reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36b. - Connecticut Baby Bond Trust: Established.

(a) There is established the Connecticut Baby Bond Trust. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions as provided in sections 3-36a to 3-36h, inclusive. The trust shall receive and hold all payments and deposits or contributions intended for the trust, as well as gifts, bequests, endowments or federal, state or local grants and any other funds from any public or private source and all earnings until disbursed in accordance with section 3-36g.
(b) The amounts on deposit in the trust shall not constitute property of the state and the trust shall not be construed to be a department, institution or agency of the state. Amounts on deposit in the trust shall not be commingled with state funds and the state shall have no claim to or against, or interest in, such funds. Any contract entered into by or any obligation of the trust shall not constitute a debt or obligation of the state and the state shall have no obligation to any designated beneficiary or any other person on account of the trust and all amounts obligated to be paid from the trust shall be limited to amounts available for such obligation on deposit in the trust. The amounts on deposit in the trust may only be disbursed in accordance with the provisions of section 3-36g. The trust shall continue in existence as long as it holds any deposits or has any obligations and until its existence is terminated by law and upon termination any unclaimed assets shall return to the state. Property of the trust shall be governed by section 3-61a.
(c) The Treasurer shall be responsible for the receipt, maintenance, administration, investing and disbursements of amounts from the trust. The trust shall not receive deposits in any form other than cash.
(P.A. 21-111, S. 104.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36c. - Treasurer's trust authority.

The Treasurer, on behalf of the trust and for purposes of the trust, may:
(1) Receive and invest moneys in the trust in any instruments, obligations, securities or property in accordance with section 3-36d;
(2) Enter into one or more contractual agreements, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing and consulting services for the trust and pay for such services from the assets of the trust;
(3) Procure insurance in connection with the trust's property, assets, activities or deposits to the trust;
(4) Apply for, accept and expend gifts, grants or donations from public or private sources to enable the trust to carry out its objectives;
(5) Adopt regulations in accordance with chapter 54 for purposes of public act 21-111*;
(6) Sue and be sued;
(7) Establish one or more funds within the trust; and
(8) Take any other action necessary to carry out the purposes of public act 21-111*, and incidental to the duties imposed on the Treasurer pursuant to public act 21-111*.
(P.A. 21-111, S. 105.)
*Note: Public act 21-111 is entitled “An Act Authorizing and Adjusting Bonds of the State for Capital Improvements, Transportation and Other Purposes, Establishing the Community Investment Fund 2030 Board, Authorizing State Grant Commitments for School Building Projects and Making Revisions to the School Building Project Statutes.” (See Reference Table captioned “Public Acts of 2021” in Volume 3 which lists the sections amended, created or repealed by the act.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36d. - Investment of funds in the trust.

Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The Treasurer shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within the trust, liquidity, the projected disbursements and expenditures and the expected payments, deposits, contributions and gifts to be received. The Treasurer shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for eligible expenditures or expended on expenses incurred by the operations of the trust.
(P.A. 21-111, S. 106.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36e. - Exemption from taxation.

The property of the trust and the earnings on the trust shall be exempt from all taxation by the state and all political subdivisions of the state.
(P.A. 21-111, S. 107.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36f. - Moneys invested in trust not considered assets or income.

(a) Notwithstanding any provision of the general statutes, to the extent permitted by federal law no moneys invested in the Connecticut Baby Bond Trust shall be considered to be an asset or income for purposes of determining an individual's eligibility for assistance under any program administered by the Department of Social Services.
(b) Notwithstanding any provision of the general statutes, no moneys invested in the trust shall be considered to be an asset for purposes of determining an individual's eligibility for need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.
(P.A. 21-111, S. 108.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36g. - Accounting for designated beneficiary. Claim for accounting.

