Safe deposit boxes; create escheatment process for and revise certain portions of Uniform Disposition of Unclaimed Property Act.

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To: Business and Financial
Institutions
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Johnson

COMMITTEE SUBSTITUTE
FOR
SENATE BILL NO. 2714

AN ACT TO AMEND SECTION 7-7-42, MISSISSIPPI CODE OF 1972, TO 1
PROVIDE THAT THE STATE FISCAL OFFICER SHALL TRANSFER FUNDS AND 2
REPORT ASSOCIATED PAYEE RECORDS FOR ANY CANCELLED WARRANT TO THE 3
ABANDONED PROPERTY FUND OF THE UNCLAIMED PROPERTY DIVISION OF THE 4
STATE TREASURY; TO DELETE THE REQUIREMENT THAT SUCH FUNDS SHALL 5
REMAIN IN SUCH FUND FOR FIVE YEARS; TO AMEND SECTION 89-12-3, 6
MISSISSIPPI CODE OF 1972, TO DEFINE "LAST-KNOWN ADDRESS," "LAWFUL 7
CHARGES" AND "TANGIBLE PERSONAL PROPERTY," AND TO REVISE CERTAIN 8
TERMS; TO AMEND SECTION 89-12-5, MISSISSIPPI CODE OF 1972, TO 9
REVISE PROVISIONS RELATED TO ABANDONED PROPERTY; TO AMEND SECTION 10
89-12-17, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT CERTAIN 11
TANGIBLE PERSONAL PROPERTY SHALL BE PRESUMED ABANDONED IF 12
CONDITIONS FOR A PRESUMPTION OF ABANDONMENT EXIST; TO CREATE NEW 13
SECTION 81-5-60, MISSISSIPPI CODE OF 1972, TO ESTABLISH A SAFE 14
DEPOSIT BOX ESCHEATMENT PROCESS; TO CREATE NEW SECTION 81-5-60.1, 15
MISSISSIPPI CODE OF 1972, TO CLARIFY REPORTING REQUIREMENTS FOR 16
REMOVAL OF SAFE DEPOSIT CONTENTS PRIOR TO THE EFFECTIVE DATE OF 17
THIS ACT; TO AMEND SECTION 89-12-11, MISSISSIPPI CODE OF 1972, TO 18
PROVIDE CIRCUMSTANCES IN WHICH A SECURITY SHALL BE PRESUMED 19
ABANDONED; TO CREATE NEW SECTION 89-12-18, MISSISSIPPI CODE OF 20
1972, TO SET FORTH CONDITIONS UNDER WHICH PROPERTY HELD IN A SAFE 21
DEPOSIT BOX MAY BE PRESUMED ABANDONED AND SUBJECT TO REPORTING AND 22
REMITTANCE IN ACCORDANCE WITH SECTION 89-12-28; TO AMEND SECTION 23
89-12-30, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE STATE 24
TREASURER TO OFFER FOR SALE TANGIBLE PROPERTY DELIVERED UNDER 25
SECTION 89-12-28; TO AMEND SECTION 89-12-31, MISSISSIPPI CODE OF 26
1972, TO PROVIDE PROTECTION FROM LIABILITY TO THE STATE TREASURER 27
AND THE STATE FOR CERTAIN DAMAGES; TO CREATE NEW SECTION 89-12-44, 28
MISSISSIPPI CODE OF 1972, TO REQUIRE RETENTION OF CERTAIN RECORDS 29
FOR FIVE YEARS; TO CREATE NEW SECTION 89-12-28, MISSISSIPPI CODE 30
OF 1972, TO DIRECT DELIVERY OF A REPORT AND OF CERTAIN PROPERTY TO 31
THE STATE TREASURER; AND FOR RELATED PURPOSES. 32
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 33
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SECTION 1. Section 7-7-42, Mississippi Code of 1972, is 34
amended as follows: 35
7-7-42. Any State of Mississippi warrant issued by the State 36
Fiscal Officer against any fund in the State Treasury which has 37
not been presented to the State Treasurer for payment within one 38
(1) year after the last day of the month in which it was 39
originally issued, shall be null and void, the obligation 40
thereafter shall be unenforceable and the State Fiscal Officer 41
shall not issue an additional warrant. 42
The State Fiscal Officer is authorized and directed to cancel 43
all outstanding warrants over one (1) year old at the end of each 44
month and shall notify the State Treasurer who shall remove such 45
warrants from his list of outstanding warrants. 46
The State Fiscal Officer shall transfer the funds * * * and 47
report the associated payee records for any cancelled warrant to 48
the Abandoned Property Fund authorized by Section 89-12-37 of the 49
Unclaimed Property Division of the State Treasury * * *. 50
This section is applicable to warrants issued on and after 51
January 1, 2000. 52
SECTION 2. Section 89-12-3, Mississippi Code of 1972, is 53
amended as follows: 54
89-12-3. As used in this chapter, unless the context 55
otherwise requires: 56
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(a) "Banking organization" means any national or state 57
bank, trust company, savings bank, land bank, private banker, or 58
any similar organization * * *. 59
(b) "Business association" means any corporation, 60
joint-stock company, business trust, partnership, or any 61
association for business purposes of two (2) or more individuals, 62
whether organized for profit or nonprofit, including, but not 63
limited to, a banking organization, financial organization, life 64
insurance corporation and utility. 65
(c) "Financial organization" means any federal or state 66
savings and loan association, building and loan association, 67
credit union, cooperative bank or investment company, farm credit 68
