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2015 SESSION

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SB 1465 U.S. savings bonds; establishes a procedure for the escheat of unclaimed bonds.

Introduced by: John C. Watkins | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Escheat of unclaimed U.S. savings bonds. Establishes a procedure for the escheat to the Commonwealth of unclaimed U.S. savings bonds. The measure declares that U.S. savings bonds held or owing in the Commonwealth by any person, issued or owed in the course of a holder's business, or held by a state or other government, governmental subdivision, agency, or instrumentality are presumed to be abandoned in the Commonwealth if (i) the last known address of the owner is in the Commonwealth and (ii) the savings bond has remained unclaimed and unredeemed for 10 years after final maturity. Such bonds that are presumed abandoned shall escheat to the Commonwealth one year after such bonds are presumed abandoned, provided that the administrator obtains a court judgment affirming the escheat. The administrator is required to send notice of the escheat to the former owner of each escheated bond, if known, and to include the name and address of former owners in any published notice of unclaimed property. The administrator is required to redeem such bonds that have escheated to the Commonwealth, and the balance of proceeds shall be deposited into the Literary Fund pursuant to Article VIII, Section 8 of the Constitution of Virginia. A person making a claim for an escheated savings bond may file a claim with the administrator and the administrator shall pay the claim upon receipt of proof of the validity of the claim.


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