An Act to provide for periodic pro rata distributions among the States and other jurisdictions of deposit of available amounts of unclaimed Postal Savings System deposits, and for other purposes
PL 92-117 (H.R.135), enacted 08/13/1971

85 STAT. ] 
PUBLIC LAW 92-117-AUG. 13, 1971 
337 
Public Law 92-117 
AN ACT 
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August 13, 1971 
T(» provide for periodic pro ratji distribnrioii (imong the States and other 
[H. R. 135] 
jurisdictions of deposit of available amounts of unclaimed Postal Savings 
System deposits, and for other purposes. 
Be It enacted hy the Semite <ind Houae of RepreHevtat'tven of the 
f'jiited States of Amenea in Congresn assembled. That (a) to provide sy^°em!^ savings 
a sharin^tr in the amount of unclaimed Postal Savings System deposits 
unclaimed de-
among the States and other jurisdictions in which such deposits were ^°^/^' '^^^t"^'^" 
made, which is more equitable and expeditious than may be accom-
plished under diU'ering escheat laws, tlie Secretary of the Treasury is 
authorized, within sixty days following enactment of this Act, and on 
such date as he may set during each of the four succeeding calendar 
years, to divide tlie remaining principal of tniclaimed deposits held 
pursuant to the Act of March v}8, 1966 (80 Stat. 92), in the trust fund 
account established under section 17 of the Act of June 26, 1934 (31 
U.S.C, 725p), including the accrued interest applicable thereto, into 
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a retention balance and a distribution balance. The retention balance ^•^,^*!"!^°" f"? 
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shall consist of that portion ot the remaining principal and accrued ance. 
interest which he deems necessary to retain for the purpose of honor-
ing claims by or on behalf of depositors; the distribution balance shall 
consist of that portion not so designated. The Secretary is authorized 
to proceed to distribute to each of the fifty States and to the District of 
Columbia, Puerto Rico, the Virgin Islands, and Guam, referred to in 
this section as other jurisdictions of deposit, a pro rata share of the 
distribntion balance. Each such share shall be determined on the basis ^ ^'•° '"^'^ share, 
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determination. 
<)i tJie ratio between— 
(1) the dollar amount of the principal of the unclaimed 
deposits remaining as of each determination, which had been 
deposited in the post offices of the given State or other jurisdiction 
of deposit, as the case may be, according to the records of the 
former Postal Savings System and the Treasury Department, and 
(2) the dollar amount of the principal of the total remaining 
deposits. 
All determinations made by the Secretary of the Treasury under this 
subsection shall be final and conclusive and not subject to review in 
any court. 
(b) The retention balance remaining after the final distribntion 
Retention bai-
anthorized by subsection (a) shall be held by the Secretary of the ^orViaims,^ '^'^ 
Treasury in perpetuity in the trust fund account established under 
section 17 of the Act of June 26,1934 (31 U.S.C. 725p), for the purpose 
of honoring claims by or on behalf of depositors, without regard to any 
laws of the States or other jurisdictions of deposit concerning the dis-
position of unclaimed or abandoned property. 
SEC. 2. There is hereby authorized to be appropriated without fiscal Appropriation. 
year limitation to the trust fund established under section 17 of the 
Act of June 26, 1934 (31 U.S.C. 725p), out of any money in the 
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Treasury not otherwise appropriated, such sums as may be necessary 
to pay claims by or on behalf of depositors whenever the balance in 
that trust fund account is insufficient to pay such claims as a result of 
determinations and distributions authorized by the first section of 
this Act. 
Approved August 13, 1971.