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1994 SESSION

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HB 1295 Abandoned property.

Introduced by: Harry J. Parrish | all patrons    ...    notes | add to my profiles

SUMMARY:

Abandoned property. Reduces the time from three years to one year that the State Treasurer or his administrator shall hold abandoned securities before they may be sold. Following the sale, the cash proceeds will continue to be held. Anyone who makes a claim to the securities after expiration of the holding period may claim the securities or the proceeds if they have been sold, but will not be able to claim any appreciation in value accruing after the reduced one-year period. The one-year holding period is the same as is currently required for securities which are not presumed to be abandoned.


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