S-4035               _______________________________________________

                                                   SENATE BILL NO. 6476

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Senators McCaslin, Halsan, Zimmerman and Garrett

Read first time 1/21/88 and referred to Committee on Governmental Operations.

AN ACT Relating to abandoned property held by local government; and amending RCW 63.29.190.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 19, chapter 179, Laws of 1983 and RCW 63.29.190 are each amended to read as follows:

          (1) Except as otherwise provided in subsections (2) and (3) of this section, a person who is required to file a report under RCW 63.29.170, within six months after the final date for filing the report as required by RCW 63.29.170, shall pay or deliver to the department all abandoned property required to be reported.  Counties, cities, and junior taxing districts which hold money and intangible property may retain such until the owner notifies them and establishes his or her ownership.

          (2) If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the department, and the property will no longer be presumed abandoned.  In that case, the holder shall file with the department a verified written explanation of the proof of claim or of the error in the presumption of abandonment.

          (3) Property reported under RCW 63.29.170 for which the holder is not required to report the name of the apparent owner must be delivered to the department at the time of filing the report.

          (4) The holder of an interest under RCW 63.29.100 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the department.  Upon delivery of a  duplicate certificate to the department, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with RCW 63.29.200 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the department, for any losses or damages resulting to any person by the issuance and delivery to the department of the duplicate certificate.