II 

116TH CONGRESS 

1ST SESSION S. 2417 

To provide for payment of proceeds from savings bonds to a State with 

title to such bonds pursuant to the judgment of a court. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 1, 2019 

Mr. KENNEDY (for himself, Mr. MORAN, and Mr. CASSIDY) introduced the 

following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To provide for payment of proceeds from savings bonds to 

a State with title to such bonds pursuant to the judgment of a court. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Unclaimed Savings 

5 Bond Act of 2019’’. 

6 SEC. 2. PAYMENT TO STATES WITH TITLE TO UNDELIV7 ERED SAVINGS BONDS. 

8 Section 3105 of title 31, United States Code, is 

9 amended by adding at the end the following: 


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•S 2417 IS

1 ‘‘(f)(1) The Secretary shall recognize an order of a 

2 court of competent jurisdiction that vests title to an appli3 cable savings bond with a State, regardless of whether the 

4 State has possession of such bond, if— 

5 ‘‘(A) such order is entered after December 31, 

6 2012, and before January 1, 2026; and 

7 ‘‘(B) the State provides the Secretary with a 

8 certified copy of such order. 

9 ‘‘(2)(A) If a State has title or is seeking to obtain 

10 title through a judicial proceeding to an applicable savings 

11 bond, the Secretary shall provide to the State, upon re12 quest, any reasonably available records or information— 

13 ‘‘(i) relating to the purchase or ownership of 

14 such bond, including any transactions involving such 

15 bond; or 

16 ‘‘(ii) which may provide the serial number or 

17 other identifying information relating to such bond. 

18 ‘‘(B) Any records or information provided to a State 

19 pursuant to subparagraph (A) shall be considered suffi20 cient to enable the State to redeem the applicable savings 

21 bond for full value, regardless of whether the bond is lost, 

22 stolen, destroyed, mutilated, defaced, or otherwise not in 

23 the possession of the State. 

24 ‘‘(3)(A) Subject to subparagraph (C), a State may 

25 redeem and receive payment for an applicable savings 


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•S 2417 IS

1 bond for which the State has title pursuant to the same 

2 procedures established pursuant to regulations which are 

3 available for payment or redemption of a savings bond by 

4 any owner of such bond. 

5 ‘‘(B) The Secretary may not prescribe any regulation 

6 which prevents or prohibits a State from obtaining title 

7 to an applicable savings bond or redeeming such bond pur8 suant to the procedures described in subparagraph (A). 

9 ‘‘(C) In the case of an applicable savings bond which 

10 is lost, stolen, destroyed, mutilated, defaced, or otherwise 

11 not in the possession of the State, if the State has re12 quested records and information under paragraph (2)(A), 

13 any applicable period of limitation for payment or redemp14 tion of such bond shall not begin to run against the State 

15 until the date on which the Secretary has provided the 

16 State with the records and information described in such 

17 paragraph. 

18 ‘‘(4)(A) If the United States Government makes pay19 ment to a State for an applicable savings bond pursuant 

20 to paragraph (3)(A)— 

21 ‘‘(i) the United States Government shall not re22 tain any further obligation or liability relating to 

23 such bond, including any obligation or liability with 

24 respect to the registered owner of such bond (as de25 scribed in paragraph (5)(B)); and 


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1 ‘‘(ii) such bond shall not be redeemable by the 

2 Secretary or any paying agent authorized to make 

3 payments to redeem such bonds. 

4 ‘‘(5) For purposes of this subsection, the term ‘appli5 cable savings bond’ means a matured savings bond, and 

6 all payment of such bond, including interest, for which 

7 such bond— 

8 ‘‘(A) was originally in paper, paperless, or elec9 tronic form; 

10 ‘‘(B) is registered to an owner with a last 

11 known address that is within the State described in 

12 paragraph (1); and 

13 ‘‘(C) has not been redeemed by such owner.’’. 

Æ 


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