(a)The Administrator shall endeavor to enter into an agreement with the federal government concerning abandoned property in federal custody.
(b)The agreement shall provide:
(1)Unless federal law provides otherwise, that tangible abandoned property in federal custody that was initially acquired in this State shall be delivered to the Administrator;
(2)That if the last known address of any owner of intangible abandoned property in federal custody is in this State:
(i)The situs of the abandoned property is in this State, and the abandoned property shall be delivered to the Administrator; and
(ii)That the address of any other owner of the abandoned property in federal custody is determined by federal law;
Free access — add to your briefcase to read the full text and ask questions with AI
(a) The Administrator shall endeavor to enter into an agreement with the federal government concerning abandoned property in federal custody.
(b) The agreement shall provide:
(1) Unless federal law provides otherwise, that tangible abandoned property in federal custody that was initially acquired in this State shall be delivered to the Administrator;
(2) That if the last known address of any owner of intangible abandoned property in federal custody is in this State:
(i) The situs of the abandoned property is in this State, and the abandoned property shall be delivered to the Administrator; and
(ii) That the address of any other owner of the abandoned property in federal custody is determined by federal law;
(3) For payment of the State’s proportionate share of costs incurred by the federal government in:
(i) Investigating records of abandoned property;
(ii) Reporting information about abandoned property to the Administrator; and
(iii) Delivering the abandoned property to the Administrator;
(4) The manner and times of payment, including a provision that payments may be made at stated times over a period of years;
(5) That this State indemnifies the federal government against any claim made as a result of the delivery of abandoned property to this State under the agreement; and
(6) That the Attorney General of this State shall intervene in any action or proceeding brought against the federal government as a result of action taken in accordance with the agreement.