Bill Text: IA SF2283 | 2013-2014 | 85th General Assembly | Enrolled
Bill Title: A bill for an act providing a procedure for the escheatment of United States savings bonds presumed abandoned. (Formerly SSB 3195.) Effective 7-1-14.
Sponsorship: Committee Bill
Status: (Passed) 2014-04-10 - Signed by Governor. S.J. 762. [SF2283 Detail]
Download: Iowa-2013-SF2283-Enrolled.html
Senate
File
2283
AN
ACT
PROVIDING
A
PROCEDURE
FOR
THE
ESCHEATMENT
OF
UNITED
STATES
SAVINGS
BONDS
PRESUMED
ABANDONED.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
NEW
SECTION
.
556.9B
United
States
savings
bonds
——
escheatment
procedures.
1.
Notwithstanding
any
provision
of
this
chapter
to
the
contrary,
the
escheat
of
United
States
savings
bonds
and
proceeds
from
such
bonds
to
the
state
shall
be
governed
by
this
section.
2.
United
States
savings
bonds
held
or
owing
in
this
state
by
any
person,
or
issued
or
owed
in
the
course
of
a
holder’s
business,
or
issued
or
owed
by
a
state
or
other
government,
governmental
subdivision,
agency,
or
instrumentality,
and
all
proceeds
from
such
bonds,
shall
escheat
to
the
state
three
years
after
such
bonds
are
presumed
abandoned
property
under
section
556.9,
subsection
1.
All
property
rights
and
legal
title
to
and
ownership
of
such
United
States
savings
bonds
or
proceeds
from
such
bonds,
including
all
rights,
powers,
and
privileges
of
survivorship
of
any
owner,
co-owner,
or
beneficiary,
shall
vest
solely
in
the
state.
3.
Within
one
hundred
eighty
days
after
the
three-year
period
referred
to
in
subsection
2,
if
a
claim
has
not
been
filed
in
accordance
with
the
provisions
of
section
556.19
for
the
United
States
savings
bonds,
the
treasurer
of
state
shall
commence
a
civil
action
in
the
district
court
of
Polk
county
for
a
determination
that
the
savings
bonds
shall
escheat
to
the
state.
The
treasurer
of
state
may
postpone
the
bringing
of
such
an
action
until
sufficient
United
States
savings
bonds
have
accumulated
in
the
treasurer
of
state’s
custody
to
justify
Senate
File
2283,
p.
2
the
expense
of
the
civil
action.
4.
a.
In
lieu
of
the
notice
and
publication
provisions
specified
in
section
556.12,
the
treasurer
of
state
or
the
treasurer
of
state’s
attorney
must
file
an
affidavit
or
a
declaration
stating
all
of
the
following
that
apply:
(1)
That
personal
service
of
notice
or
notification
by
certified
mail
has
been
attempted
at
the
last
known
address
of
all
named
defendants
unless
the
treasurer
or
the
treasurer’s
attorney
has
reason
to
believe
that
the
address
submitted
by
the
holder
is
unknown
or
not
otherwise
sufficient
to
ensure
that
personal
service
or
delivery
of
such
notice
will
likely
occur.
The
notice
shall
notify
the
defendant
of
the
information
in
paragraph
“b”
,
subparagraphs
(1),
(2),
and
(3).
(2)
That
a
reasonable
effort
has
been
made
to
ascertain
the
names
and
addresses
of
any
defendants
sought
to
be
served
as
unknown
parties.
(3)
That
service
of
summons
pursuant
to
subparagraph
(1)
or
(2)
has
been
unsuccessful.
b.
Following
the
filing
of
the
affidavit
or
declaration
pursuant
to
paragraph
“a”
,
the
treasurer
of
state
shall
serve
notice
by
publication.
Publication
of
the
notice
shall
be
made
once
each
week
for
three
consecutive
weeks
in
a
newspaper
of
general
circulation
published
in
the
county
where
the
petition
is
filed.
Such
notice
shall
name
any
defendant
to
be
served
and
shall
notify
the
defendant
of
the
following:
(1)
The
defendant
has
been
sued
in
a
named
court.
(2)
The
defendant
must
answer
the
petition
or
other
pleading
or
otherwise
defend,
on
or
before
a
specified
date
that
is
less
than
forty-one
days
after
the
date
the
notice
is
first
published.
(3)
If
the
defendant
does
not
answer
or
otherwise
defend,
the
petition
or
other
pleading
will
be
taken
as
true
and
judgment,
the
nature
of
which
must
be
stated,
will
be
rendered
accordingly.
5.
If
a
person
does
not
file
a
claim
or
appear
at
the
hearing
to
substantiate
a
claim,
or
if
the
court
determines
that
a
claimant
is
not
entitled
to
the
property
claimed
by
the
claimant,
the
court,
if
satisfied
by
evidence
that
the
treasurer
of
state
has
substantially
complied
with
the
laws
of
this
state,
shall
enter
a
judgment
that
the
United
States
savings
bonds
have
escheated
to
the
state,
and
all
property
rights
and
legal
title
to
and
ownership
of
such
savings
bonds
or
proceeds
from
such
bonds,
including
all
rights,
powers,
Senate
File
2283,
p.
3
and
privileges
of
survivorship
of
any
owner,
co-owner,
or
beneficiary,
have
vested
solely
in
the
state.
6.
The
treasurer
of
state
shall
redeem
United
States
savings
bonds
escheated
to
the
state
and
the
proceeds
from
the
redemption
shall
be
deposited
into
the
general
fund
of
the
state
in
accordance
with
section
556.18.
7.
Any
person
making
a
claim
for
the
United
States
savings
bonds
escheated
to
the
state
under
this
section,
or
for
the
proceeds
from
such
bonds,
may
file
a
claim
in
accordance
with
section
556.19.
Upon
providing
sufficient
proof
of
the
validity
of
the
person’s
claim,
the
treasurer
of
state
may
pay
such
claim
in
accordance
with
the
provisions
of
section
556.20.
______________________________
PAM
JOCHUM
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2283,
Eighty-fifth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2014
______________________________
TERRY
E.
BRANSTAD
Governor
