or insurance for the full amount of any deposit of public funds, whether held by an institution permitted under this section or by a vendor contracted to collect or disburse public funds. The value of the securities so pledged shall must be determined by the Treasurer of State on the basis of market value. The Treasurer of State shall review the value of securities pledged on January 2nd and July 2nd of each year. The collateral shall must consist of securities in which savings banks may invest as provided in Title 9-B, chapter 55 or obligations issued or fully insured or guaranteed by the United States, an agency or instrumentality thereof or a United States government sponsored corporation. The securities shall must be held in a depository institution approved by the Treasurer of State and pledged to indemnify the State of Maine against any loss. Notice of such hypothecation at the time of deposit shall must be given to the Treasurer of State by the depository institution and a copy of said notice shall be mailed to the State Department of Audit.
It is the intent of the Legislature that the Treasurer of State shall seek competitive bids whenever possible prior to the selection of investments under this section.
The Treasurer of State may deposit an amount not to exceed $4,000,000 in each calendar year with responsible financial institutions authorized to do business in the State at a rate of return not more than 2% per year below the rate of return otherwise obtainable had the funds been invested with such financial institutions for a similar term, as determined by the treasurer, for periods not to exceed one year, provided that each such financial institution covenants with the treasurer as a condition of the deposit to loan an amount at least equal to the amount so deposited with the financial institution by the treasurer under this paragraph to agricultural enterprises located within the State for agricultural purposes. All the loans must be at interest rates which that are below the interest rates the loans would have borne under existing market conditions and loan standards of the financial institution but for the deposit by the treasurer under this paragraph, and the interest rates must fully reflect the savings to the financial institution due to the reduced interest rate paid on the deposit. Notwithstanding any provisions of this section to the contrary, the treasurer shall is not be obligated to seek competitive bids for investments or deposits pursuant to this paragraph. The Finance Authority of Maine shall provide assistance to the treasurer in implementing this paragraph. For purposes of this section, "agricultural enterprises" means a business involving cultivating soil, producing crops and raising livestock or their by-products. In adopting rules to implement this paragraph, the treasurer shall consider criteria targeting loans under the program to geographic areas of financial need and borrowers who are new entrants to agriculture, and may establish limits on deposits to any one financial institution and limits on deposits supporting loans to any one borrower.
The Treasurer of State may deposit an amount not to exceed $4,000,000 in each calendar year with responsible financial institutions authorized to do business in the State at a rate of return not more than 2% per year below the rate of return otherwise obtainable had the funds been invested with such financial institutions for a similar term, as determined by the treasurer, for periods not to exceed one year, provided that each such financial institution covenants with the treasurer as a condition of the deposit to loan an amount at least equal to the amount so deposited with the financial institution by the treasurer under this paragraph to commercial enterprises approved by the treasurer pursuant to this paragraph. All the loans shall must be at interest rates which that are below the interest rates the loans would have borne under existing market conditions and loan standards of the financial institution but for the deposit by the treasurer under this paragraph, and the interest rates shall must fully reflect the savings to the financial institution due to the reduced interest rate paid on the deposit. Notwithstanding any provisions of this section to the contrary, the treasurer shall is not be obligated to seek competitive bids for investments or deposits pursuant to this paragraph. The Finance Authority of Maine shall provide assistance to the treasurer in implementing this paragraph. For purposes of this paragraph, eligible commercial enterprises are for-profit businesses with 20 or fewer employees or annual sales of less than $2,500,000, whose sales of services or products are primarily out of state or which that are manufacturers, which that are primarily owned and operated by Maine residents or by corporations which that are primarily owned and operated by Maine residents, when the treasurer determines that not less than one job will be created or retained per $20,000 of deposited funds. The maximum loan to any borrower for which a deposit may be applied under this paragraph is $200,000, and businesses shall be are eligible to receive subsidies pursuant to this paragraph for a maximum of an aggregate of 24 months. In adopting rules to implement this paragraph, the treasurer shall consider criteria targeting loans under the program to geographic areas of financial need, and may establish limits on deposits to any one financial institution, further limits on deposits supporting loans to any one borrower, and further restrictions on eligibility.
Sec. T-4. 10 MRSA §3751, last ¶, as repealed and replaced by PL 1977, c. 707, §3, is amended to read:
The contents of an opened safe or box, if unclaimed, shall must be disposed of according to Title 33, chapter 27 41.
Sec. T-5. 10 MRSA §3953, as repealed and replaced by PL 1979, c. 641, §1, is amended to read:
After satisfying the lien and the reasonable costs and expenses accrued, the residue shall must be disposed of according to Title 33, chapter 27 41.