(a) The Treasurer shall establish in the Connecticut Baby Bond Trust an accounting for each designated beneficiary. Each such accounting shall include the amount transferred to the trust pursuant to section 3-36h, plus the designated beneficiary's pro rata share of total net earnings from investments of sums held in the trust.
(b) Upon a designated beneficiary's eighteenth birthday and completion of a financial literacy requirement as prescribed by the Treasurer, such beneficiary shall become eligible to receive the total sum of the accounting under subsection (a) of this section to be used for an eligible expenditure. The Treasurer may adopt regulations, in accordance with the provisions of chapter 54, to carry out the purposes of this section.
(c) A designated beneficiary may submit a claim for such accounting until his or her thirtieth birthday, as prescribed by the Treasurer, provided such designated beneficiary is a resident of the state at the time of such claim. If a designated beneficiary (1) is deceased before submitting a valid claim, or (2) fails to submit a valid claim, as determined by the Treasurer, before his or her thirtieth birthday, such accounting shall be credited back to the assets of the trust.
(d) Subject to obtaining adequate consent authorizing the disclosure of confidential information related to designated beneficiaries in accordance with all applicable state or federal laws, the Treasurer and the Department of Social Services shall enter into a memorandum of understanding to establish information sharing practices in order to carry out the purposes of public act 21-111*.
(P.A. 21-111, S. 109.)
*Note: Public act 21-111 is entitled “An Act Authorizing and Adjusting Bonds of the State for Capital Improvements, Transportation and Other Purposes, Establishing the Community Investment Fund 2030 Board, Authorizing State Grant Commitments for School Building Projects and Making Revisions to the School Building Project Statutes.” (See Reference Table captioned “Public Acts of 2021” in Volume 3 which lists the sections amended, created or repealed by the act.)
History: P.A. 21-111 effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-36h. - Transfer to trust upon birth of designated beneficiary.

Upon the birth of a designated beneficiary, the Treasurer may transfer up to three thousand two hundred dollars from the bond proceeds issued pursuant to section 3-36i to the trust to be credited toward the accounting of such designated beneficiary as described in section 3-36g. For any year in which the funds made available pursuant to section 3-36i is insufficient to provide such amount per beneficiary the amount so transferred shall be reduced pro rata.
(P.A. 21-111, S. 110; June Sp. Sess. P.A. 21-2, S. 485.)
History: P.A. 21-111 effective July 1, 2021; June Sp. Sess. P.A. 21-2 replaced “shall” with “may” re transfer of bond proceeds issued pursuant to Sec. 3-36i and added provision re amount per beneficiary to be reduced pro rata when funds made available are insufficient, effective July 1, 2021.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-38. - Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal.

(a) Prior to July 1, 2005, the Treasurer is directed to hold the fund known as the posthumous fund of Fitch's Home for the Soldiers in trust, to credit the income from said fund to the Department of Veterans Affairs to be used for the welfare and entertainment of the residents or patients of the Veterans Residential Services facility or Healthcare Center, as those terms are defined in subsection (b) of section 27-103, or any other home established by the state for the care of veterans and to pay from the principal thereof any claim which may be lawfully established against the same.
(b) Effective July 1, 2005, the Treasurer shall consolidate the posthumous fund of Fitch's Home for the Soldiers and the Fitch Fund. The name of the consolidated fund shall be the Fitch Fund. On and after July 1, 2005, the Treasurer shall hold the Fitch Fund in trust, to credit the income from said fund to the Department of Veterans Affairs to be used for the welfare and entertainment of the residents or patients of the Veterans Residential Services facility or Healthcare Center or any other home established by the state for the care of veterans and to pay from the principal thereof any claim that may be lawfully established against said fund.
(1949 Rev., S. 129; 1971, P.A. 105, S. 1; P.A. 88-285, S. 29, 35; P.A. 04-169, S. 1; P.A. 05-51, S. 1; P.A. 06-196, S. 25; P.A. 16-167, S. 10; P.A. 18-72, S. 2.)
History: 1971 act substituted “patients” for “inmates”; P.A. 88-285 required the income from the fund to be credited to the department of veterans' affairs, where formerly income was paid to the veterans' home and hospital commission; P.A. 04-169 made a technical change and changed the name of the Veterans' Home and Hospital to the Veterans' Home, effective June 1, 2004; P.A. 05-51 designated existing section as Subsec. (a) and made it applicable prior to July 1, 2005, and added new Subsec. (b) providing for the consolidation of the posthumous fund of Fitch's Home for the Soldiers with the Fitch Fund, named the fund the Fitch Fund, and provided that the income from the fund be credited to the Department of Veterans' Affairs for the welfare and entertainment of the residents of the Veterans' Home or other home established by the state for the care of veterans, and further provided that claims against the fund be paid from the principal, effective July 1, 2005; P.A. 06-196 made technical changes, effective June 7, 2006; P.A. 16-167 replaced “Department of Veterans' Affairs” with “Department of Veterans Affairs” and replaced “Veterans' Home” with “Veterans Residential Services facility”, effective July 1, 2016; P.A. 18-72 amended Subsecs. (a) and (b) to replace “patients” with “residents or patients” and to add reference to Healthcare Center.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39a. - Funds to be paid state recorded as receivables.

