U.S. savings bonds; establishes a procedure for the escheat of unclaimed bonds. (HB2398)

Introduced By

Del. Lee Ware (R-Powhatan)

Description

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 five 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 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. Read the Bill »

Outcome

History