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By Mr. Coughlin of Dedham, petition (accompanied by bill, House, No. 1377) of Robert K. Coughlin for legislation to reduce the dormancy period for certain abandoned bond proceeds. The Judiciary. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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An Act to reduce the dormancy period for certain bond proceeds. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section 5 of chapter 200A of the general laws as appearing in the 2000 Official Edition is hereby amended by inserting after the word “abandoned”, in line 14, the following new sentence:—
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 the state, or any of their authorities, agencies, instrumentalities, administrations, services, paying agents or other organizations, and remaining unclaimed for more than one year after it became payable or distributable is presumed abandoned.