Notwithstanding or limiting the provisions of section 13a-166, the State Comptroller, with the approval of the Secretary of the Office of Policy and Management for any amount over one hundred thousand dollars, shall record as receivable in the appropriate fund or funds of the state any sums of money which, by written commitment in a form acceptable to the State Comptroller, the federal government, any other state, any subdivision or agency of this state or any other state, any corporation or any person becomes obligated to pay to the state in connection with any programs federally supported in whole or in part, or any works of improvement undertaken or to be undertaken by the state and which are expendable by the state for such programs or works of improvement. Such receivables when so recorded shall be deemed to be appropriated for the purpose or purposes designated in such commitments and shall be subject to allotment according to law, except that no gift, contribution, income from trust funds, or other aid from any private source or from the federal government that is recorded as a receivable shall require allotment, unless there is a notice by the Secretary of the Office of Policy and Management that the state agency receiving such funding has failed to consistently provide the notifications required in subsection (e) of section 4-66a.
(1963, P.A. 59, S. 1; February, 1965, P.A. 398; 1967, P.A. 31; P.A. 77-462, S. 1, 2; 77-614, S. 19, 610; P.A. 97-131, S. 1, 5.)
History: 1965 act added provision re sums receivable from the federal departments of labor and health, education and welfare; 1967 act deleted reference to specific federal departments, replacing it with more general reference to federally supported programs; P.A. 77-462 replaced references to “agreements” with references to “commitments” acceptable to comptroller; P.A. 77-614 substituted secretary of the office of policy and management for commissioner of finance and control; P.A. 97-131 added exception re receivables of gifts, contributions, income from trust funds and other aid from private sources and the federal government to require allotment unless notice by Secretary of the Office of Policy and Management, effective June 13, 1997.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39b. - Interest earnings on funds.

Any state funds invested by the Treasurer shall be for the benefit of the General Fund and all interest earned on such funds shall be credited to the General Fund unless: (1) Otherwise provided by a state statute or bond indenture, (2) a written application is made by the head of any state department, institution, board, commission or other state agency citing a court order, federal regulation, terms of a grant or donation or other unusual circumstance, provided the Treasurer may file with the State Comptroller and the Auditors of Public Accounts any exception to such application, or (3) the Treasurer deems that it is in the best interest of the state that the investment of such funds and any earning therefrom be for the benefit of and credited to another fund.
(P.A. 94-95, S. 23.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39c. - Interest earnings credited to certain funds and accounts.

The Treasurer shall continue to provide investment earnings to any fund or account which, as of October 1, 1994, receives any such earnings. The investment earnings credited to the fund or account shall be equal to the amount of such earnings earned by the account or fund.
(P.A. 94-130, S. 11.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39l. - Trust authority of the State Treasurer.

The State Treasurer, on behalf of the trust and for purposes of the trust, may:
(1) Receive and invest moneys in the trust in any instruments, obligations, securities or property in accordance with section 3-39m;
(2) Establish consistent terms for each participation agreement, bulk deposit, coupon or installment payments, including, but not limited to, (A) the method of payment into an ABLE account by payroll deduction, transfer from bank accounts or otherwise, (B) the termination, withdrawal or transfer of payments under an ABLE account, including transfers to or from a qualified ABLE program established by another state pursuant to the federal ABLE Act, (C) penalties for distributions not used or made in accordance with the federal ABLE Act, and (D) the amount of any charges or fees to be assessed in connection with the administration of the trust;
(3) Enter into one or more contractual agreements, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing and consulting services for the trust and pay for such services from the gains and earnings of the trust;
(4) Procure insurance in connection with the trust's property, assets, activities or deposits or contributions to the trust;
(5) Apply for, accept and expend gifts, grants or donations from public or private sources to enable the Connecticut Achieving A Better Life Experience Trust to carry out its objectives;
(6) Sue and be sued;
(7) Establish one or more funds within the trust and maintain separate ABLE accounts for each designated beneficiary; and
(8) Take any other action necessary to carry out the purposes of sections 3-39j to 3-39q, inclusive, and incidental to the duties imposed on the State Treasurer pursuant to said sections.
(P.A. 15-80, S. 3.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39m. - Investment of funds in the trust.

Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the State Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the discretion and care of a prudent person in similar circumstances with similar objectives. The State Treasurer shall give due consideration to the rate of return, risk, term or maturity, diversification of the total portfolio within the trust, liquidity, projected disbursements and expenditures and the expected payments, deposits, contributions and gifts to be received. The State Treasurer shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the State Treasurer. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for qualified disability expenses, expended on expenses incurred by the operations of the trust or refunded to the depositor or designated beneficiary on the conditions provided in the participation agreement.
(P.A. 15-80, S. 4.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39n. - Exemption from certain securities laws.

Participation in the trust and the offering, sale and solicitation of opportunities to participate in the trust are exempt from sections 36b-16 and 36b-22, provided the State Treasurer has obtained written advice of counsel or written advice from the Securities Exchange Commission, or both, that the trust and the offering, sale and solicitation of opportunities to participate in the trust are not subject to federal securities laws.
(P.A. 15-80, S. 5.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39p. - State pledge for purposes of the trust.

The state pledges to depositors, designated beneficiaries and any party who enters into contracts with the trust, pursuant to the provisions of sections 3-39j to 3-39q, inclusive, that the state will not limit or alter the rights under said sections vested in the trust or contract with the trust until such obligations are fully met and discharged and such contracts are fully performed on the part of the trust, provided nothing in this section shall preclude such limitation or alteration if adequate provision is made by law for the protection of such depositors and designated beneficiaries pursuant to the obligations of the trust or parties who entered into such contracts with the trust. The trust, on behalf of the state, may include a description of such pledge and undertaking for the state in participation agreements and such other obligations or contracts.
(P.A. 15-80, S. 7.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39q. - Compliance with requirements for trust to constitute a qualified ABLE program.

The State Treasurer shall take any action necessary to ensure that the trust complies with all applicable requirements of state and federal laws, rules and regulations to the extent necessary for the trust to constitute a qualified ABLE program and be exempt from taxation under the federal ABLE Act, and any regulations adopted pursuant to the federal ABLE Act by the Secretary of the Treasury of the United States.
(P.A. 15-80, S. 8.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-39r. - ABLE account investments, contributions and distributions disregarded for certain programs and purposes.

(a) Notwithstanding any provision of the general statutes, moneys invested in an individual ABLE account, contributions to an individual ABLE account and distributions for qualified disability expenses pursuant to sections 3-39j to 3-39q, inclusive, shall be disregarded for purposes of determining an individual's eligibility for assistance under the (1) temporary family assistance program, as described in section 17b-112, (2) programs funded under the federal Low Income Home Energy Assistance Program block grant, (3) the state-administered general assistance program, as described in section 17b-191, (4) the optional state supplementation program, as described in section 17b-600, to the extent such invested moneys, contributions and distributions may be disregarded under the federal Supplemental Security Income Program, and (5) any other federally funded assistance or benefit program, including, but not limited to, the state's medical assistance program, whenever such program requires consideration of one or more financial circumstances of an individual for the purpose of determining the individual's eligibility to receive any assistance or benefit or the amount of any assistance or benefit.
(b) Notwithstanding any provision of the general statutes, no moneys invested in the ABLE accounts shall be considered to be an asset for purposes of determining an individual's eligibility for need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.
(P.A. 15-80, S. 9; P.A. 22-140, S. 9.)
History: P.A. 22-140 amended Subsec. (a) by designating provision re temporary family assistance program as Subdiv. (1), designating provision re programs funded under federal Low Income Home Energy Assistance Program block grant as Subdiv. (2), adding Subdiv. (3) re state-administered general assistance program, adding Subdiv. (4) re optional state supplementation program and designating provision re any other federally funded assistance or benefit program as Subdiv. (5), effective July 1, 2022.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-40. - Treasurer to have care and management.

