| Chapter 406 |
| 2016 -- H 7832 Enacted 07/11/2016 |
| A N A C T |
| RELATING TO PROBATE PRACTICE AND PROCEDURE -- UNCLAIMED INTANGIBLE AND TANGIBLE PROPERTY |
| Introduced By: Representatives McEntee, Craven, Lombardi, O'Brien, and McKiernan |
| Date Introduced: March 03, 2016 |
| 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 that 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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| LC004092 |
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