An Act Relative to the Escheat of United States Savings Bonds
Sec. 1. 33 MRSA §1952, sub-§15-B is enacted to read:
Sec. 2. 33 MRSA §1953, sub-§1, ¶P, as amended by PL 2001, c. 439, Pt. L, §3, is further amended to read:
Sec. 3. 33 MRSA §1953, sub-§1, ¶Q, as enacted by PL 2001, c. 439, Pt. L, §4, is amended to read:
(1) The date of the distribution of the property; or
(2) The date of last contact with a policyholder . ; and
Sec. 4. 33 MRSA §1953, sub-§1, ¶R is enacted to read:
Sec. 5. 33 MRSA §1954-B is enacted to read:
§ 1954-B. United States savings bonds
This bill amends the Uniform Unclaimed Property Act to establish a special procedure for the escheat of unclaimed United States savings bonds to the State.
An unclaimed United States savings bond is presumed abandoned 3 years after its date of final maturity. A United States savings bond is presumed abandoned in this State if the last known address of the owner of the United States savings bond is in this State and the United States savings bond has remained unclaimed for 3 years after its date of final maturity.
Not sooner than 3 years after the final maturity date, the Treasurer of State must bring an action in Kennebec County Superior Court or another court of competent jurisdiction for a determination that the United States savings bonds escheat to the State. The treasurer must redeem the savings bonds and, after subtracting the costs of the process, deposit the balance in the Unclaimed Property Fund.
A person claiming a right to a United States savings bond escheated to the State and redeemed by the treasurer must make a claim to the treasurer. The treasurer has discretion as to whether to pay the claim, less the costs of the process.