The Treasurer shall have the care and management of the School Fund and the Agricultural College Fund, loan and invest the principal thereof and have the care of the income from the same; but no loans from the School Fund shall be made outside of the state. He shall give a bond in the sum of one hundred thousand dollars, with surety to the state, conditioned for the faithful performance of his duties in the care and management of said funds, and shall report annually to the Governor, as provided by section 4-60, with such suggestions as he deems important.
(1949 Rev., S. 131; September, 1957, P.A. 11, S. 13.)
See Sec. 3-34 re Treasurer's authority to vote on bank stock owned by School Fund.
See Sec. 10a-115 re Agricultural College Fund.
See Sec. 12-178 re precedence of School or Agricultural College Fund mortgage over lien consisting of assessed taxes.
State acts in sovereign capacity and is not affected by discharge in bankruptcy. 47 C. 400. Priority of fund over municipal assessment; power of legislature. 81 C. 12.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-41. - School Fund interest.

On the fifteenth day of April of each year, the Treasurer shall cover the interest of the School Fund in the Treasury on the last day of February into the civil list funds of the state and shall notify the Comptroller, in writing, of the amount of the interest so covered or transferred.
(1949 Rev., S. 132; P.A. 74-58, S. 1, 2.)
History: P.A. 74-58 changed date of transfer from March first to April fifteenth.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-42. - Rate of interest on loans from the School Fund and Agricultural College Fund.

The rate of interest on all loans of the School Fund and the Agricultural College Fund in this state shall be established by the State Treasurer, payable semiannually.
(1949 Rev., S. 133; 1967, P.A. 6; P.A. 78-236, S. 2, 20.)
History: 1967 act included agricultural college fund under provisions of section and made interest rates subject to decision of state treasurer with a minimum rate of 4% rather than the previous 6%; P.A. 78-236 deleted language requiring minimum rate of 4%.
See Sec. 3-27a re investments in Short Term Investment Fund.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-43. - Loan expenses. Foreclosure costs.

The Treasurer shall collect from the borrower of loans from the School Fund and the Agricultural College Fund all expenses incurred by him or his clerks in making examinations and appraisals of real estate required by law, and for the examination of titles and abstracts thereof, including a fee for preparing and executing the necessary papers, together with the legal charges for recording the same. In all actions for foreclosure of mortgages held for the benefit of the School Fund and the Agricultural College Fund all expenses incurred by the state in prosecuting the same may be taxed and collected with the taxable costs, as provided by law.
(1949 Rev., S. 135; 1957, P.A. 506, S. 1; 1967, P.A. 7.)
History: 1967 act deleted provision for reappraisals and substituted “real estate” for “securities”.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-44. - Interest on overdue loans.

When the semiannual interest due on any bond or note given for moneys loaned from the School Fund or the Agricultural College Fund remains unpaid fifteen days or more after it has become due, the Treasurer is authorized to charge interest thereon from the time the same became due and, if the semiannual interest remains unpaid six months after it becomes due, the interest charged shall be at the rate of nine per cent per annum until the same is paid. The Treasurer is authorized to waive interest due or to become due on unpaid interest.
(1949 Rev., S. 134, 136; 1957, P.A. 506, S. 2.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-45. - Loans and appraisals.

No loan shall be made from the School Fund or the Agricultural College Fund on a mortgage of real estate, unless the security is unencumbered and worth double the amount loaned, except that loans may be made on residential property in any case where the security is worth at least fifty per cent more than the amount loaned. No loan shall be made from said funds upon real estate security until after the security has been appraised by at least two qualified appraisers appointed by the Treasurer, one of whom shall be a resident of the town where such real estate is situated, and the Treasurer or his clerk has made a personal examination of the same. The appraisers shall take the oath hereinafter provided, and their appraisal, in the form prescribed by the Treasurer, shall be placed on file in his office. The Treasurer or his clerk shall certify upon every deed taken by him as security for any loan that he has made a personal examination and that in his opinion the same is worth at least double the amount loaned or, in the case of residential property, at least fifty per cent more than the amount loaned. Before entering upon the performance of their duties as appraisers, all persons selected to appraise real estate to be mortgaged to the state shall be sworn to the faithful performance of their duties.
(1949 Rev., S. 137; 1957, P.A. 506, S. 3.)
See Sec. 12-178 re precedence of mortgage over lien consisting of assessed taxes.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-46. - Reappraisal of securities.

The Treasurer shall cause to be examined and reappraised all the real estate securities held by him at least once in five years, and for such purpose may appoint such persons as he chooses to make such examination and reappraisal; and, when in any instance it is found that there has been a depreciation in the value of any security, the Treasurer shall call in such an amount as will leave the security worth double the amount of the loan or, in the case of residential property, fifty per cent more than the amount of the outstanding principal balance; provided, if such appraisal is not of double value or fifty per cent more, as the case may be, but sufficiently exceeds the principal balance of the loan and the property is well maintained as determined by the Treasurer and the interest upon the same has been promptly paid, the Treasurer may consider the security upon such loan to be ample. The Treasurer shall keep a record of such reappraisals.
(1949 Rev., S. 138; 1957, P.A. 506, S. 4.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-47. - Sale of real estate.

