Senate Bill No. 496
(By Senators Craigo and Dittmar)
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[Introduced February 21, 1994; referred to the Committee
on the Judiciary.]
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A BILL to amend and reenact section eight, article eight, chapter
thirty-six of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to stale dated
checks held by state, local or federal entities; and
including stale dated checks as intangible property under
the uniform disposition of unclaimed property act.
Be it enacted by the Legislature of West Virginia:
That section eight, article eight, chapter thirty-six of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 8. UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT.
§36-8-8. Property held by courts and public officers and
agencies.
(a) All intangible personal property, including stale dated
checks, held for the owner by any state or federal court, public
corporation, public authority or public officer in this state, or
a political subdivision thereof, that has remained unclaimed bythe owner for more than five years is presumed abandoned:
Provided, That this provision shall in no way affect such
property in the custody or control of any state or federal court
in any pending action: Provided, however, That if any federal
statute provides for the distribution of any unclaimed property
subject to the jurisdiction of a federal court, this statute
shall not apply.
(b) Notwithstanding the provisions of subsection (a) of this
section, all intangible personal property in the custody or
control of a general receiver of a state court of record
appointed pursuant to the provisions of article six, chapter
fifty-one of this code, that has remained unclaimed by the owner
for more than five years is presumed abandoned: Provided, That
any such property in the custody or control of any such general
receiver in which there is any contingent remainder interest, or
any vested remainder interest which is subject to open to let in
persons not yet in being or to open to let in members of any
class, or any executory interest, or executory devise interest,
or any base, qualified, conditional or limited fee estate or
interest, or any other qualified, conditional, limited or
determinable estate or interest, shall not be presumed abandoned
until such property has remained unclaimed for more than five
years after such estate or interest has vested or any such class
has closed and the persons entitled to such property have been
determined.
NOTE: The purpose of this bill is to include stale dated
checks held by state, federal and local entities as intangible
property under the uniform disposition of unclaimed property act.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.