system cooperative, or any similar organization * * *. 69
(d) "Holder" means any person in possession of property 70
subject to the provisions of this chapter belonging to another, or 71
who is trustee in case of a trust, or is indebted to another on an 72
obligation subject to the provisions of this chapter. 73
(e) "Insurance corporation" means any association or 74
corporation transacting in this state the business of insurance 75
involving in any manner a person or property; however, this term 76
does not include self-insured workers' compensation groups or 77
associations comprised of members who have joint and several 78
liability for the workers' compensation obligation of the other 79
members. 80
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(f) "Intangible personal property" includes, but is not 81
limited to: 82
(i) Monies, checks, drafts, deposits, interest, 83
dividends, and income; 84
(ii) Credit balances, customer overpayments, gift 85
certificates, security deposits, refunds, credit memos, unpaid 86
wages, unused airline tickets, and unidentified remittances; 87
except future and prior dividends made by the workers' 88
compensation groups or associations described in paragraph (e); 89
(iii) Monies deposited to redeem stocks, bonds, 90
coupons, and other securities, or to make distributions; 91
(iv) Amounts due and payable under the terms of 92
insurance policies; 93
(v) Amounts distributable from a trust or 94
custodial fund established under a plan to provide health, 95
welfare, pension, vacation, severance, retirement, death, stock 96
purchase, profit sharing, employee savings, supplemental 97
unemployment insurance, or similar benefits; 98
(vi) Shares of corporate stock and other 99
intangible ownership interests in business associations; * * * 100
(vii) Bonds, notes and other debt 101
obligations * * *; and 102
(viii) Outstanding state warrants and other 103
outstanding obligations of a government or governmental 104
subdivision, agency or instrumentality. 105
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(g) "Tangible personal property" means any property 106
subject to Section 81-5-60 or Section 81-5-60.1 that is held in 107
safe deposit boxes maintained by a banking or financial 108
organization, or that was held in safe deposit boxes until removal 109
and storage by a banking or financial organization. 110
(h) "Last-known address" means any description, code or 111
other indication of the location of the apparent owner that 112
identifies the state, even if the description, code or indication 113
of location is not sufficient to direct the delivery of registered 114
United States mail to the apparent owner. 115
(i) "Lawful charges" mean charges against dormant 116
accounts that are authorized by statute or by contract. 117
( * * *j) "Owner(s)" means a depositor(s) in case of a 118
deposit, a beneficiary or beneficiaries in case of a trust, a 119
creditor(s), claimant(s) or payee(s) in case of other choses in 120
action, or any person(s) having a legal or equitable interest in 121
property subject to the provisions of this chapter, or * * * the 122
legal representative of the owner(s). 123
( * * *k) "Apparent owner(s)" means the person(s) who 124
appears from the records of the holder to be entitled to property 125
held by the holder. 126
( * * *l) "Person" means any individual, business 127
association, government or political subdivision or agency, 128
corporation, public authority, estate, trust, two (2) or more 129
persons having a joint or common interest, or any other legal or 130
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commercial entity whether such person is acting in his or her own 131
right or in a representative capacity. 132
( * * *m) "Treasurer" means the State Treasurer of the 133
State of Mississippi. 134
( * * *n) "Utility" means any person who owns or 135
operates in this state for public use, any plant, equipment, 136
property, franchise, or license for the transmission of 137
communications or the production, storage, transmission, sale, 138
delivery, or furnishing of electricity, water, steam or gas. 139
( * * *o) "Farm credit system cooperative association" 140
means a farmer-owned cooperative system established under the 141
authority of the Farm Credit Act of 1971, as amended, for the 142
purpose of making credit available to farmers and ranchers and 143
their cooperatives, for rural residences, and to associations and 144
other entities upon which farming operations are dependent, to 145
provide for an adequate and flexible flow of money into rural 146
areas, and to modernize and consolidate existing farm credit law 147
