HOUSE DOCKET, NO. 1381        FILED ON: 1/18/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 764

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Josh S. Cutler

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to escheat.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Josh S. Cutler

6th Plymouth

1/18/2017

James M. Cantwell

4th Plymouth

1/24/2017

Kenneth I. Gordon

21st Middlesex

2/1/2017

Steven S. Howitt

4th Bristol

2/3/2017

Leonard Mirra

2nd Essex

1/24/2017

Brian Murray

10th Worcester

1/26/2017

Bruce E. Tarr

First Essex and Middlesex

2/3/2017

Chris Walsh

6th Middlesex

2/2/2017

Thomas P. Walsh

12th Essex

1/30/2017


HOUSE DOCKET, NO. 1381        FILED ON: 1/18/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 764

By Mr. Cutler of Duxbury, a petition (accompanied by bill, House, No. 764) of Josh S. Cutler and others relative to deposits of property with persons having  residences or places of business in the Commonwealth.  The Judiciary.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

An Act relative to escheat.

 

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

Section 3 of Chapter 200A of the General Laws, as so appearing, is hereby stricken and replaced by the following :-

Section 3. Any deposit of property with a person having a residence or place of business in the commonwealth, or authorized to do business therein, together with the increments thereon, shall be presumed abandoned unless the owner has, within three years next preceding the date as of which reports are required by section seven:—

(1) Communicated in writing with the person concerning the deposit; or

(2) Been credited with interest on a passbook or certificate of deposit at his request; or

(3) Had any transfer, disposition of interest or other transaction noted of record in the books or records of the person; or

(4) Increased or decreased the amount of deposit; or

(5) Electronically logged in or accessed a password protected account; or

(6) Owned other property for which clause (1), (2), (3), (4), or (5) is applicable; or

(7) Had another relationship with the holder concerning which the owner has:

(i) communicated in writing with the holder, or

(ii) otherwise indicated an interest as evidenced by a memorandum on file prepared by an employee of the holder; provided, however, that if the holder communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this section at the address at which communications regarding the other relationship regularly are received.