Rhode Island General Laws 33-21.1-13. Property held by courts and public agencies
Intangible property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than one year after becoming payable or distributable is presumed abandoned. Intangible property held by a state court shall escheat to the state pursuant to the provisions of § 8-12-1 — § 8-12-3.
History of Section.
P.L. 1986, ch. 500, § 3; P.L. 2010, ch. 231, § 4; P.L. 2010, ch. 238, § 4.
Terms Used In Rhode Island General Laws 33-21.1-13
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Intangible property: includes :
(i) Money, checks, drafts, deposits, interest, dividends, income, and bonds;
(ii) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, unclaimed pari-mutuel tickets, and unidentified remittances;
(iii) Stocks and other intangible ownership interests in business associations;
(iv) Money deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(v) Amounts due and payable under the terms of insurance policies; and
(vi) Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits. See Rhode Island General Laws 33-21.1-1
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Owner: means a depositor in the case of a deposit, a beneficiary in the case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative. 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