The Treasurer may sell the real estate belonging to said funds; and he may sell at private or public sale, from time to time, all or any part of the real estate belonging to the state, acquired by deed or foreclosure of mortgage for the School Fund or the Agricultural College Fund, if he deems it advisable and for the interest of said fund. The loss, if any, that occurs from the sale of such property, either at public or private sale, shall be deducted from the principal of said funds. The Treasurer shall execute, under the seal of his department, all necessary deeds of conveyance of real estate and releases of mortgages or judgment liens relating to said funds. The Secretary may take the acknowledgment of all conveyances of real estate situated out of the state, belonging to said funds, and affix the seal of the state to his certificate thereof.
(1949 Rev., S. 139; 1957, P.A. 506, S. 5.)
See Sec. 3-14 re real estate transactions.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-48. - National bank stock; Treasurer attorney for state.

The Treasurer is appointed as the attorney of the state, with power of substitution, to consent upon its behalf that the articles of association of any national bank, in whose stock any portion of the School Fund or Agricultural College Fund is invested, be amended so as to authorize the extension of the corporate existence of such bank, and, on behalf of the state, to consent to the reduction of the capital stock of any such bank, sign all necessary papers and do all other acts to carry out the powers herein granted.
(1949 Rev., S. 140; 1957, P.A. 506, S. 6.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-49. - Debtor accounts.

The Treasurer shall cause all debts due to the School Fund or the Agricultural College Fund, and all other property belonging to either of them, to be registered in books kept in his office, in which shall be opened an account with each debtor, showing the place of his residence, the amount of his debt, the security therefor and its estimated value.
(1949 Rev., S. 141.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-51. - Annual schedule of assets.

The Treasurer shall, annually, before the first day of December, prepare a complete schedule of all property and securities belonging to said funds on June thirtieth preceding and also an abstract thereof; and the Auditors of Public Accounts shall audit, examine and certify to the same, which certified abstract shall be annexed to the next report of the Treasurer to the Governor.
(1949 Rev., S. 143.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-52. - Moneys paid on account.

The Treasurer shall receive all moneys paid on account of said funds and give a receipt to each debtor making payment of principal or interest and keep separate accounts of the principal and interest so received. He shall pay over the same according to law, and shall deliver to the Comptroller, on the first day of March in each year, a statement of the net amount of the income so received.
(1949 Rev., S. 144.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-53. - Exhibition of claims against estates.

When any person who has mortgaged property to the state for the benefit of either of said funds dies or becomes insolvent and a time is legally limited for the exhibition of claims against his estate, the executor, administrator or trustee shall give notice of such death or insolvency and limitation and of the names and addresses of the commissioners on such estate, if such commissioners have been appointed, by letter deposited in the post office, addressed to the Treasurer, who, on receiving it, shall transmit in the same manner, to such executor, administrator or trustee, or to either commissioner on such estate, a copy of the contract secured by such mortgage, certifying thereon the sum due to the state, which shall be a sufficient exhibition and notice of the claim against such estate; and, until such notice is given by the executor, administrator or trustee, the record of the mortgage deed shall be sufficient notice to him of the existence and validity of such claim and shall be considered as a sufficient exhibition thereof to the executor or administrator or commissioners on such estate.
(1949 Rev., S. 145.)
Cited. 47 C. 400.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-54. - Mortgagor's affidavit of title.

When any person mortgages any real estate to this state for the benefit of either of said funds, he shall make and lodge with the Treasurer an affidavit that he is the absolute owner thereof and that it is free of all encumbrances within his knowledge, except such as are stated therein.
(1949 Rev., S. 146.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-55. - Waste on mortgaged premises.

If any person removes or injures any building or fixture on any land mortgaged to the state for the benefit of either of said funds or cuts or carries away any wood or timber from such land, except for necessary firewood for use on the premises or for the erection or repair of fences or buildings on such land, without the written consent of the Treasurer, such person shall pay to the state the value of the property so removed or the amount of such injury, which, after paying the expense of its recovery, shall be applied on such mortgage debt; and, for a wilful violation of this section, such person shall be fined not more than five hundred dollars or imprisoned not more than one year or both.
(1949 Rev., S. 147.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-55k. - Municipality defined.