to meet current and future rural credit needs, and for other 148
purposes, and which are chartered by and subject to the regulatory 149
control of the Farm Credit Administration. For purposes of this 150
chapter, the term includes: 151
(i) Farm credit banks; 152
(ii) The bank for cooperatives; 153
(iii) Agricultural credit banks; 154
(iv) Federal land bank associations; 155
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(v) Federal land credit associations; 156
(vi) Production credit associations; 157
(vii) Agricultural credit associations; 158
(viii) The Federal Farm Credit Banks Funding 159
Corporation; 160
(ix) The Federal Agricultural Mortgage 161
Corporation; 162
(x) Service corporations established pursuant to 163
Section 12 USCS Section 2211; and 164
(xi) Such other institutions as may be made a part 165
of the Farm Credit System. 166
SECTION 3. Section 89-12-5, Mississippi Code of 1972, is 167
amended as follows: 168
89-12-5. (1) Subject to the provisions of Sections 89-12-17 169
and 89-12-19, the following property held or owing by a banking or 170
financial organization or by a business association shall be 171
presumed abandoned: 172
(a) Any demand, savings, or matured time deposit * * * 173
with a banking organization or financial organization, together 174
with any interest or dividend thereon, excluding any charges that 175
may have accrued, unless the owner(s) has, within five (5) years: 176
(i) Increased or decreased the amount of the 177
deposit, or presented the passbook or other similar evidence of 178
the deposit for the crediting of interest; * * * 179
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(ii) Corresponded in writing with the banking 180
organization or financial organization concerning the 181
deposit; * * * 182
(iii) Directed activity in the account in which 183
the property is held, including accessing the account or 184
information concerning the account, or issuing a direction to 185
increase, decrease or otherwise change the amount or type of 186
property held in the account; 187
( * * *iv) Otherwise indicated an interest in the 188
deposit as evidenced by a memorandum on file with the banking 189
organization or financial organization * * *; or 190
(v) Had another relationship with the banking or 191
financial organization concerning which the owner(s) has: 192
1. Communicated in writing with the banking 193
or financial organization; or 194
2. Otherwise indicated an interest as 195
evidenced by a memorandum or other record on file with the banking 196
or financial organization. 197
(b) Any sum payable on checks certified in this state 198
or on written instruments issued in this state on which a banking 199
or financial organization or business association is directly 200
liable, including, but not limited to, certificates of deposit, 201
drafts, money orders and traveler's checks, that, with the 202
exception of traveler's checks and money orders, has been 203
outstanding for more than five (5) years from the date it was 204
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payable, or from the date of its issuance if payable on demand, 205
or, in the case of traveler's checks, that has been outstanding 206
for more than fifteen (15) years from the date of its issuance, 207
or, in the case of money orders, that has been outstanding for 208
more than seven (7) years from the date of its issuance, unless 209
the owner(s) has within five (5) years, or within fifteen (15) 210
years in the case of traveler's checks or within seven (7) years 211
in the case of money orders, corresponded in writing with the 212
banking or financial organization or business association 213
concerning it, or otherwise indicated an interest as evidenced by 214
a memorandum on file with the banking or financial organization or 215
business association. 216
(2) Any certificate of deposit made in this state with a 217
banking organization, together with an interest or dividend 218
thereon, with a maturity date equal to or greater than ten (10) 219
years shall be exempt from the time limit provisions of this 220
chapter. 221
SECTION 4. Section 89-12-17, Mississippi Code of 1972, is 222
amended as follows: 223
89-12-17. (1) Unless otherwise provided by statute of this 224
state, intangible personal property shall be presumed abandoned 225
under the provisions of this chapter if the conditions for 226
presumption of abandonment stated in the provisions of this 227
chapter exist, and if: 228
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(a) The last-known address of the apparent owner is in 229
