I 
117TH CONGRESS 
1ST SESSION H. R. 4085 
To allow for the transfer and redemption of abandoned savings bonds. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2021 
Mr. ESTES (for himself, Mr. DANNY K. DAVIS of Illinois, Mr. LAHOOD, Mr. 
LARSON of Connecticut, Mrs. WALORSKI, Mr. KIND, Mrs. WAGNER, Mr. 
PASCRELL, Mr. TIMMONS, Mr. BEYER, Mr. NORMAN, Mr. PANETTA, and 
Mr. HORSFORD) introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To allow for the transfer and redemption of abandoned 
savings bonds. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Unclaimed Savings 
Bond Act of 2021’’. 
SEC. 2. FINDINGS. 
Congress finds the following: 
(1) Tens of billions of dollars’ worth of savings 
bonds have never been redeemed by their owners, in-
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cluding millions of bonds that matured years and 
even decades ago. The Department of the Treasury 
refers to these bonds as Matured Unredeemed Debt 
(‘‘MUD’’). 
(2) The United States savings bond program 
was created to fund critical government operations 
during times of national need while guaranteeing to 
citizens the promise of a safe return. 
(3) The States are the traditional custodians of 
abandoned property and are best positioned to help 
owners of abandoned bonds recover the proceeds of 
their investment. 
(4) Until abandoned property is claimed, the 
States are able to devote unclaimed funds to the 
health and welfare of their citizens. 
(5) Allowing States to utilize the proceeds of 
abandoned savings bonds provides them with liquid-
ity and the ability to serve their citizens without in-
creasing the Federal deficit. 
SEC. 3. TRANSFER AND REDEMPTION OF ABANDONED SAV-
INGS BONDS. 
Section 3105 of title 31, United States Code, is 
amended by adding at the end the following: 
‘‘(f)(1) Notwithstanding any other Federal law, the 
ownership of an applicable savings bond may be trans-
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ferred pursuant to a valid judgment of escheatment vest-
ing a State with title to the bond. Nothing in this section, 
or in any regulation promulgated by the Secretary to im-
plement this section, may be construed to preempt State 
law providing for, or governing the escheatment of, appli-
cable savings bonds. 
‘‘(2) The Secretary shall recognize an order of a court 
of competent jurisdiction that vests title to an applicable 
savings bond with a State, regardless of whether the State 
has possession of such bond if the State provides the Sec-
retary with a certified copy of such order. 
‘‘(3)(A) If a State has title or is seeking to obtain 
title through a judicial proceeding to an applicable savings 
bond, the Secretary shall provide to the State, upon re-
quest, the serial number of such bond, and any reasonably 
available records or information— 
‘‘(i) relating to the purchase or ownership of 
such bond, including any transactions involving such 
bond; or 
‘‘(ii) which may provide other identifying infor-
mation relating to such bond. 
‘‘(B) Any records or information provided to a State 
pursuant to subparagraph (A) shall be considered suffi-
cient to enable the State to redeem the applicable savings 
bond for full value, regardless whether the bond is lost, 
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stolen, destroyed, mutilated, defaced, or otherwise not in 
the State’s possession. 
‘‘(4)(A) Subject to subparagraph (C), a State may 
redeem and receive payment for an applicable savings 
bond for which the State has title pursuant to the same 
procedures established pursuant to regulations which are 
available for payment or redemption of a savings bond by 
any owner of such bond. 
‘‘(B) The Secretary may not prescribe any regulation 
which prevents or prohibits a State from obtaining title 
to an applicable savings bond or redeeming such bond pur-
suant to the procedures described in subparagraph (A). 
‘‘(C) In the case of an applicable savings bond which 
is lost, stolen, destroyed, mutilated, defaced, or otherwise 
not in the possession of the State, if the State has re-
quested records and information under paragraph (3)(A), 
any applicable period of limitation for payment or redemp-
tion of such bond shall not begin to run against the State 
until the date on which the Secretary has provided the 
State with the records and information described in such 
paragraph. 
‘‘(5) If the United States Government makes pay-
ment to a State for an applicable savings bond pursuant 
to paragraph (4)— 
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‘‘(A) that State shall attempt to locate the 
original owner of each such bond registered with an 
address in that State pursuant to the same stand-
ards and requirements as exist under that State’s 
abandoned property rules and regulations; 
‘‘(B) except as provided in subparagraph (C), 
the United States Government shall not retain any 
further obligation or liability relating to such bond, 
including any obligation or liability with respect to 
the registered owner of such bond (as described in 
paragraph (6)); 
‘‘(C) should a State that receives payment for 
an applicable savings bond pursuant to paragraph 
(4) fail to make payment to a registered owner of 
such bond (as described in paragraph (6)(B)) after 
presentment of a valid claim of ownership pursuant 
to that State’s abandoned property rules and regula-
tions, such owner may then seek redemption of their 
bond through the Secretary or any paying agent au-
thorized by the United States Government to make 
payments to redeem such bonds, and it shall be 
paid; and 
‘‘(D) where the United States Government has 
made payment of an applicable savings bond under 
subparagraph (C), the respective State shall indem-
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nify the United States for payments made on such 
bond. 
‘‘(6) For purposes of this subsection, the term ‘appli-
cable savings bond’ means any United States savings bond 
that— 
‘‘(A) matured on or before December 31, 2017; 
‘‘(B) is registered to an owner with a last 
known address within a State claiming title under a 
valid escheatment order entered after December 31, 
2012, and before January 2026; and 
‘‘(C) has not been redeemed by such owner.’’. 
Æ 
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