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1996 SESSION

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HB 838 Abandoned property; automatically renewable time deposits.

Introduced by: W. Roscoe Reynolds | all patrons    ...    notes | add to my profiles

SUMMARY:

Abandoned property; automatically renewable time deposits. Provides that an automatically renewable time deposit (e.g., certificate of deposit) is not presumed abandoned until five years after the date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable, or after the date the holder discontinued the mailings to the apparent owner, whichever is earlier. The bill further provides that any automatically renewable time deposit shall be presumed abandoned as otherwise provided in § 55-210.3:01 if no statement or other notification must be provided. Under current law, an automatically renewable time deposit is presumed abandoned five years after its maturity unless the owner has taken some action to evidence an interest in the deposit. Such action may not typically occur with automatically renewable time deposits.


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