§ 33.40.110 — Voluntary liquidation—Disposition of unclaimed dividends and records.

Washington § 33.40.110

• Jurisdiction: Washington
• Title 33: WASHINGTON SAVINGS ASSOCIATION ACT
• Ch. 33.40: INSOLVENCY, LIQUIDATION, MERGER

Text

In a voluntary liquidation of a domestic association, checks issued in the liquidation or funds representing liquidating dividends or otherwise which remain undelivered for six months following the final liquidating dividend, shall be deposited with the director, together with any files, records, documents, books of account, or other papers of the association. The director, at any time after one year from delivery, may destroy any of such files, records, documents, books of account, or other papers which appear to the director to be obsolete or unnecessary for future reference. During ten years thereafter, the director shall deliver such checks, or the director's own checks in lieu thereof, or portions of such funds to the payee, or the payee's legal representative, upon receipt of satisfactory evidence of the payee's right thereto. After the ten years, the director shall cancel all such checks remaining in the director's possession and issue a check payable to the state treasurer for the amount thereof together with any other liquidating funds, and deliver them to the state treasurer. Such payment shall escheat to the state without further legal proceedings.

Severability — 1982 c 3: See note following RCW 33.04.002 .

Legislative History

[1994 c 92 s 462;1982 c 3 s 71;1953 c 71 s 11;1945 c 235 s 112; Rem. Supp. 1945 s 3717-231.]