2016 -- S 2753

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LC004250

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE

AND TANGIBLE PROPERTY

     Introduced By: Senators Lynch Prata, Walaska, Doyle, and Gallo

     Date Introduced: March 10, 2016

     Referred To: Senate Finance

     (General Treasurer)

It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 33-21.1 of the General Laws entitled "Unclaimed Intangible and

Tangible Property" is hereby amended by adding thereto the following section:

     33-21.1-2.1. United States savings bonds unclaimed property escheat procedure. –

(a) Notwithstanding the provisions of §33-21.1-2(b), United States savings bonds which

are unclaimed property and subject to the provisions of this chapter shall escheat to the state of

Rhode Island three (3) years after becoming unclaimed property, and all property rights to such

United States savings bonds or proceeds from such bonds shall vest solely in the state of Rhode

Island.

     (b) If no claim has been filed pursuant to this chapter for United States savings bonds, the

administrator may commence a civil action in any district court within the state of Rhode Island

for a determination that such United States savings bonds shall escheat to the state. The

administrator may postpone the bringing of such action until sufficient United States savings

bonds have accumulated in the administrator's custody to justify the expense of such proceedings.

     (c) If no person shall file a claim or appear at the hearing to substantiate a claim or where

the court shall determine that a claimant is not entitled to the property claimed by such claimant,

then the court, if satisfied by evidence that the administrator has substantially complied with the

laws of this state, shall enter a judgment that the subject United States savings bonds have

escheated to the state.

     (d) The administrator may redeem such United States savings bonds escheated to the

state and proceeds from such redemption of United States savings bonds shall be deposited in the

state general fund in accordance with the provisions of §33-21.1-23.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE

AND TANGIBLE PROPERTY

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     This act would specify the procedure for the escheat of unclaimed United States savings

bonds.

     This act would take effect upon passage.

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LC004250

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