H-1525              _______________________________________________

                                                   HOUSE BILL NO. 1909

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Representatives Horn, Haugen, Ferguson, Cooper, Silver, May, Raiter, Holland, Nelson, Phillips, K. Wilson, Betrozoff, Brumsickle, Walker, Wood, Nealey, Wolfe, Nutley, Rayburn, Zellinsky, Todd, D. Sommers, Rector and Winsley

Read first time 2/10/89 and referred to Committee on Local Government.

AN ACT Relating to abandoned property held by local governments; 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.  A new section is added to chapter 63.29 RCW to read as follows:

          A local government holding abandoned intangible property that is not forwarded to the department of revenue, as authorized under RCW 63.29.100, shall not be required to maintain current records of this property for longer than five years after the property is presumed to be abandoned, and at that time may archive records of this intangible property and transfer the intangible property to its general fund.  However, the local government shall remain liable to pay the intangible property to a person or entity subsequently establishing its ownership of this intangible property.