§ 33-21.1-29. Limitation periods.
(a) The expiration, before or after July 1, 1987, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required by this chapter.
(b) No action or proceeding may be commenced by the administrator with respect to any duty of a holder under this chapter more than ten (10) years after the duty arose; however, this limitation shall not apply to any action or proceeding brought by or on behalf of the administrator against any federal, state, or local government, or governmental subdivision, agency, or entity for the payment or delivery of any abandoned property to the administrator pursuant to this chapter or to enforce or collect any penalty provided by this chapter.
History of Section.
P.L. 1986, ch. 500, § 3; P.L. 1990, ch, 233, § 1.