(a)  Notwithstanding the provisions of § 33-21.1-2(b), United States savings bonds that are unclaimed property and subject to the provisions of this chapter shall escheat to the state of Rhode Island three (3) years after becoming unclaimed property, and all property rights to such United States savings bonds or proceeds from such bonds shall vest solely in the state of Rhode Island.

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Terms Used In Rhode Island General Laws 33-21.1-2.1

  • Administrator: means the general treasurer or his or her designee, including agents hired for the express purpose of auditing, assessing and collecting unclaimed property. See Rhode Island General Laws 33-21.1-1
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 33-21.1-1
  • State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Rhode Island General Laws 33-21.1-1
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8

(b)  If no claim has been filed pursuant to this chapter for United States savings bonds, the administrator may commence a civil action in any district court within the state of Rhode Island for a determination that such United States savings bonds shall escheat to the state. The administrator may postpone the bringing of such action until sufficient United States savings bonds have accumulated in the administrator’s custody to justify the expense of such proceedings.

(c)  If no person shall file a claim or appear at the hearing to substantiate a claim, or where the court shall determine that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of this state, shall enter a judgment that the subject United States savings bonds have escheated to the state.

(d)  The administrator may redeem such United States savings bonds escheated to the state and proceeds from such redemption of United States savings bonds shall be deposited in the state general fund in accordance with the provisions of § 33-21.1-23.

History of Section.
P.L. 2016, ch. 386, § 1; P.L. 2016, ch. 406, § 1.