US Code (Unofficial compilation from the Legal Information Institute)

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1 US Code (Unofficial compilation from the Legal Information Institute) TITLE 12 - BANKS AND BANKING CHAPTER 26 DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER S CHECKS Please Note: This compilation of the US Code, current as of Jan. 4, 2012, has been prepared by the Legal Information Institute using data from the U.S. House of Representatives, Office of the Law Revision Counsel. It is not an official U.S. government publication. For more details please see: Notes on this document: The content in this document is taken directly from the US Code, with the following exceptions: page headers and footers, page numbering, and all formatting are artifacts of this presentation. Divider lines have been inserted between sections. The notes are set off by a vertical line and a larger left margin. The table of contents immediately following this title page is machine-generated from the headings in this portion of the Code. Commonly available fonts are used. The Legal Information Institute promotes worldwide, free public access to law via the Internet. Founded in 1992, the LII created the first legal information website. It continues to be a pre-eminent "law-not-com" publisher of legal information and an important outreach activity of the Cornell Law School.

2 TITLE 12 - BANKS AND BANKING 1 CHAPTER 26 - DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELERS CHECKS Congressional findings and declaration of purpose Definitions State entitlement to escheat or custody 3 - ii -

3 TITLE 12 BANKS AND BANKING TITLE 12 BANKS AND BANKING Chap....Sec. 1. The Comptroller of the Currency National Banks Federal Reserve System Taxation Crimes and Offenses Foreign Banking A. Export-Import Bank of the United States Farm Credit Administration [Repealed or Omitted, See Chapter 23] A. Agricultural Marketing B. Regional Agricultural Credit Corporations Adjustment and Cancellation of Farm Loans National Agricultural Credit Corporations [Repealed or Omitted] Local Agricultural-Credit Corporations, Livestock-Loan Companies and Like Organizations; Loans to Individuals To Aid in Formation or To Increase Capital Stock Federal Home Loan Banks A. Federal Home Loan Mortgage Corporation Savings Associations National Housing Federal Credit Unions Federal Loan Agency [Omitted] Federal Deposit Insurance Corporation Bank Holding Companies Bank Service Companies Security Measures for Banks and Savings Associations Credit Control [Omitted] Financial Recordkeeping Tying Arrangements Farm Credit System Federal Financing Bank National Commission on Electronic Fund Transfers Disposition of Abandoned Money Orders and Traveler s Checks Real Estate Settlement Procedures Emergency Mortgage Relief Home Mortgage Disclosure Community Reinvestment National Consumer Cooperative Bank Foreign Bank Participation in Domestic Markets Depository Institution Management Interlocks Federal Financial Institutions Examination Council A. Appraisal Subcommittee of Federal Financial Institutions Examination Council Right to Financial Privacy Depository Institutions Deregulation and Financial Regulation Simplification [Omitted or Repealed] Solar Energy and Energy Conservation Bank [Repealed] Multifamily Mortgage Foreclosure A. Single Family Mortgage Foreclosure Alternative Mortgage Transactions International Lending Supervision Expedited Funds Availability Low-Income Housing Preservation and Resident Homeownership Actions Against Persons Committing Bank Fraud Crimes Truth in Savings Payment System Risk Reduction Government Sponsored Enterprises Community Development Banking Financial Institutions Regulatory Improvement Homeowners Protection Check Truncation Secure and Fair Enforcement for Mortgage Licensing Emergency Economic Stabilization

4 TITLE 12 - CHAPTER 26 DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELERS CHECKS 53. Wall Street Reform and Consumer Protection State Small Business Credit Initiative

5 TITLE 12 - Section Congressional findings and declaration of purpose CHAPTER 26 DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER S CHECKS Sec Congressional findings and declaration of purpose Definitions State entitlement to escheat or custody Congressional findings and declaration of purpose The Congress finds and declares that (1) the books and records of banking and financial organizations and business associations engaged in issuing and selling money orders and traveler s checks do not, as a matter of business practice, show the last known addresses of purchasers of such instruments; (2) a substantial majority of such purchasers reside in the States where such instruments are purchased; (3) the States wherein the purchasers of money orders and traveler s checks reside should, as a matter of equity among the several States, be entitled to the proceeds of such instruments in the event of abandonment; (4) it is a burden on interstate commerce that the proceeds of such instruments are not being distributed to the States entitled thereto; and (5) the cost of maintaining and retrieving addresses of purchasers of money orders and traveler s checks is an additional burden on interstate commerce since it has been determined that most purchasers reside in the State of purchase of such instruments. (Pub. L , title VI, 601, Oct. 28, 1974, 88 Stat ) Applicability to Sums Payable on Money Orders, Etc., Deemed Abandoned on or After February 1, 1965; Exception Section 604 of Pub. L provided that: This title [enacting this chapter] shall be applicable to sums payable on money orders, traveler s checks, and similar written instruments deemed abandoned on or after February 1, 1965, except to the extent that such sums have been paid over to a State prior to January 1, Definitions As used in this chapter (1) banking organization means any bank, trust company, savings bank, safe deposit company, or a private banker engaged in business in the United States; (2) business association means any corporation (other than a public corporation), joint stock company, business trust, partnership, or any association for business purposes of two or more individuals; and (3) financial organization means any savings and loan association, building and loan association, credit union, or investment company engaged in business in the United States. (Pub. L , title VI, 602, Oct. 28, 1974, 88 Stat ) State entitlement to escheat or custody Where any sum is payable on a money order, traveler s check, or other similar written instrument (other than a third party bank check) on which a banking or financial organization or a business association is directly liable - 3 -

6 TITLE 12 - Section State entitlement to escheat or custody (1) if the books and records of such banking or financial organization or business association show the State in which such money order, traveler s check, or similar written instrument was purchased, that State shall be entitled exclusively to escheat or take custody of the sum payable on such instrument, to the extent of that State s power under its own laws to escheat or take custody of such sum; (2) if the books and records of such banking or financial organization or business association do not show the State in which such money order, traveler s check, or similar written instrument was purchased, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, traveler s check, or similar written instrument, to the extent of that State s power under its own laws to escheat or take custody of such sum, until another State shall demonstrate by written evidence that it is the State of purchase; or (3) if the books and records of such banking or financial organizations or business association show the State in which such money order, traveler s check, or similar written instrument was purchased and the laws of the State of purchase do not provide for the escheat or custodial taking of the sum payable on such instrument, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, traveler s check, or similar written instrument, to the extent of that State s power under its own laws to escheat or take custody of such sum, subject to the right of the State of purchase to recover such sum from the State of principal place of business if and when the law of the State of purchase makes provision for escheat or custodial taking of such sum. (Pub. L , title VI, 603, Oct. 28, 1974, 88 Stat ) - 4 -

US Code (Unofficial compilation from the Legal Information Institute) TITLE 43 - PUBLIC LANDS CHAPTER 37 PUBLIC RANGELANDS IMPROVEMENT

US Code (Unofficial compilation from the Legal Information Institute) TITLE 43 - PUBLIC LANDS CHAPTER 37 PUBLIC RANGELANDS IMPROVEMENT Please Note: This compilation of the US Code, current as of Jan. 4,