Rhode Island General Laws 33-21A-6. Indemnification of the United States
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This state shall indemnify the United States for any losses suffered as a result of the escheat of unclaimed postal savings system accounts. The burden of indemnification falls upon the fund into which the proceeds of the escheated accounts have been paid.
History of Section.
P.L. 1971, ch. 28, § 1.
Terms Used In Rhode Island General Laws 33-21A-6
- 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
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8