Source: http://wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=HB2193%20SUB%20ENG.htm&yr=2019&sesstype=RS&i=2193
Timestamp: 2019-07-15 23:05:12
Document Index: 70709930

Matched Legal Cases: ['§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36']

Engrossed Version House Bill 2193 History
[Originating in the Committee on the Judiciary, January 16, 2019.]
A BILL to amend and reenact §36-8-1 of the Code of West Virginia, 1931, as amended; and to amend said code by adding thereto a new section, designated §36-8-2a, all relating to providing for the specific escheat of United States savings bonds and all rights and legal title thereto; and defining terms.
(a) Notwithstanding any other section of this article or any other section of this code to the contrary, United States savings bonds held or owing in the state by any person, or issued, or owed, in the course of a holder’s business, or by a state or other government, governmental subdivision, agency, or instrumentality and all proceeds thereof, shall be presumed abandoned in the state if:
(1) The last known address of the owner of the United States savings bond is in West Virginia; and
(2) The United States savings bond has remained unclaimed and unredeemed for five years after final maturity.
(b) United States savings bonds which are presumed abandoned and unclaimed under §36-8-2a(a) of this code, including bonds in the possession of the administrator, and those lost, stolen or destroyed bonds registered to persons with last known addresses in the state, shall, upon satisfaction by the administrator of the requirements of §36-8-2a(c) through (e), inclusive, escheat to the State of West Virginia one year after such bonds are presumed abandoned, and all property rights and legal title to, and ownership of, the United States savings bonds or proceeds from the bonds, including all rights, powers and privileges of survivorship of any owner, co-owner, or beneficiary, shall vest solely in the State of West Virginia, subject only to the provisions of §36-8-15 and §36-8-16 of this code.
(c) After the one year prescribed in §36-8-2a(b) of this code, if no claim has been filed pursuant to the provisions of §36-8-15 and §36-8-16 of this code for such United States savings bonds, but before such savings bonds escheat to the State of West Virginia, a civil action must be commenced by the administrator in the circuit court of Kanawha County, or in any other court of competent jurisdiction, for a determination that such United States savings bonds shall escheat to the State of West Virginia.
(d) The administrator shall make service by publication of the civil action in accordance with Rules of Civil Procedure, Rule 4(e).
(e) Any person claiming ownership, including all persons claiming rights, powers and privileges of survivorship and any co-owner or beneficiary, or his or her agent, may appear and defend his or her rights to the subject bond or bonds, and if the Court is satisfied that the claimant is entitled to the bonds, may award judgment in the claimant’s favor. If no person files a claim or appears at the hearing to substantiate a claim, or where the court determines that a claimant is not entitled to the property claimed by such claimant, then the court, if satisfied by evidence that the administrator has substantially complied with the laws of the State of West Virginia, shall enter a judgment that the subject United States savings bonds, have escheated to the State of West Virginia, and all property rights and legal title to and ownership of such United States savings bonds or proceeds from such bonds, including all rights, powers and privileges of survivorship of any owner, co-owner or beneficiary, shall vest in the State of West Virginia, subject only to the provisions of §36-8-15 and §36-8-16 of this code.
(f) Upon being awarded a judgment that the United States savings bond or bonds have escheated to the State of West Virginia, the administrator shall redeem such United States savings bonds escheated to the State of West Virginia and when the proceeds which have escheated have been recovered by the administrator, it shall first pay all costs incident to the collection and recovery of such proceeds from the redemption of the United States savings bonds and shall thereafter promptly deposit the remaining balance of such proceeds into the Unclaimed Property Fund pursuant to §36-8-13 of this code.
NOTE: The purpose of this bill is to provide a specific escheat of United States savings bonds.