SENATE, No. 625

STATE OF NEW JERSEY

INTRODUCED FEBRUARY 5, 1996

By Senator CAFIERO

An Act concerning unclaimed property held by governmental entities and amending R.S.46:30B-41.2.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. R.S.46:30B-41.2 is amended to read as follows:

    46:30B-41.2. Presumption of abandonment: governmental entity. Except as otherwise provided in this article, any intangible property held by the executive, legislative, or judicial branch of the United States Government, or a state, or a county or municipal subdivision of a state, or any of their authorities, agencies, instrumentalities, administrations, services or other organizations, and remaining unclaimed for more than [one year] three years after it became payable or distributable is presumed abandoned.

(cf: P.L.1989, c.58, s.1)

    2. This act shall take effect immediately.

STATEMENT

    Under the present provisions of R.S.46:30B-41.2, a section of the Uniform Unclaimed Property Act, intangible property held by a government entity is presumed abandoned if the property remains unclaimed for one year after becoming payable. This bill would provide that property held by a governmental entity would have to remain unclaimed after becoming payable for three years before the property is deemed abandoned.

Amends section of unclaimed property statute dealing with property held by governmental entities.