As used in sections 3-55i and 3-55j, “municipality” means any town, consolidated town and city or consolidated town and borough.
(May Sp. Sess. P.A. 94-1, S. 34, 53.)
History: May Sp. Sess. P.A. 94-1 effective July 1, 1994.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-55l. - Additional payments from fund to Ledyard, Montville, Norwich, North Stonington and Preston.

(a) For the fiscal year ending June 30, 2006, the municipalities of Ledyard, Montville, Norwich, North Stonington and Preston shall each receive a grant of two hundred fifty thousand dollars which shall be paid from the Mashantucket Pequot and Mohegan Fund established by section 3-55i and which shall be in addition to the grants paid to said municipalities pursuant to section 3-55j.
(b) For the fiscal year ending June 30, 2007, and each fiscal year thereafter, the municipalities of Ledyard, Montville, Norwich, North Stonington and Preston shall each receive a grant of seven hundred fifty thousand dollars which shall be paid from said fund and which shall be in addition to the grants paid to said municipalities pursuant to section 3-55j.
(c) The grants payable in accordance with this section shall be determined prior to the determination of grants pursuant to said section 3-55j and shall not be reduced proportionately if the total of the grants payable to each municipality pursuant to said section exceeds the amount appropriated for grants pursuant to section 3-55i with respect to each such year.
(June Sp. Sess. P.A. 05-3, S. 42.)
History: June Sp. Sess. P.A. 05-3 effective July 1, 2005.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-57. - Escheat of property unclaimed or unused for seven years.

Section 3-57 is repealed.
(1949 Rev., S. 149; September, 1957, P.A. 11, S. 3; 1961, P.A. 540, S. 31.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-58a. - Funds held by insurance company presumed abandoned, when.

(a) Unclaimed funds held and owing by an insurance company shall be presumed abandoned if a person other than the insured or annuitant is entitled to the funds and no address of such person is known to the company. If it is not definite and certain from the records of the company what person is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.
(b) As used in this section, “unclaimed funds” means all moneys held and owing by any insurance company unclaimed and unpaid for more than three years after the moneys became due and payable as established from the records of a life insurance company under any life or endowment insurance policy or annuity contract which has matured or terminated or after the moneys became due and payable as established from the records of any other insurance company. A life insurance policy not matured by actual proof of the death of the insured is deemed to be matured and the proceeds thereof are deemed to be due and payable if such policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding three years (1) assigned, readjusted or paid premiums on the policy, or subjected the policy to loan, or (2) corresponded in writing with the insurance company concerning the policy. Moneys otherwise payable according to the records of the company are deemed due and payable although the policy or contract has not been surrendered as required.
(1961, P.A. 540, S. 3; Nov. Sp. Sess. P.A. 81-1, S. 2, 10; P.A. 84-456, S. 3, 12; June 30 Sp. Sess. P.A. 03-1, S. 68.)
History: Nov. Sp. Sess. P.A. 81-1 redefined “unclaimed funds” in Subsec. (b) as those moneys unclaimed and unpaid for 5 rather than 10 years after they became due and payable and changed period during which insured may take action from 10 to 5 years; P.A. 84-456 amended Subsec. (a) concerning the presumption of abandonment for unclaimed funds held by a life insurance company so that such presumption is established if a person other than the insured or annuitant is entitled to the funds and no address for such person is known; June 30 Sp. Sess. P.A. 03-1 replaced references to “life insurance corporation” and “corporation” with references to “insurance company” and “company” throughout and, in Subsec. (b), decreased period for presumed abandonment from 5 to 3 years, added reference to “life insurance company” and added provision re moneys due and payable as established from the records of any other insurance company, effective August 16, 2003.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-59a. - Property held by a business association or payable in the course of demutualization of an insurance company presumed abandoned, when.

