HOUSE DOCKET, NO. 2366        FILED ON: 1/14/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1338

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act relative to abandoned property..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 3 of Chapter 200A of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting after line 28 the following new sub paragraph:

(7) For the purposes of this section, a record of the sending of an Internal Revenue Service Form 1099 INT, or its equivalent, to the persons enumerated in this section and a record of its not being returned by the United States Postal Service or its successor, shall be an indication of interest.

SECTION 2.

Section 1 of Chapter 260 of the General Laws, as so appearing, is hereby amended by striking out section 1 and inserting in place thereof the following: 

Section 1. The following actions shall be commenced only within twenty years next after the cause of action accrues:First, Actions upon contracts under seal.Second, Actions upon promissory notes signed in the presence of an attesting witness, if brought by the original payee or by his executor or administrator.Third, Actions upon contracts not limited by the following section or by any other law.Fourth, Actions under section thirty-two of chapter one hundred and twenty-three to recover for the support of inmates in state institutions.

SECTION 3. Section 2 of Chapter 260 of the General Laws, as so appearing, is hereby amended by inserting after the word “States” in line 5, the words “and actions upon bills, notes or other evidences of indebtedness issued by a bank.”