SB 603

This bill provides that a U.S. savings bond that remains unredeemed for five

years after final maturity is presumed abandoned and subject to the custody of this

state under this state's version of the Uniform Unclaimed Property Act. The bill also

provides that, if all of the following conditions apply, the Secretary of Revenue may

commence an action for a determination that the bond is abandoned and for an order

transferring ownership of the abandoned bond to this state:

1. The bond has been presumed abandoned for at least one year.

2. The bond is subject to the custody of this state as unclaimed property.

3. At least one year has elapsed since the secretary published notice of the name

of the person appearing to be the owner of the bond.

The secretary must redeem the bond within three years after entry of the order

transferring ownership of the bond. The proceeds from the redemption are deposited

in the school fund.

At any time before the order is entered, the rightful owner may file a claim with

the secretary for the bond's return. After the order is entered, the previous owner

may file a claim with the secretary for return of the bond or payment of the amount

for which the bond was redeemed, less administrative costs incurred by the

secretary.