Read the full stored bill text
20LSO-0398
2020
STATE OF WYOMING
20LSO-0398
Numbered
2.0
HOUSE BILL NO. HB0135
Unclaimed property-amendments.
Sponsored by: Joint Appropriations Committee
A BILL
for
AN ACT relating to unclaimed property; providing a time limit for filing claims for unclaimed property; making conforming amendments; defining terms; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 34
‑
24
‑
101(d), 34
‑
24
‑
121(a) and 34
‑
24
‑
125(a) and by creating new subsections (d) and (e) are amended to read:
34
‑
24
‑
101.
Short title; policy statement; uniform construction.
(d)
All unclaimed property shall be placed in the custody of the administrator, subject to the
perpetual
right of the party originally owning or being entitled to the property to reclaim it upon proper proof of ownership and identity
within the time for filing claims as specified in W.S. 34
‑
24
‑
125
. Except for escrow agreements pursuant to W.S. 30
‑
5
‑
302, any provision, contract, agreement, practice, resolution, ordinance, decision, order or understanding, shall be void as contrary to this public policy, if the purpose of that provision is to avoid or contradict the custodial taking of unclaimed property by the administrator.
34
‑
24
‑
121.
Custody by state; holder relieved from liability; reimbursement of holder paying claim; reclaiming for owner; defense of holder; payment of safe deposit box or repository charges.
(a)
Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property
until the expiration of
the time period for filing claims specified in W.S. 34
‑
24
‑
125
. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property. The person who pays or delivers in this manner shall not thereafter be liable for interest.
34
‑
24
‑
125.
Filing of claim with administrator.
(a)
Subject to the limitation provided by subsection (d) of this section, a
person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file
a claim
with the administrator
a claim
at any time
on a form prescribed by the administrator and verified by the claimant.
(d)
For unclaimed property that individually or, when aggregated for a single party owning or being entitled to the unclaimed property, has an insubstantial commercial value, a person may file a claim under this section at any
time within twenty (20) years after the date on which the unclaimed property was delivered or paid to the administrator under this act, notwithstanding the expiration of any other time specified by statute, contract or court order during which an action or a proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property. The time period for filing claims specified in this subsection for all unclaimed property held by the administrator on July 1, 2020 shall begin on July 1, 2020 and shall be five (5) years. Thereafter, the time period for filing claims specified in this subsection shall apply to all property transferred to the administrator under this act.
(e)
As used in this section, "insubstantial commercial value" means unclaimed property that is valued at less than two hundred fifty dollars ($250.00).
Section 2
.
This act is effective July 1, 2020
.
(END)
1
HB0135