A bill to dispose of unclaimed property from closed national banks.

Summary

Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to add to such Act a Part C - Disposition of Unclaimed Property Recovered from Closed National Banks. Directs the Comptroller of the Currency, within 12 months following the date of enactment of this Act, to publish formal notice in the Federal Register that all claims to rights of any person or entity to obtain possession of any unclaimed property in the possession, custody, or control of the Comptroller must be filed within 12 months following the last date of publication of such formal notice. Sets forth the information to be contained in such notice. Directs the Comptroller to deliver such property to any demonstrably rightful owner or his or her legally authorized representative. Vests in the United States all rights, title, and interest in any property which is not claimed within 12 months of the date of such notice. Permits a court action, except an action against the United States or the Comptroller, to determine legal ownership, entitlement, or right to possession to be filed in any State or Federal court of competent jurisdiction. Grants the U.S. Court of Claims exclusive jurisdiction to hear such an action against the United States or the Comptroller.

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1 official file

• Introduced in House

  summary · EN · 16 December 1981

  Open at official source

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