II
Calendar No. 33
103D CONGRESS
1ST SESSION H. R. 890
IN THE SENATE OF THE UNITED STATES
MARCH 3, 1993
Received
MARCH 11 (legislative day, MARCH 3), 1993
Read twice and ordered placed on the calendar
AN ACT
To amend the Federal Deposit Insurance Act and the Fed-
eral Credit Union Act to improve the procedures for
treating unclaimed insured deposits, and for other pur-
poses.
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 Deposits
Amendments Act of 1993’’.
SEC. 2. AMENDMENTS RELATING TO TREATMENT OF UN-
CLAIMED DEPOSITS AT INSURED BANKS AND
SAVINGS ASSOCIATIONS.
(a) IN GENERAL.—Subsection (e) of section 12 of the
Federal Deposit Insurance Act (12 U.S.C. 1822(e)) is
amended to read as follows:
‘‘(e) DISPOSITION OF UNCLAIMED ACCOUNTS.—
‘‘(1) CASH DISTRIBUTIONS.—
‘‘(A) IN GENERAL.—If, in connection with
any cash distribution under section 11(f)(1) to
insured depositors at any insured depository in-
stitution, any depositor fails to claim such pay-
ment for the depositor’s insured deposit from
the Corporation before the later of—
‘‘(i) the end of the 3-month period be-
ginning on the date on which the Corpora-
tion mailed a notice of the distribution to
the depositor at the last-known address for
the depositor on the books of the institu-
tion; and
‘‘(ii) the end of the 18-month period
beginning on the date of the appointment
of a receiver for such institution,
the Corporation shall notify the appropriate
State and offer to transfer to the custody of
such State an amount equal to the insured de-
posit of such depositor at such institution for
disposition by such State in accordance with
any State law which provides for the disposition
of abandoned or unclaimed property in the
State.
‘‘(B) DISPOSITION
OF
CLAIMS
IF
STATE
DOES NOT ACCEPT CUSTODY.—
‘‘(i) AVAILABILITY TO DEPOSITOR.—If
the appropriate State does not accept the
custody of the amount of any insured de-
posit which the Corporation offers to
transfer under subparagraph (A), the Cor-
poration shall permit the depositor (on
whose behalf such transfer was offered) to
make a claim against the Corporation for
an amount equal to the insured deposit.
‘‘(ii) TERMINATION OF CLAIM AT END
OF
RECEIVERSHIP.—If a depositor de-
scribed in clause (i) fails to make a claim
under such clause for the amount of the
insured deposit of such depositor at the in-
sured depository institution before the ter-
mination of the receivership—
‘‘(I) all rights of the depositor
against the Corporation with respect
to such insured deposit shall be
barred; and
‘‘(II) notwithstanding any provi-
sion of State law, the insured deposit
shall become the property of the Cor-
poration.
‘‘(C) DISPOSITION
OF
CLAIMS
IF
STATE
DOES
ACCEPT
CUSTODY.—If the appropriate
State does accept the custody of the amount of
any insured deposit which the Corporation of-
fers to transfer under subparagraph (A), all
rights of the depositor against the Corporation
with respect to such deposit shall be barred as
of the date of the transfer.
‘‘(D) REVERSION TO CORPORATION AFTER
10 YEARS AND TERMINATION OF ALL CLAIMS OF
DEPOSITOR.—If an insured deposit is trans-
ferred to the custody of the appropriate State
and is not claimed by the depositor before the
end of the 10-year period beginning on the date
of the transfer—
‘‘(i) the deposit shall be transferred
back to the Corporation;
‘‘(ii) all rights of the depositor against
the State with respect to such insured de-
posit shall be barred as of the date of the
transfer to the Corporation; and
‘‘(iii) notwithstanding any provision of
State law, the insured deposit shall become
the property of the Corporation.
‘‘(2) TRANSFERRED DEPOSITS.—
‘‘(A) IN
GENERAL.—If the Corporation
satisfies the Corporation’s obligation under sec-
tion 11(f)(1) by making available to each de-
positor a transferred deposit in an insured de-
pository institution (including a new bank or
bridge bank), all rights of the depositor against
the Corporation with respect to the transferred
deposit shall be barred as of the date of the
transfer except to the extent otherwise provided
under subparagraph (B).
‘‘(B) OFFER TO TRANSFER TO STATES.—
If any depositor fails to claim a transferred de-
posit from the insured depository institution to
which such transfer was made under section
11(f)(1) before the end of the 18-month period
beginning on the date of the deposit transfer to
such institution—
‘‘(i) the institution shall transfer the
insured deposit back to the Corporation;
‘‘(ii) the Corporation shall notify the
appropriate State and offer to transfer to
the custody of such State an amount equal
to the insured deposit of such depositor at
such institution for disposition by such
State in accordance with any State law
which provides for the disposition of aban-
doned or unclaimed property in the State;
and
‘‘(iii) subparagraphs (B), (C), and (D)
of paragraph (1) shall apply with respect
to such deposit as of the date the Corpora-
tion notifies the appropriate State pursu-
ant to clause (ii).