this state as shown on the records of the holder; * * * 230
(b) No address of the apparent owner appears on the 231
records of the holder, and: 232
(i) The last-known address of the apparent owner 233
is in this state * * *; 234
(ii) The holder is domiciled in this state and has 235
not previously paid the property to the state of the last-known 236
address of the apparent owner * * *; or 237
(iii) The holder is a government or governmental 238
subdivision or agency of this state and has not previously paid 239
the property to the state of the last-known address of the 240
apparent owner; * * * 241
(c) The last-known address of the apparent owner, as 242
shown on the records of the holder, is in a state designated by 243
regulation adopted by the treasurer as a state that does not 244
provide by law for presumption of abandonment or escheat of such 245
property and the holder is: 246
(i) Domiciled in this state * * *; or 247
(ii) A government or governmental subdivision or 248
agency of this state; or 249
(d) The last-known address of the apparent owner, as 250
shown on the records of the holder, is in a foreign nation and the 251
holder is: 252
(i) Domiciled in this state * * *; or 253
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(ii) A government or governmental subdivision or 254
agency of this state. 255
(2) Unless otherwise provided by statute of this state, 256
tangible personal property shall be presumed abandoned under the 257
provisions of this chapter if the conditions for presumption of 258
abandonment stated in the provisions of this chapter exist, and if 259
the situs of the tangible property is this state. 260
SECTION 5. The following shall be codified as Section 261
81-5-60, Mississippi Code of 1972: 262
81-5-60. (1) Beginning on the effective date of this act, 263
if the rental payment for a safe deposit box is delinquent for at 264
least one (1) year or the lease agreement for the safe deposit box 265
terminated not less than one (1) year prior, the lessor may send 266
written notice, by registered United States mail, and also by 267
electronic notice, if the lessor maintains an electronic mail 268
address for the lessee in its records, to the address on file for 269
the subject box that the lessor will remove the contents of the 270
box if the rent is not paid before the date specified in the 271
notice, which may not be earlier than sixty (60) days after the 272
date the notice is sent. 273
(a) The written notice under subsection (1) of this 274
section must: 275
(i) Contain a heading that reads substantially as 276
follows: "Notice: The State of Mississippi requires us to notify 277
you that your safe deposit box contents shall be deemed abandoned 278
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and may be transferred to the custody of and disposal by the State 279
Treasurer if you do not timely contact us." 280
(ii) State that the safe deposit box contents will 281
be turned over to the State Treasurer if the box rent remains 282
unpaid for a period of three (3) years; 283
(iii) State that, after the safe deposit box 284
contents are turned over to the State Treasurer, an apparent 285
owner(s) that seeks return of the property must file a claim with 286
the State Treasurer; 287
(iv) Identify any apparent owner(s) of the safe 288
deposit box contents; 289
(v) Summarize the nature of the contents that are 290
the subject of the notice; 291
(vi) Indicate the amounts currently owed for 292
unpaid rent and other lawful charges, and state that the apparent 293
owner will become liable for additional amounts in the absence of 294
timely responding; 295
(vi) Provide instructions that the apparent 296
owner(s) must follow to prevent the holder from reporting and 297
paying or delivering the property to the State Treasurer; and 298
(vii) Indicate that in the absence of promptly 299
claiming the property from the State Treasurer, the property may 300
be sold and thereafter the owner's claim shall be limited to the 301
proceeds of sale, less any amounts due the lessor for unpaid rent 302
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or other lawful charges arising from the abandonment of the safe 303
deposit box. 304
(b) The mailing of the notice under this subsection (1) 305
shall be in addition to the notice requirements of Section 306
89-12-23(5). 307
(2) If the rent is not paid within sixty (60) days of the 308
date of the notice, the lessor may open the box and shall do so in 309
the presence of no fewer than two (2) employees, of which at least 310
one (1) shall be a notary public. The lessor shall inventory the 311
