§216b — Title 12 Banks and Banking | U.S. Code

Summary

The Comptroller must publish a formal notice in the Federal Register within twelve months after October 15, 1982. The notice must say that anyone who wants title, custody, or possession of unclaimed property held by the Comptroller must file a claim within twelve months after the last date that notice is published, or the claim will be barred. The notice will include last known owner names (if any), the names and places of closed banks, and a general description of the kinds of property involved. The Comptroller cannot reveal details about any specific item before that first notice. After notice, the Comptroller will give details about a specific item only to a person claiming it, will allow inspection in Washington, District of Columbia, and may charge or recover reasonable publication and handling costs from any sale. A claimant or an authorized representative must show proof the Comptroller finds adequate. The claimant must pay delivery costs, the Comptroller is not responsible for loss, and the Comptroller may require insurance. If no valid claim is filed within twelve months after the final notice, ownership of the property immediately goes to the United States. The Comptroller may then sell, use, destroy, donate to the Smithsonian Institution, or otherwise dispose of the property. Money from any sale, after the Comptroller recovers expenses, goes into the Treasury as miscellaneous receipts. The United States, the Comptroller, and their employees are not personally liable for claim decisions or for how property is handled or disposed. Parties may bring court cases in State or Federal court (but not against the United States or the Comptroller) to decide ownership; those courts decide the matter anew and the United States and the Comptroller are not parties and are not bound by the result. Suits against the United States or the Comptroller about claim decisions or disposition must be filed in the United States Court of Federal Claims, which can overturn Comptroller actions only if they are arbitrary, capricious, an abuse of discretion, or not lawful. Such suits must be filed within two years from the date the twelve-month notice period expires.

Title 12, §216b

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Within twelve months following October 15, 1982, the Comptroller shall publish formal notice in the Federal Register that all claims to rights of any claimant to obtain title to, or custody or possession of, any unclaimed property in the possession, custody, or control of the Comptroller must be filed within twelve months following the last date of publication of such formal notice in the Federal Register or shall thereafter be barred.

(2)Such notice shall contain the names of last known owners, if any, names and locations of affected closed banks, and a general description of the types of unclaimed property held by the Comptroller. The Comptroller may provide additional notice in local communities as it deems appropriate.

(3)(A)The Comptroller shall not disclose, by publication, inspection or otherwise, information relating to the ownership or description of any specific unclaimed property prior to publication of formal notice under this section.

(B)Thereafter, the Comptroller shall disclose descriptive information of specific unclaimed property only to a claimant thereof. The Comptroller may recoup expenses associated with any publication or other provision of notice from any sale of property authorized by this subchapter. Reasonable opportunity for inspection of specific property by a claimant thereof shall be provided in Washington, District of Columbia.

(b)(1)The Comptroller shall deliver such property to any claimant or his or her legally authorized representative upon receiving proof deemed adequate by the Comptroller that such claimant is entitled to the property, but only if the claimant files for the property within twelve months following the last date formal notice is published in the Federal Register.

(2)(A)The Comptroller shall have authority to determine the validity of all claims filed. The Comptroller may recoup expenses associated with the handling and processing of claims from any sale of property authorized by this subchapter.

(B)All expenses associated with the delivery of any property shall be borne by the claimant. The Comptroller shall not be responsible for any loss in connection with the handling, storage, or delivery of any property to the claimant. The Comptroller may require the claimant to purchase insurance to cover the risk of any loss.

(c)(1)If, after twelve months from the date formal notice is published in the Federal Register, any such property remains in the possession, custody, or control of the Comptroller for which no valid claim has been filed, all rights, title, and interest in such property shall immediately be vested in the United States.

(2)The Comptroller shall thereupon, in his discretion, sell, use, destroy, or otherwise dispose of any such unclaimed property. Such disposition may include donations to the Smithsonian Institution for addition to the national collection.

(3)The proceeds of any sale authorized by this section, after recoupment by the Comptroller of any expenses incurred hereunder, shall be covered into the Treasury as miscellaneous receipts.

(d)The United States, the Comptroller, or any officer, employee, or agent thereof shall not be subject to personal or legal liability for any determination as to the validity of any claim or claims filed under this subchapter or for any delivery, sale, destruction, or other disposition of unclaimed property.

(e)(1)A court action to determine legal ownership, entitlement, or right to possession may be filed in any State or Federal court of competent jurisdiction other than against the United States, the Comptroller, or any officer, agent, or employee thereof.

(2)Such actions shall be determined de novo without regard to any agency determination or any disposition or delivery by the Comptroller of any particular property to any person.

(3)The United States, the Comptroller, or any officer, employee, or agent thereof shall neither be a party to any such judicial proceeding nor be bound by any decision, decree, or order resulting therefrom.

(f)(1)The United States Court of Federal Claims shall have exclusive jurisdiction to hear and determine any suit brought against the United States, the Comptroller, or any officer, employee, or agent thereof with regard to any determination of a claim or the disposition of any unclaimed property.

(2)The United States Court of Federal Claims may set aside actions of the Comptroller only if such actions are found to be arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.

(3)All claims for which the United States Court of Federal Claims has jurisdiction under this subsection shall be barred unless suit is filed within two years from the date of expiration of the twelve-month notice period provided by this subchapter.

(4)For purposes of section 1491 of title 28, any Claim 11 So in original. Probably should not be capitalized. against the Comptroller, the United States, or any officer, employee, or agent thereof shall be considered a claim against the United States.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1992—Subsec. (f)(1) to (3). Pub. L. 102–572 substituted “United States Court of Federal Claims” for “United States Claims Court”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1992 AmendmentAmendment by Pub. L. 102–572 effective Oct. 29, 1992, see section 911 of Pub. L. 102–572, set out as a note under section 171 of Title 28, Judiciary and Judicial Procedure.

§216b Disposition of Unclaimed Property