‘‘(3) APPROPRIATE STATE DEFINED.—For pur-
poses of this subsection, the term ‘appropriate State’
means, with respect to any insured deposit for which
a cash distribution or transferred deposit is made
available under section 11(f), the State whose laws
providing for the disposition of abandoned or un-
claimed property would have applied to such deposit
if no conservator or receiver had been appointed for
the depository institution (as of the date of the dis-
tribution or transfer).’’.
(b) RETROACTIVE APPLICATION
TO UNRESOLVED
CASES.—
(1) IN GENERAL.—Except as provided in para-
graph (2), the Federal Deposit Insurance Corpora-
tion and the Resolution Trust Corporation shall
make available to any qualifying depositor an
amount equal to the insured deposit or transferred
deposit for which the Corporation was liable under
section 11(f) of the Federal Deposit Insurance Act,
as in effect on the day before the date of the enact-
ment of this Act.
(2) 
EXCEPTION
FOR
CLOSED
RECEIVER-
SHIPS.—The requirements of this subsection shall
not apply with respect to any insured deposit or
transferred deposit from an insured depository insti-
tution for which the Corporation has been appointed
receiver before the date of this Act’s enactment if—
(A) the Corporation was appointed receiver
before January 1, 1989; or
(B) all stages of winding up the affairs of
the institution, or the liquidation of the institu-
tion, has been fully completed before the date of
the enactment of this Act, including the termi-
nation of any receivership, bridge bank, or new
bank or the termination of any conservatorship
established for any successor or resulting depos-
itory institution in connection with such resolu-
tion.
(3) DISPOSITION OF CLAIMS.—
(A) CLAIM
BY
QUALIFIED
DEPOSITOR.—
The Corporation shall permit a qualifying de-
positor to make a claim against the Corporation
for the amount referred to in paragraph (1).
(B) CONSEQUENCES
OF
FAILURE
TO
CLAIM.—If a qualifying depositor fails to make
a claim under subparagraph (A) before the re-
ceivership for the insured depository institution
in default is terminated—
(i) all rights of the qualifying deposi-
tor against the Corporation with respect to
such claim shall be barred; and
(ii) notwithstanding any provision of
State law, the amount shall become prop-
erty of the Corporation.
(C) QUALIFYING
DEPOSITORS
HOLDING
RECEIVERSHIP CERTIFICATES OR CLAIMS.—In
the case of any qualifying depositor who has
filed a claim with the Corporation as receiver
for any amount which, by reason of this sub-
section, is eligible for payment under this sub-
section, the Corporation shall treat the claim as
a claim under subparagraph (A).
(4) SUBROGATION RIGHTS OF THE CORPORA-
TION.—To the extent the Corporation makes pay-
ments of amounts under this subsection, the Cor-
poration shall have the subrogation rights provided
in section 11(g) of the Federal Deposit Insurance
Act with respect to such payments.
(5) RELEASE OF DATA TO STATES.—The Cor-
poration shall provide, at the request of and for the
sole use of the appropriate State, the name and last-
known address of any depositor whose claim with re-
spect to an insured deposit at any insured depository
institution was extinguished pursuant to section
12(e) of the Federal Deposit Insurance Act after
December 31, 1988, and before the date of the en-
actment of this Act.
(6) DEFINITIONS.—For purposes of this sub-
section—
(A) CORPORATION.—The term ‘‘Corpora-
tion’’ means the Federal Deposit Insurance
Corporation or the Resolution Trust Corpora-
tion, as the case may be.
(B) QUALIFYING
DEPOSITOR.—The term
‘‘qualifying depositor’’ means a depositor who
did not receive payment of the depositor’s in-
sured deposit or transferred deposit as a result
of the depositor’s failure to claim the insured
deposit or to arrange to continue the trans-
ferred deposit, as the case may be, within the
18-month period described in section 12(e) of
the Federal Deposit Insurance Act, as in effect
on the day before the date of the enactment of
this Act.
SEC. 3. AMENDMENTS RELATING TO TREATMENT OF UN-
CLAIMED DEPOSITS AT INSURED CREDIT
UNIONS.