contents of the box in detail on a form as provided by the State 312
Treasurer's reporting instructions, notarize such form and place 313
the contents of the box in a sealed envelope or container bearing 314
the name of the lessee to be held in the vault of the lessor until 315
the contents are escheated to the State Treasurer's office. 316
(3) The lessor shall have a lien on the package and its 317
contents to the extent of any rent or other lawful charges due and 318
owing plus the actual, reasonable costs of removing the contents 319
from the box and other lawful charges. 320
(4) The procedures provided for in this section shall be 321
strictly and exclusively followed as of the effective date of this 322
act and thereafter where the lessor of a safe deposit box elects 323
to remove contents of the box for reasons of delinquent lease 324
payment or other lease termination. 325
SECTION 6. The following shall be codified as Section 326
81-5-60.1, Mississippi Code of 1972: 327
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89-5-60.1. (1) If a lessor removed the contents of a safe 328
deposit box prior to the effective date of Section 81-5-60 because 329
payment of the rent on the box was delinquent or the lease 330
agreement for the safe deposit box was otherwise terminated, such 331
contents shall be reportable to the Treasurer pursuant to Sections 332
89-12-23 and 89-12-28, and any associated rules as adopted by the 333
State Treasurer. 334
(2) Provided that the lessor acted in good faith in removing 335
the contents from the safe deposit box and the subsequent custody 336
of the contents, the lessor shall be afforded the protections 337
provided for in Section 89-12-31. 338
(3) For the purposes of this section, "good faith" means 339
that there is no showing that the procedures followed by the 340
lessor in removing and storing the contents failed to meet 341
reasonable commercial standards of practice in the industry, and 342
that in doing so the lessor did not act negligently. 343
SECTION 7. Section 89-12-11, Mississippi Code of 1972, is 344
amended as follows: 345
89-12-11. (1) * * * A security shall be presumed abandoned 346
upon the earlier of the following: 347
(a) * * * Three (3) years after the date a 348
communication sent from the holder by registered United States 349
mail to the apparent owner is returned to the holder undelivered 350
by the United States Postal Service; however, if such returned 351
communication is re-sent within one (1) month to the apparent 352
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owner, the three-year period shall not begin to run until the day 353
the re-sent item is returned as undeliverable; or 354
(b) * * * Five (5) years after the date of the apparent 355
owner's last indication of interest in the security. 356
(2) * * * If the holder does not send communications to the 357
apparent owner of a security by registered United States mail on 358
at least an annual basis, the holder shall attempt to confirm the 359
apparent owner's interest in the security by sending the apparent 360
owner an email communication not later than three (3) years after 361
the apparent owner's last indication of interest in the security. 362
However, the holder promptly shall attempt to contact the apparent 363
owner by registered United States mail if: 364
(a) The holder does not have information needed to send 365
the apparent owner an email communication or the holder believes 366
that the apparent owner's email address in the holder's records is 367
not valid; 368
(b) The holder receives notification that the email 369
communication was not received; or 370
(c) The apparent owner does not respond to the email 371
communication within thirty (30) days after the communication was 372
sent. 373
(3) * * * If registered United States mail sent under 374
subsection (2) of this section is returned to the holder 375
undelivered by the United States Postal Service, the security 376
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shall be presumed abandoned in accordance with subsection (1)(b) 377
of this section. 378
(4) * * * If a holder in the ordinary course of its business 379
receives notice or an indication of the death of an apparent 380
owner, the holder shall attempt not later than ninety (90) days 381
after receipt of the notice or indication to confirm whether the 382
apparent owner is deceased. Notwithstanding the standards set 383
forth in subsections (1), (2) and (3) of this section, if the 384
holder either receives confirmation of the death of the apparent 385
