Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Presumption of abandonment
Abandoned Property (ABP) CHAPTER 1, ARTICLE 12
§ 1201. Presumption of abandonment. In any proceeding authorized by
this article if it shall appear from the records of the court of the
United States that the rightful owner or owners of money or property
which has been or shall hereafter be deposited in the custody or be
under the control of, such court, or in the custody of its depository,
registry, clerk, or other officer, have not made claim thereto for a
period of ten successive years, it shall be presumed for all purposes of
this article that such rightful owner or owners are, and during such
period have been, unknown, and that they have died without having
disposed thereof, and without having left a will, and without having
left any heirs, next-of-kin, or distributees, and that such property has
been abandoned. In a case where the rightful owners of such money or
property was a corporation it shall also be presumed for purposes of
this article that the corporation is dissolved and no longer in
existence, and its charter forfeited, and all the foregoing presumptions
set forth in this section shall be made with respect to the rightful
owners or claimants to the assets of such corporation, including its
stockholders and creditors. Any or all of the foregoing several
presumptions may be rebutted by competent evidence to the contrary.