(a) IN GENERAL.—Section 207(o) of the Federal
Credit Union Act (12 U.S.C. 1787(o)) is amended to read
as follows:
‘‘(o) DISPOSITION OF UNCLAIMED ACCOUNTS.—
‘‘(1) CASH DISTRIBUTIONS.—
‘‘(A) IN GENERAL.—If, in connection with
any cash distribution under subsection (d)(1) to
insured accountholders at any insured credit
union, any accountholder fails to claim such
payment for the accountholder’s insured deposit
from the Board before the later of—
‘‘(i) the end of the 4-month period be-
ginning on the date on which the Board
mailed a notice of the distribution to the
accountholder at the last-known address
for the accountholder on the books of the
credit union; and
‘‘(ii) the end of the 18-month period
beginning on the date of the appointment
of a liquidating agent for such credit
union,
the Board shall notify the appropriate State
and offer to transfer to the custody of such
State an amount equal to the insured deposit of
such accountholder at such credit union for dis-
position by such State in accordance with any
State law which provides for the disposition of
abandoned or unclaimed property in the State.
‘‘(B) DISPOSITION
OF
CLAIMS
IF
STATE
DOES NOT ACCEPT CUSTODY.—
‘‘(i) 
AVAILABILITY
TO
ACCOUNT-
HOLDER.—If the appropriate State does
not accept the custody of the amount of
any insured deposit which the Board offers
to transfer under subparagraph (A), the
Board shall permit the accountholder (on
whose behalf such transfer was offered) to
make a claim against the Board for an
amount equal to the insured deposit.
‘‘(ii) TERMINATION OF CLAIM AT END
OF LIQUIDATION.—If an accountholder de-
scribed in clause (i) fails to make a claim
under such clause for the amount of the
insured deposit of such accountholder at
the insured credit union before the liquida-
tion of the credit union is completed—
‘‘(I) 
all 
rights 
of 
the
accountholder against the Board with
respect to such insured deposit shall
be barred; and
‘‘(II) notwithstanding any provi-
sion of State law, the insured deposit
shall become the property of the
Board.
‘‘(C) BAR
ON
CLAIMS
AGAINST
BOARD
WHILE STATE RETAINS CUSTODY OF INSURED
DEPOSIT.—If the appropriate State does accept
the custody of the amount of any insured de-
posit which the Board offers to transfer under
subparagraph 
(A), 
all 
rights 
of 
the
accountholder against the Board with respect to
such deposit shall be barred as of the date of
the transfer.
‘‘(D) REVERSION
TO
BOARD
AFTER
YEARS AND TERMINATION OF ALL CLAIMS OF
ACCOUNTHOLDER.—If an insured deposit is
transferred to the custody of the appropriate
State and is not claimed by the accountholder
before the end of the 10-year period beginning
on the date of the transfer—
‘‘(i) the deposit shall be transferred
back to the Board;
‘‘(ii) all rights of the accountholder
against the State with respect to such in-
sured deposit shall be barred as of the date
of the transfer to the Board; and
‘‘(iii) notwithstanding any provision of
State law, the insured deposit shall become
the property of the Board.
‘‘(2) TRANSFERRED DEPOSITS.—
‘‘(A) IN GENERAL.—If the Board satisfies
the Board’s obligation under subsection (d)(1)
by making available to each accountholder a
transferred deposit in an insured credit union
(including a new credit union), all rights of the
accountholder against the Board with respect to
the transferred deposit shall be barred as of the
date of the transfer except to the extent other-
wise provided under subparagraph (B).
‘‘(B) OFFER TO TRANSFER TO STATES.—
If any accountholder fails to claim a transferred
deposit from the insured credit union to which
such transfer was made under subsection (d)(1)
before the end of the 18-month period begin-
ning on the date of the deposit transfer to such
credit union—
‘‘(i) the credit union shall transfer the
deposit back to the Board;
‘‘(ii) the Board shall notify the appro-
priate State and offer to transfer to the
custody of such State an amount equal to
the insured deposit of such accountholder
at such credit union for disposition by such
State in accordance with any State law
which provides for the disposition of aban-
doned or unclaimed property in the State;
and
‘‘(iii) subparagraphs (B), (C), and (D)
of paragraph (1) shall apply with respect
to such deposit as of the date the Board
notifies the appropriate State pursuant to
clause (ii).
‘‘(3) APPROPRIATE STATE DEFINED.—For pur-
poses of this subsection, the term ‘appropriate State’
means, with respect to any insured deposit for which
a cash distribution or transferred deposit is made
available under subsection (d)(1), the State whose
laws providing for the disposition of abandoned or
unclaimed property would have applied to such de-
posit if no conservator or liquidating agent had been
appointed for the credit union (as of the date of the
distribution or transfer).’’.
(b) RETROACTIVE APPLICATION
TO UNRESOLVED
CASES.—
(1) IN GENERAL.—Except as provided in para-
graph (2), the National Credit Union Administration
Board shall make available to any qualifying deposi-
tor an amount equal to the insured deposit or trans-
ferred deposit for which the Board was liable under
section 207(d)(1) of the Federal Credit Union Act,
as in effect on the day before the date of the enact-
ment of this Act.
(2) EXCEPTION
FOR
CREDIT
UNIONS
FULLY
LIQUIDATED BEFORE DATE OF ENACTMENT.—The
requirements of this subsection shall not apply with