owner in the ordinary course of its business or confirms the death 386
of the apparent owner under this subsection (4), then, the 387
property shall be presumed abandoned two (2)years after the date 388
of death of the owner. 389
* * * 390
( * * *5) Notwithstanding anything in this section or any 391
other section in this chapter to the contrary, the property 392
presumed abandoned under this chapter shall not include capital 393
credits or patronage refunds offered for payment by nonprofit 394
cooperative electric power associations, nonprofit cooperative 395
water and sewer associations, nonprofit agricultural cooperative 396
marketing associations, or farm credit system cooperative 397
associations, as defined in Section 89-12-3. Such unclaimed funds 398
shall be used for the benefit of the general membership of such 399
associations. 400
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SECTION 8. The following shall be codified as Section 401
89-12-18, Mississippi Code of 1972: 402
89-12-18. All property removed from a safe deposit box on 403
which the lease or rental period has expired due to nonpayment of 404
rent or where the lease has otherwise terminated under Section 405
81-5-60 and has been unclaimed by the owner(s) for more than three 406
(3) years from the date on which the lease or rental period 407
expired or the lease otherwise terminated shall be presumed 408
abandoned and subject to reporting and remittance in accordance 409
with Section 89-12-28. 410
SECTION 9. The following shall be codified as Section 411
89-12-28, Mississippi Code of 1972: 412
89-12-28. (1) A lessor who removes the contents from a safe 413
deposit box pursuant to the provisions of Section 81-5-60 and 414
81-5-60.1 shall report such contents to the State Treasurer. The 415
contents shall be reported separately from any other type of 416
unclaimed property reported to the State Treasurer by the lessor. 417
The State Treasurer shall create a separate and distinct unclaimed 418
property report form for the reporting of safe deposit box 419
contents. 420
(2) By December 31, 2026, the State Treasurer shall 421
promulgate rules detailing the process for the delivery of 422
contents listed in any reports of unclaimed safe deposit box 423
contents filed with the State Treasurer's office. 424
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(3) Following a filing of a report of unclaimed safe deposit 425
box contents with the State Treasurer's office, the State 426
Treasurer determine the date for delivery of the contents to the 427
State Treasurer's office. The lessor shall receive notice no less 428
than thirty (30) days before the date scheduled for delivery. No 429
delivery of contents shall be made to the State Treasurer by a 430
lessor in the absence of, or prior to, an assigned date of 431
delivery. 432
(4) If the lessee contacts the lessor to claim the contents 433
of the safe deposit box before the scheduled delivery date, an 434
updated report shall be included with the delivery that excludes 435
such contents from those delivered to the State Treasurer's 436
office. 437
(5) If after investigation the State Treasurer, in his or 438
her sole discretion, determines that the property delivered from a 439
safe deposit box has insubstantial commercial value, the State 440
Treasurer may destroy or otherwise dispose of the property at any 441
time after one hundred twenty (120) days from the date the State 442
Treasurer took custody of the property. As used in this 443
subsection (5), "insubstantial commercial value" means that the 444
probable cost of the sale exceeds the State Treasurer's estimation 445
of the value of the property. No action or proceeding may be 446
maintained against the state or any officer or against the holder 447
for or on account of any action taken by the State Treasurer or 448
such holder pursuant to this section with respect to the property. 449
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(6) Notwithstanding subsection (5) of this section, any 450
military awards, medals or decorations among the contents of any 451
safe deposit box shall not be sold, but shall be retained by the 452
State Treasurer until claimed by the lessee of the safe deposit 453
box or the lessee's estate or released to a person or entity 454
lawfully entitled to possession thereof. The State Treasurer 455
shall endeavor to work with any other entities, including other 456
states or federal agencies, as applicable, to locate the person or 457
entity lawfully entitled to the possession of any such military 458
awards, medals or decorations. 459