(a) Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, mineral proceeds or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder or other security holder, or a participating patron of a cooperative, who has not claimed it or corresponded in writing with the business association concerning it within three years after the date prescribed for payment or delivery, is presumed abandoned.
(b) Any sum payable on a traveler's check issued or sold in this state on which a business association is directly liable, which has been outstanding for more than fifteen years from the date of its issuance is presumed abandoned, unless the owner has within fifteen years corresponded in writing with the business association concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with such business association.
(c) Any sum payable on a money order issued or sold in this state on which a business association is directly liable, which money order has been outstanding for more than seven years from the date of its issuance, is presumed abandoned.
(d) Any property payable or distributable in the course of a demutualization of an insurance company is presumed abandoned if the property is unclaimed and unpaid three years after the date the property became payable or distributable.
(1961, P.A. 540, S. 4; P.A. 75-89, S. 2, 3; Nov. Sp. Sess. P.A. 81-1, S. 3, 10; P.A. 84-456, S. 4, 12; P.A. 93-38, S. 1; June 30 Sp. Sess. P.A. 03-1, S. 69; P.A. 06-127, S. 1.)
History: P.A. 75-89 added Subsec. (b) concerning presumption of abandonment re traveler's checks; Nov. Sp. Sess. P.A. 81-1 changed time period after which property is presumed abandoned from 10 to 7 years; P.A. 84-456 amended Subsec. (a) by deleting certain conditions concerning the presumption of abandonment, which conditions required that the holder be organized under the laws of Connecticut and that the records of the holder indicate that the last-known address of the person entitled to the property is in this state; P.A. 93-38 changed time period after which property is presumed abandoned from 7 to 5 years; June 30 Sp. Sess. P.A. 03-1 amended Subsec. (a) by adding reference to “mineral proceeds” and decreasing period for presumed abandonment from 5 to 3 years, and added Subsec. (c) re property payable or distributable in the course of demutualization of an insurance company presumed abandoned, effective August 16, 2003; P.A. 06-127 inserted new Subsec. (c) re presumption of abandonment re money orders and redesignated existing Subsec. (c) as Subsec. (d), effective July 1, 2007.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-59b. - Ownership interest in business association presumed abandoned, when.

Any ownership interest in a business association, as defined in section 3-56a, as evidenced by the stock records or membership records of the business association, owned by a person who for more than three years has neither claimed a dividend or other sum referred to in section 3-59a, nor corresponded in writing with the association, nor otherwise indicated an interest in such ownership interest as evidenced by a memorandum or other record on file with the association, is presumed abandoned.
(1971, P.A. 831, S. 1; Nov. Sp. Sess. P.A. 81-1, S. 4, 10; P.A. 84-456, S. 5, 12; P.A. 93-38, S. 2; Jun 30 Sp. Sess. P.A. 03-1, S. 70.)
History: Nov. Sp. Sess. P.A. 81-1 changed time period which must elapse before property may be presumed abandoned from 10 to 7 years; P.A. 84-456 deleted certain conditions concerning the presumption of abandonment, which conditions required that the holder be organized under the laws of Connecticut and that the records of the holder indicate that the last-known address of the person entitled to the property is in this state; P.A. 93-38 changed time period after which property is presumed abandoned from 7 to 5 years; June 30 Sp. Sess. P.A. 03-1 decreased period for presumed abandonment from 5 to 3 years, effective August 16, 2003.
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-59c. - Duties of holder of abandoned interests in business associations.

When the property to be delivered to the Treasurer pursuant to the provisions of section 3-65a is an ownership interest in a business association presumed abandoned under section 3-59b, the holder shall deliver a duplicate certificate of such interest, registered in the name of the Treasurer, to the Treasurer if such a certificate is the customary evidence of such interest and, if the ownership interest is not customarily evidenced by a certificate, the holder shall deliver such evidence of such ownership interest as the Treasurer may by regulation require.
(1971, P.A. 831, S. 2.)
2023 Connecticut General Statutes › Title 3 - State Elective Officers › Chapter 32 - Treasurer › Section 3-59d. - Delivery of duplicate certificate to Treasurer. Holder relieved of liability to others upon such delivery.

Upon delivery of a duplicate certificate, the holder and any transfer agent, registrar or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate shall be relieved of all liability of every kind in accordance with the provisions of subsection (c) of section 3-67a to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the transferee, for any losses or damages resulting to any person by the issuance and delivery to the Treasurer of the duplicate certificate.
(1971, P.A. 831, S. 3; P.A. 84-456, S. 6, 12.)
History: P.A. 84-456 amended provisions concerning liability of the holder when a duplicate certificate is issued to the treasurer, with a specific reference to relief from such liability in accordance with Sec. 3-67a.