Sec. T-6. 10 MRSA §4009, as amended by PL 1979, c. 641, §2, is further amended to read:
Money paid into court may be paid over to the person legally entitled to it, on motion and order of the court. If it is not called for at the first term after it is paid into court, it shall must be presumed abandoned unclaimed and disposed of according to Title 33, chapter 27 41.
Sec. T-7. 11 MRSA §7-206, sub-§(5), as amended by PL 1979, c. 641, §3, is further amended to read:
(5) The warehouseman may satisfy his the lien from the proceeds of any sale or disposition under this section but must hold the balance for delivery on the demand of any person to whom he the warehouseman would have been bound to deliver the goods, or dispose of it according to Title 33, chapter 27 41.
Sec. T-8. 11 MRSA §7-210, sub-§(6), as amended by PL 1979, c. 641, §4, is further amended to read:
(6) The warehouseman may satisfy his the lien from the proceeds of any sale pursuant to this section but must hold the balance, if any, for delivery on demand to any person to whom he the warehouseman would have been bound to deliver the goods, or dispose of it according to Title 33, chapter 27 41.
Sec. T-9. 14 MRSA §6013, as affected by PL 1997, c. 508, Pt. A, §3 and amended by Pt. B, §3, is further amended to read:
§6013. Property unclaimed by tenant
Any property with a total value of $500 or more that is abandoned or unclaimed by a tenant following the tenant's vacating the rental unit must be disposed of according to Title 33, chapter 41.
The landlord shall place in storage in a safe, dry, secured location any property with a total value of less than $500 that is abandoned or unclaimed by a tenant following the tenant's vacating the rental unit. The landlord shall send written notice by first class mail with proof of mailing to the last known address of the tenant concerning the landlord's intent to dispose of the abandoned unclaimed property. The notice must include an itemized list of the items and containers of items of property abandoned unclaimed. If the tenant claims the property within 14 days after the notice is sent, the landlord shall continue to store the property for at least 10 days after the tenant's response to allow the tenant time to take possession of the property. The landlord may condition the release of the property to the tenant upon the tenant's payment of all rental arrearages, damages and costs of storage. If the property remains unclaimed after the 14th day after notice has been sent or after the 10th day after the tenant claims the property, the landlord may sell the property for a reasonable fair market price and apply all proceeds to rental arrearages, damages and costs of storage and sale. All remaining balances must then be forwarded to the Treasurer of State.
Sec. T-10. 14 MRSA §6324, as affected by PL 1997, c. 508, Pt. A, §3 and amended by Pt. B, §4, is further amended to read:
After first deducting the expenses incurred in making the sale, the mortgagee shall disburse the remaining proceeds in accordance with the provisions of the judgment. The mortgagee shall file a report of the sale and the disbursement of the proceeds therefrom with the court and shall mail a copy to the mortgagor at the mortgagor's last known address. This report need not be accepted or approved by the court, provided that the mortgagor or any other party in interest may contest the accounting by motion filed within 30 days of receipt of the report, but any such challenge may be for money only and does not affect the title to the real estate purchased by the highest bidder at the public sale. Any deficiency must be assessed against the mortgagor and an execution must be issued by the court therefor. In the event the mortgagee has been the purchaser at the public sale, any deficiency is limited to the difference between the fair market value of the premises at the time of the public sale, as established by an independent appraisal, and the sum due the mortgagee as established by the court with interest plus the expenses incurred in making the sale. Any surplus must be paid to the mortgagor, the mortgagor's successors, heirs or assigns in the proceeding. If the mortgagor has not appeared personally or by an attorney, the surplus must be paid to the clerk of courts, who shall hold the surplus in escrow for 6 months for the benefit of the mortgagor, the mortgagor's successors, heirs or assigns and, if the surplus remains unclaimed after 6 months, the clerk shall pay the surplus to the Treasurer of State to be credited to the General Fund until it becomes abandoned unclaimed under the Uniform Unclaimed Property Act, and report and pay it to the State in accordance with that Act.
Sec. T-11. 18 MRSA §1655, as repealed and replaced by PL 1979, c. 641, §5, is amended to read:
§1655. Distribution of balance
When there is in the hands of a public administrator an amount of money more than is necessary for the payment of the deceased's debts and for other purposes of administration, if no widow, widower or heirs of the deceased have been discovered, the administrator shall must be required by the judge to deposit it with the Treasurer of State, who shall receive it and dispose of it according to Title 33, chapter 27 41.
Sec. T-12. 18-A MRSA §3-619, sub-§(e), as repealed and replaced by PL 1981, c. 268, §3, is amended to read:
(e) When there are assets, other than real property, remaining in the hands of such public administrator after the payment of the decedent's debts and all costs of administration and no heirs have been discovered, the public administrator shall must be ordered by the judge to deposit them with the Treasurer of State, who shall receive them and dispose of them according to Title 33, chapter 27 41. These assets shall must, for the purposes of Title 33, chapter 27 41, be presumed abandoned unclaimed when the judge orders the public administrator to deposit them with the Treasurer of State.