(7) The State Treasurer shall develop rules specifying the 460
procedures and requirements for the disposition of any firearms 461
and ammunition, illicit or inherently dangerous or hazardous 462
materials, and contraband removed by a lessor from a safe deposit 463
box. A lessor who acts in substantial compliance with such rules 464
shall be afforded the protections set forth in Section 89-12-31. 465
(8) With regard to any property from a safe deposit box 466
delivered to the State Treasurer in accordance with this section 467
that has more than insubstantial commercial value, the State 468
Treasurer shall conduct a public sale of the abandoned property 469
with commercial value pursuant to Section 89-12-62. 470
(9) Property removed from a safe-deposit box or other 471
safekeeping repository that is received by the State Treasurer's 472
office shall be subject to the holder's right under this chapter 473
to be reimbursed for the actual cost of the opening and to any 474
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valid lien or contract providing for the holder to be reimbursed 475
for unpaid rent or storage charges and any other lawful charges 476
incurred by the lessee in connection with such safe deposit box 477
lease. The State Treasurer shall make the reimbursement to the 478
holder out of the proceeds remaining after the deduction of the 479
State Treasurer's selling cost. 480
SECTION 10. Section 89-12-30, Mississippi Code of 1972, is 481
amended as follows: 482
89-12-30. (1) Securities listed on an established * * * 483
exchange must be sold at prices prevailing at the time of sale on 484
the exchange. Other securities may be sold over the counter at 485
prices prevailing at the time of sale or by any other method the 486
Treasurer considers advisable. 487
(2) Unless the Treasurer considers it to be in the best 488
interests of the state to do otherwise, all securities presumed 489
abandoned under Section 89-12-11 and delivered to the Treasurer 490
must be held for at least three (3) years before they may be sold. 491
If the Treasurer sells any securities delivered pursuant to 492
Section 89-12-11 before the expiration of the three-year period, 493
any person making a claim pursuant to this chapter before the end 494
of that time period is entitled to either the proceeds of the sale 495
of the securities or the market value of the securities at the 496
time the claim is made, whichever amount is greater. A person 497
making a claim under this chapter after the expiration of the time 498
period is entitled to receive either the securities delivered to 499
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the Treasurer by the holder, if they still remain in the hands of 500
the Treasurer, or the proceeds received from sale, but no person 501
has any claim under this chapter against the state, the holder, 502
any transfer agent, registrar or other person acting for or on 503
behalf of a holder for any appreciation in the value of the 504
property occurring after delivery by the holder to the Treasurer. 505
(3) The purchaser of property at any sale conducted by the 506
Treasurer pursuant to this chapter takes the property free of all 507
claims of the owner or previous holder thereof and of all persons 508
claiming through or under them. The Treasurer shall execute all 509
documents necessary to complete the transfer of ownership. 510
(4) All tangible property from safe deposit boxes reported 511
under Section 89-12-28, other than money with no numismatic value, 512
shall be offered for sale by the State Treasurer within three (3) 513
years of delivery. The sale shall be to the highest bidder at 514
public sale on the internet or at a specified physical location 515
wherever in the judgment of the State Treasurer the most favorable 516
market for the property exists. The State Treasurer may decline 517
the highest bid and reoffer the property for sale if the price bid 518
is insufficient in the State Treasurer's sole discretion. The 519
State Treasurer need not offer any property for sale if it has 520
insubstantial commercial value as defined in Section 89-12-28(5). 521
(a) Any sale of tangible property conducted under this 522
section through live auction at a physical location shall be 523
preceded by publication of notice at least three (3) weeks in 524
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advance of the sale in a newspaper of general circulation in the 525
county where the property is to be sold, and the State Treasurer 526
shall also post the notice on the State Treasurer's website at 527
least three (3) weeks in advance of the sale. If the public sale 528
