Abandoned Property - General Provisions - Agreements with other states


Published: 2014-09-22

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§ 1417. Agreements with other states. 1. The state comptroller is
authorized to enter into reciprocal agreements with appropriate officers
or agencies of other states to effectuate the purposes of this chapter.

2. Reciprocal agreements entered into pursuant to this section may
include within their terms:

(a) agreement to receive and distribute abandoned property between
agreeing states, in accordance with existing law, and the manner of such
distribution;

(b) agreements for cooperation between agreeing states, including the
exchange of information and data and use of personnel, in performing
audits and other functions relating to securing compliance with this
chapter and the applicable statutes of the agreeing states by holders of
unclaimed property.

3. (a) For purposes of this section the term "states" shall mean those
states, the district of Columbia and the commonwealth of Puerto Rico,
which have enacted laws relating to the disposition of unclaimed
property and such laws require that the property be held thereby in
custody subject to claim by the person or persons entitled thereto at
any time.

(b) For purposes of this section the phrase "existing law" shall
include within its meaning decisions of the supreme court of the United
States.

4. No reciprocal agreement made pursuant to the provisions of this
section shall become effective until approved as to form by the attorney
general (of each agreeing state).