Sec. T-13. 18-A MRSA §3-914, as enacted by PL 1979, c. 540, §1, is amended to read:
§3-914. Disposition of unclaimed assets
(A) If an heir, devisee or claimant cannot can not be found, the personal representative shall distribute the share of the missing person to his the person's conservator, if any,; otherwise it shall must be disposed of according to Title 33, chapter 27 41.
Sec. T-14. 24-A MRSA §4551, as repealed and replaced by PL 1977, c. 707, §7, is amended to read:
§4551. Disposition of unclaimed funds
All unclaimed moneys money held and owing by any life insurer doing business in this State shall must be disposed of according to Title 33, chapter 27 41.
Sec. T-15. 25 MRSA c. 401 is amended by repealing the chapter headnote and enacting the following in its place:
CHAPTER 401
DISPOSAL OF UNCLAIMED, LOST OR STOLEN PERSONAL PROPERTY BY LAW ENFORCEMENT AGENCIES
Sec. T-16. 27 MRSA §601, sub-§§1 and 2, as enacted by PL 1981, c. 258, are amended to read:
1. Property to be considered abandoned. Any property held by a museum or historical society within the State which that is held for 25 years or more, and to which no person has made claim shall be is deemed to be abandoned and, notwithstanding Title 33, chapter 27 41, shall become becomes the property of the museum or society, provided that the museum or society has complied with subsection 2.
2. Notice. The museum or society shall first cause to be published in at least one newspaper of general circulation in the county in which the museum or society is located at least once a week for 2 consecutive weeks a notice and listing of the property. The notice shall must contain:
A. The name and last known address, if any, of the last known owner of the property;
B. A description of the property; and
C. A statement that if proof of claim is not presented by the owner to the museum or society and if the owner's right to receive the property is not established to the museum's or society's satisfaction within 65 days from the date of the 2nd published notice, the property will be deemed abandoned and shall become the property of the museum or society.
Sec. T-17. 30-A MRSA §3862, sub-§3, as enacted by PL 1987, c. 737, Pt. A, §2 and Pt. C, §106; amended by PL 1989, c. 6; c. 9, §2; and c. 104, Pt. C, §§8 and 10, is further amended to read:
3. Proceeds. After using the proceeds from the sale to satisfy the lien and any costs that may accrue, the keeper shall dispose of any remainder according to Title 33, chapter 27 41.
Sec. T-18. 33 MRSA §1953, sub-§1, ¶C, as amended by PL 2001, c. 439, Pt. L, §1, is further amended to read:
C. Stock or other equity interest in a business association or financial organization, including a security entitlement under Title 11, Article 8, except for property described in paragraph Q, 5 3 years after the earlier of:
(1) The date of the most recent dividend, stock split or other distribution unclaimed by the apparent owner; or
(2) The date of the 2nd mailing of a statement of account or other notification or communication that was returned as undeliverable or after the holder discontinued mailings, notifications or communications to the apparent owner;
Sec. T-19. 33 MRSA §1953, sub-§1, ¶D, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
D. A debt of a business association or financial organization, other than a bearer bond or an original issue discount bond, 5 3 years after the date of the most recent interest payment unclaimed by the apparent owner;
Sec. T-20. 33 MRSA §1953, sub-§1, ¶E, as amended by PL 1999, c. 284, §1, is further amended to read:
E. A demand, savings or time deposit 5 3 years after the earlier of maturity or the date of the last indication by the owner of interest in the property. In the case of certain types of deposits, the following rules apply:
(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 5 3 years after the last indication of interest by the owner or the date on which the minor reaches 18 years of age;
Sec. T-21. 33 MRSA §1953, sub-§1, ¶G, as amended by PL 1999, c. 232, §1, is further amended to read:
G. A gift certificate, 3 years after December 31st of the year in which the certificate was sold; the amount abandoned unclaimed is the price paid by the purchaser for the gift certificate, except that the amount abandoned unclaimed is 60% of the certificate's face value if the issuer of the certificate does not impose a dormancy charge or period of limitations on the owner's right to redeem the certificate at 100% of face value;
Sec. T-22. 33 MRSA §1953, sub-§1, ¶O, as amended by PL 2001, c. 439, Pt. L, §2, is further amended to read:
O. All other property, 5 3 years after the owner's right to demand the property or after the obligation to pay or distribute the property arises, whichever first occurs;
Sec. T-23. 33 MRSA §1954, sub-§1, as enacted by PL 1999, c. 294, §1, is amended to read:
1. Contents of safe deposit box or other safekeeping depository. Tangible property held in a safe deposit box or other safekeeping depository in this State in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law are presumed abandoned if the property and proceeds remain unclaimed by the owner for more than 5 3 years after expiration of the lease or rental period on the box or other depository.