is to be held remotely through an online auction or otherwise, the 529
State Treasurer may post the notice on the State Treasurer's 530
website at least seven (7) days in advance of the date on which 531
the sale or auction is held and maintain the notice on its website 532
through the date of the sale. 533
(b) The sale of unclaimed tangible property is not 534
subject to tax when such property is sold by or on behalf of the 535
State Treasurer pursuant to this section. 536
(c) No action or proceeding may be maintained against 537
the State Treasurer for or on account of any decision to decline 538
the highest bid or withhold any unclaimed property from sale. 539
(5) No person shall have any claim against the state, the 540
holder, any transfer agent, registrar, exchange or other person 541
acting for or on behalf of a holder or the state for any 542
appreciation in the value of the property occurring following the 543
liquidation of the property as provided for in the chapter. 544
(6) The State Treasurer may proportionately deduct auction 545
fees, preparation costs and related expenses of sale from the 546
amount payable to an apparent owner when safe-deposit box contents 547
are sold. 548
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SECTION 11. Section 89-12-31, Mississippi Code of 1972, is 549
amended as follows: 550
89-12-31. (1) Upon the payment or delivery of property to 551
the Treasurer, the state assumes custody and responsibility for 552
the safekeeping of the property. A person, including the lessor 553
of a safe deposit box, who pays or delivers property to the 554
Treasurer in good faith is relieved of all liability for any claim 555
then existing or which may arise or be made in respect to the 556
property. 557
(2) If the holder pays or delivers property to the Treasurer 558
in good faith and thereafter another person claims the property 559
from the holder or another state claims the money or property 560
under its laws relating to escheat or abandoned or unclaimed 561
property, the Treasurer, upon written notice of claim, shall 562
defend the holder against any liability on the claim. 563
(3) The Treasurer and the State of Mississippi are protected 564
from liability for damages incurred while the property or the 565
proceeds from the sale of the property are in the Treasurer's 566
possession in accordance with Mississippi statutory and common law 567
addressing sovereign immunity. But, in any event, the liability 568
of the State or the Treasurer is limited to the extent of the 569
value of the property delivered under this chapter and remaining 570
in the possession of the Treasurer at the time a suit is filed. 571
( * * *4) The holder of an interest under Section 89-12-11 572
shall deliver a * * * replacement certificate or other evidence of 573
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ownership if the holder does not issue certificate of ownership to 574
the administrator. 575
( * * *5) Any holder who has paid moneys to the Treasurer 576
pursuant to the provisions of this chapter may make payment to any 577
person appearing to such holder to be entitled thereto and, upon 578
proof of such payment and proof that the payee was entitled 579
thereto, the Treasurer shall forthwith reimburse the holder for 580
the payment. 581
SECTION 12. The following shall be codified as Section 582
89-12-44, Mississippi Code of 1972: 583
89-12-44. (1) Except as otherwise provided in subsection 584
(2) of this section, a holder required to file a report under this 585
section shall maintain the records containing the information 586
required to be included in the report for ten (10) years after the 587
holder files the report, unless a shorter period is provided by 588
rule of the State Treasurer. 589
(2) A business association or financial organization that 590
sells, issues or provides to others for sale or issue in this 591
state, traveler's checks, money orders, or similar instruments 592
other than third-party bank checks, on which the business 593
association or financial organization is directly liable, shall 594
maintain a record of the instruments while they remain 595
outstanding, indicating the state and date of issue, for three (3) 596
years after the holder files the report. 597
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ST: Safe deposit boxes; create escheatment
process for and revise certain portions of
Uniform Disposition of Unclaimed Property Act.
SECTION 13. This act shall take effect and be in force from 598
and after July 1, 2026, and shall stand repealed on June 30, 2026. 599