HOUSE BILL 2682






                        52nd Legislature

                      1992 Regular Session

Passed by the House February 13, 1992

  Yeas 96   Nays 0




Speaker of the

       House of Representatives


Passed by the Senate March 6, 1992

  Yeas 49   Nays 0



I, Alan Thompson, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 2682 as passed by the House of Representatives and the Senate on the dates hereon set forth.




President of the Senate

                               Chief Clerk



Approved Place Style On Codes above, and Style Off Codes below.





Governor of the State of Washington

                        Secretary of State

                       State of Washington



                                  HOUSE BILL 2682



                     Passed Legislature - 1992 Regular Session



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.Modifying provisions regarding recovery of unclaimed property.

     AN ACT Relating to recovery of unclaimed property; and adding a new section to chapter 63.29 RCW.




     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.