Sec. T-24. 33 MRSA §1958, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended by repealing and replacing the headnote to read:
§1958. Report of property presumed abandoned
Sec. T-25. 33 MRSA §1959, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended by repealing and replacing the headnote to read:
§1959. Payment or delivery of property presumed abandoned
Sec. T-26. 33 MRSA §1960, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
§1960. Notice and publication of unclaimed property
1. Publication. The administrator shall publish a notice no later than November 30th of the year next following the year in which abandoned unclaimed property has been paid or delivered to the administrator. The notice must be published in a newspaper of general circulation in this State. The advertisement must be in a form that, in the judgment of the administrator, is likely to attract the attention of the apparent owner of the unclaimed property. The form must contain:
A. The name of each person appearing to be the owner of the property, as set forth in the report filed by the holder;
B. The last known address or location of each person appearing to be the owner of the property, if an address or location is set forth in the report filed by the holder;
C. A statement explaining that property of the owner is presumed to be abandoned and has been taken into the protective custody of the administrator; and
D. A statement that information about the property and its return to the owner is available to a person having a legal or beneficial interest in the property, upon request to the administrator.
2. Publication not required. The administrator is not required to advertise the name and address or location of an owner of property having a total value less than $50 $250 or information concerning a traveler's check, money order or similar instrument.
Sec. T-27. 33 MRSA §1963, as amended by PL 2001, c. 714, Pt. X, §1, is further amended by repealing and replacing the headnote to read:
§1963. Public sale of unclaimed property
Sec. T-28. 33 MRSA §1964, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
1. Deposit of funds; Unclaimed Property Fund; records. The administrator shall promptly deposit in the Abandoned Unclaimed Property Fund of this State all funds received under this Act, including the proceeds from the sale of abandoned unclaimed property under section 1963. The Abandoned Unclaimed Property Fund is a permanent account and may not lapse, but must be carried forward. The administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company and the amount due.
2. Authorized expenditures; transfer of funds. The administrator may deduct:
A. Expenses of sale of abandoned unclaimed property;
B. Costs of mailing and publication in connection with abandoned unclaimed property;
C. Reasonable service charges; and
D. Expenses incurred in examining records of holders of property and in collecting the property from those holders.; and
E. Personal service expenditures for the unclaimed property manager.
At the end of each year or more often, the administrator shall transfer to the General Fund all money in the Abandoned Unclaimed Property Fund that is in excess of $150,000 $500,000.
Sec. T-29. 33 MRSA §1965, sub-§2, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
2. Prescribed form. A claim of another state to recover escheated or abandoned unclaimed property must be presented in a form prescribed by the administrator who shall decide the claim within 90 days after it is presented. The administrator shall allow the claim upon determining that the other state is entitled to the abandoned unclaimed property under subsection 1.
Sec. T-30. 33 MRSA §1971, sub-§4, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
4. Confidentiality and use of documents and working papers. Information derived from annual reports from holders or otherwise communicated to the administrator or the administrator's agents concerning abandoned unclaimed property is confidential and not available for public inspection to the extent the administrator finds necessary to protect the interests of the holder, the owner, this State and the public welfare. Documents and working papers obtained or compiled by the administrator or the administrator's agents, employees or designated representatives in the course of conducting an examination are confidential and are not public records, but the documents and papers may be:
A. Used by the administrator in the course of an action to collect unclaimed property or otherwise enforce this Act;
B. Used in joint examinations conducted with or pursuant to an agreement with another state, the Federal Government or any other governmental subdivision, agency, or instrumentality;
C. Produced pursuant to subpoena or court order; or
D. Disclosed to the abandoned or unclaimed property office of another state for that state's use in circumstances equivalent to those described in this subsection, if the other state is bound to keep the documents and papers confidential.
Sec. T-31. 33 MRSA §1974, sub-§1, as enacted by PL 1997, c. 508, Pt. A, §2 and affected by §3, is amended to read:
1. Agreements with other states. The administrator may enter into an agreement with another state to exchange information relating to abandoned unclaimed property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to examine records as authorized in section 1971. The administrator by rule may require the reporting of information needed to enable compliance with an agreement made under this section and prescribe the form.
Sec. T-32. 34-A MRSA §3040, as amended by PL 1991, c. 314, §46, is further amended to read:
§3040. Clients' property presumed abandoned
Any property abandoned or unclaimed by a client in a correctional or detention facility must be disposed of according to Title 33, chapter 27 41.
Sec. T-33. 34-B MRSA §1434, as enacted by PL 1983, c. 459, §7, is amended to read:
§1434. Resident's property presumed abandoned
Any property abandoned or unclaimed by a resident of a state institution shall must be disposed of according to Title 33, chapter 27 41.
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