Z-1022.3 _______________________________________________
HOUSE BILL 2682
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State of Washington 52nd Legislature 1992 Regular Session
By Representatives J. Kohl, Brumsickle and Fraser; by request of Department of Revenue
Read first time 01/23/92. Referred to Committee on Revenue.
AN ACT Relating to recovery of unclaimed property; and adding a new section to chapter 63.29 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) All intangible property, including but not limited to securities, principal, interest, dividends, or other earnings thereon, less any lawful charges, held by a business association, federal, state or local government or governmental subdivision, agency or entity, or any other person or entity, regardless of where the holder may be found, if the owner has not claimed such property or corresponded in writing with the holder concerning the property within three years after the date prescribed for payment or delivery by the issuer, unless the holder is a state that has taken custody pursuant to its own unclaimed property laws, in which case no additional period of holding beyond that of such state is necessary hereunder is presumed abandoned and subject to the custody of the state of Washington as unclaimed property if:
(a) The last known address of the owner is unknown; and
(b) The person or entity originating or issuing the intangible property is the state of Washington or any political subdivision of the state of Washington, or is incorporated, organized, created, or otherwise located in the state of Washington.
(2) The provisions of subsection (1) of this section shall not apply to property that is or may be presumed abandoned and subject to the custody of the state of Washington pursuant to any other provision of law containing a dormancy period different than that prescribed in subsection (1) of this section.
(3) The provisions of subsection (1) of this section shall apply to all property held on the effective date of this act, or at any time thereafter, regardless of when the property became or becomes presumptively abandoned.
NEW SECTION. Sec. 2. The code reviser shall codify section 1 of this act between RCW 63.29.030 and 63.29.040.