An Act Relative to the Escheat of United States Savings Bonds
Maine Legislature, Session 127, LD 0929
Committee: Judiciary
Sponsors: KATZ, MAREAN, LANGLEY, LIBBY, SAVIELLO, MOONEN
Amends: 33 MRSA §1952, 33 MRSA §1953, 33 MRSA §1954-B

Legislative Document 
No. 929 
S.P. 320 
In Senate, March 17, 2015 
An Act Relative to the Escheat of United States Savings Bonds 
Reference to the Committee on Judiciary suggested and ordered printed. 
HEATHER J.R. PRIEST 
Secretary of the Senate 
Presented by Senator KATZ of Kennebec. 
Cosponsored by Representative MAREAN of Hollis and 
Senators: LANGLEY of Hancock, LIBBY of Androscoggin, SAVIELLO of Franklin, 
Representative: MOONEN of Portland. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  33 MRSA §1952, sub-§15-B is enacted to read: 
15-B.  United States savings bond.  "United States savings bond" means property, 
tangible or intangible, in the form of a savings bond issued by the United States Treasury 
whether in paper form, electronic form or paperless form, along with all the proceeds of 
the savings bond. 
Sec. 2.  33 MRSA §1953, sub-§1, ¶P, as amended by PL 2001, c. 439, Pt. L, §3, 
is further amended to read: 
P.  Notwithstanding paragraph E, property contained in a prearranged funeral or 
burial plan described in Title 32, section 1401, including deposits containing funds 
from such a plan, 3 years after the death of the person on whose behalf funds were 
paid into the plan; and 
Sec. 3.  33 MRSA §1953, sub-§1, ¶Q, as enacted by PL 2001, c. 439, Pt. L, §4, is 
amended to read: 
Q.  Property distributable in the course of a demutualization or related reorganization 
of an insurance company, 2 years after the earlier of: 
(1)  The date of the distribution of the property; or 
(2)  The date of last contact with a policyholder.; and 
Sec. 4.  33 MRSA §1953, sub-§1, ¶R is enacted to read: 
R.  A United States savings bond, as described in section 1954-B, 3 years after its 
date of final maturity. 
Sec. 5.  33 MRSA §1954-B is enacted to read: 
§1954-B.  United States savings bonds 
1.  Presumed abandoned in this State.  Notwithstanding section 1953, subsection 1, 
paragraph K and sections 1963, 1970 and 1976, a United States savings bond subject to 
this chapter or held or owing in this State by any person is presumed abandoned in this 
State if: 
A.  The last known address of the owner of the United States savings bond is in this 
State; and 
B.  The United States savings bond has remained unclaimed for 3 years after its date 
of final maturity. 
2.  Escheat; procedure.  United States savings bonds that are presumed abandoned 
and unclaimed under subsection 1, including bonds in the possession of the administrator, 
and those lost, stolen or destroyed bonds registered to persons with last known addresses 
in this State, escheat to the State 3 years after the bonds are presumed abandoned, and all 
property rights and legal title to and ownership of the United States savings bonds, 
including all rights, powers and privileges of survivorship of any owner, co-owner or 
beneficiary, vest solely in the State according to the following procedure. 
A.  Within 180 days after the 3-year period in this subsection has passed, if no claim 
has been filed in accordance with this chapter for the United States savings bonds, the 
administrator shall commence a civil action in the Kennebec County Superior Court 
or in any other court of competent jurisdiction for a determination that the United 
States savings bonds escheat to the State.  The administrator may postpone the 
bringing of such an action until sufficient United States savings bonds have 
accumulated in the administrator's custody to justify the expense of such a 
proceeding. 
B.  The administrator shall make service by publication of the civil action in 
accordance with Maine Rules of Civil Procedure, Rule 4 and Title 1, sections 601 and 
603. 
C.  If no person files a claim or appears at the hearing to substantiate a claim or if the 
court determines that a claimant is not entitled to the property claimed by the 
claimant, the court, if satisfied by evidence that the administrator has substantially 
complied with the laws of this State, shall enter a judgment that the United States 
savings bonds have escheated to the State and all property rights and legal title to and 
ownership of the United States savings bonds, including all rights, powers and 
privileges of survivorship of any owner, co-owner or beneficiary, vest solely in the 
State. 
D.  The administrator shall redeem the United States savings bonds escheated to the 
State.  When the escheated proceeds have been recovered by the administrator, the 
administrator shall first pay all costs incident to the collection and recovery of the 
proceeds from the redemption of the United States savings bonds and then promptly 
deposit the remaining balance of the proceeds in the Unclaimed Property Fund under 
section 1964 to be distributed in accordance with law. 
3.  Claims after escheat.  Notwithstanding sections 1966 and 1967, any person 
making a claim for a United States savings bond escheated to the State under this section 
may file a claim with the administrator.  Upon being provided sufficient proof of the 
validity of the person's claim, the administrator may pay the claim less any expenses and 
costs incurred by the State in securing full title and ownership of the property by escheat.  
If payment has been made to a claimant, no action may be maintained by any other 
claimant or the State or any state officer for or on account of the funds. 
SUMMARY 
This bill amends the Uniform Unclaimed Property Act to establish a special 
procedure for the escheat of unclaimed United States savings bonds to the State. 
An unclaimed United States savings bond is presumed abandoned 3 years after its 
date of final maturity.  A United States savings bond is presumed abandoned in this State 
if the last known address of the owner of the United States savings bond is in this State 
and the United States savings bond has remained unclaimed for 3 years after its date of 
final maturity. 
Not sooner than 3 years after the final maturity date, the Treasurer of State must bring 
an action in Kennebec County Superior Court or another court of competent jurisdiction 
for a determination that the United States savings bonds escheat to the State.  The 
treasurer must redeem the savings bonds and, after subtracting the costs of the process, 
deposit the balance in the Unclaimed Property Fund. 
A person claiming a right to a United States savings bond escheated to the State and 
redeemed by the treasurer must make a claim to the treasurer.  The treasurer has 
discretion as to whether to pay the claim, less the costs of the process.