An Act To Correct the Maine Revised Unclaimed Property Act To Reflect Recent Changes
Maine Legislature, Session 129, LD 1864
Committee: Judiciary
Sponsors: CARDONE
Amends: 33 MRSA §2052, 33 MRSA §2054, 33 MRSA §2061, 33 MRSA §2113

Legislative Document
No. 1864
H.P. 1335
House of Representatives, December 23, 2019
An Act To Correct the Maine Revised Unclaimed Property Act To 
Reflect Recent Changes
(EMERGENCY)
Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule 
203.
Received by the Clerk of the House on December 19, 2019.  Referred to the Committee on 
Judiciary pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401.
ROBERT B. HUNT
Clerk
Presented by Representative CARDONE of Bangor.
Emergency preamble. Whereas, acts and resolves of the Legislature do not 
become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, Public Law 2019, chapter 496 enacted provisions in the Uniform 
Unclaimed Property Act concerning the reporting and delivery to the Treasurer of State 
of unclaimed funds in a lawyer's trust account, with those provisions taking effect 
September 19, 2019; and
Whereas, Public Law 2019, chapter 498 repealed the existing Uniform Unclaimed 
Property Act and replaced it with the Maine Revised Unclaimed Property Act, which took 
effect October 1, 2019; and
Whereas, Public Law 2019, chapter 498 did not incorporate the changes made in 
Public Law 2019, chapter 496; and
Whereas, this legislation amends the Maine Revised Unclaimed Property Act to 
include the language approved by the Legislature that was abrogated as of October 1, 
2019; and
Whereas, in the judgment of the Legislature, these facts create an emergency within 
the meaning of the Constitution of Maine and require the following legislation as 
immediately necessary for the preservation of the public peace, health and safety; now, 
therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  33 MRSA §2052, sub-§13-A is enacted to read:
13-A.  Lawyer's trust account.  "Lawyer's trust account" means a pooled trust 
account managed pursuant to rules adopted by the Supreme Judicial Court that earns 
interest or dividends at an eligible institution in which a lawyer or law firm holds funds 
on behalf of a client or clients. These funds are small in amount or held for a short period 
of time, such that the funds cannot earn interest or dividends for the client in excess of the 
costs incurred to secure such interest or dividends. For the purpose of this subsection, 
"eligible institution" means a financial organization meeting the requirements in rules 
adopted by the Supreme Judicial Court.
Sec. 2.  33 MRSA §2052, sub-§13-B is enacted to read:
13-B.  Lawyer's trust account program manager.  "Lawyer's trust account 
program manager" means an entity designated by the Supreme Judicial Court to manage 
the lawyer's trust account program adopted by the Supreme Judicial Court.
Sec. 3.  33 MRSA §2052, sub-§24, ¶B, as enacted by PL 2019, c. 498, §22, is 
amended to read:
B.  Includes property referred to as or evidenced by:
(1)  Money, interest or a dividend, check, draft, deposit or payroll card;
(2)  A credit balance, customer's overpayment, stored-value obligation, security 
deposit, refund, credit memorandum, unpaid wage, unused ticket for which the 
issuer has an obligation to provide a refund, mineral proceeds or unidentified 
remittance;
(3)  A security, except for:
(a)  A worthless security; or
(b)  A security that is subject to a lien, legal hold or restriction evidenced on 
the records of the holder or imposed by operation of law, if the lien, legal 
hold or restriction restricts the holder's or owner's ability to receive, transfer, 
sell or otherwise negotiate the security;
(4)  A bond, debenture, note or other evidence of indebtedness;
(5)  Money deposited to redeem a security, make a distribution or pay a dividend;
(6)  An amount due and payable under an annuity contract or insurance policy; 
and
(7)  An amount distributable from a trust or custodial fund established under a 
plan to provide a health, welfare, pension, vacation, severance, retirement, death, 
stock purchase, profit sharing, employee savings, supplemental unemployment 
insurance or similar benefit; and
(8)  Funds in a lawyer's trust account; and
Sec. 4.  33 MRSA §2054, as enacted by PL 2019, c. 498, §22, is amended to read:
§2054.  Rulemaking
The administrator may adopt rules to implement and administer this Act.  Rules 
adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 
375, subchapter 2-A.  In addition, the Supreme Judicial Court may adopt rules for the 
provisions of this Act relating to lawyer's trust accounts.
Sec. 5.  33 MRSA §2061, sub-§15, as enacted by PL 2019, c. 498, §22, is 
amended to read:
15.  Property not specified.  Property not specified in this section or sections 2062 to 
2072, including funds in a lawyer's trust account, 3 years after the owner first has a right 
to demand the property or the obligation to pay or distribute the property arises, 
whichever is earlier.
Sec. 6.  33 MRSA §2113, sub-§9 is enacted to read:
9.  Payment of certain funds presumed abandoned in lawyer's trust accounts.  
Notwithstanding any other provision in this chapter to the contrary, a lawyer, law firm or 
financial institution holding funds presumed abandoned in a lawyer's trust account for 
which no identifying client information can be found shall file a report with the 
administrator pursuant to section 2091, subsection 1 and then transfer such funds, along 
with a copy of the report, to the lawyer's trust account program manager to provide 
funding to organizations whose primary purpose is to provide civil legal aid to low-
income residents of the State.
Emergency clause.  In view of the emergency cited in the preamble, this 
legislation takes effect when approved.
SUMMARY
This bill amends the Maine Revised Unclaimed Property Act to clarify the procedure 
for disposing of funds presumed abandoned in a lawyer's trust account.