Browse Arkansas Code titles and sections
18-28-231. Escheatment — United States savings bond.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-231. Escheatment — United States savings bond.
(a) Notwithstanding any law to the contrary, including § 18-28-202(a)(10) and (14) and § 18-28-219(b), a United States savings bond held or owing in this state is presumed abandoned if the savings bond remains unclaimed for five (5) years after the date of maturity of the United States savings bond.
(b) If a United States savings bond is presumed abandoned under subsection (a) of this section, the United States savings bond shall escheat to the state two (2) years after becoming abandoned property according to subsections (c)-(f) of this section.
(c)(1) If no claim for the United States savings bond is filed under § 18-28-215, the administrator shall file a civil action for escheatment of the United States savings bond within one hundred eighty (180) days after the two-year period under subsection (b) of this section.
(2) The administrator may postpone filing a civil action under subdivision (c)(1) of this section until additional United States savings bonds accumulate to justify the expense of the proceeding.
(d) The administrator shall provide notice of the civil action to an individual named as a defendant in the civil action in the manner provided for under § 16-3-101 et seq., and prescribed by Rule 4 of the Arkansas Rules of Civil Procedure.
(e) If no person files a claim or appears at the hearing to substantiate a claim or if the court determines that a claimant is not entitled to the property claimed by the claimant, then the court shall enter judgment that:
(1) The United States savings bond escheats to the state; and
(2) All property rights and legal title to and ownership of the United States savings bond or proceeds from the United States savings bond, including all rights, powers, and privi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-231
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:18-28-231
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9bedd6bb3dfafcc10ac92c195525c516fe37e235c495e6815ea73f47b4b7e459
Source location: content.xml paragraph 7027
Stored source content
18-28-231. Escheatment — United States savings bond.
(a) Notwithstanding any law to the contrary, including § 18-28-202(a)(10) and (14) and § 18-28-219(b), a United States savings bond held or owing in this state is presumed abandoned if the savings bond remains unclaimed for five (5) years after the date of maturity of the United States savings bond.
(b) If a United States savings bond is presumed abandoned under subsection (a) of this section, the United States savings bond shall escheat to the state two (2) years after becoming abandoned property according to subsections (c)-(f) of this section.
(c)(1) If no claim for the United States savings bond is filed under § 18-28-215, the administrator shall file a civil action for escheatment of the United States savings bond within one hundred eighty (180) days after the two-year period under subsection (b) of this section.
(2) The administrator may postpone filing a civil action under subdivision (c)(1) of this section until additional United States savings bonds accumulate to justify the expense of the proceeding.
(d) The administrator shall provide notice of the civil action to an individual named as a defendant in the civil action in the manner provided for under § 16-3-101 et seq., and prescribed by Rule 4 of the Arkansas Rules of Civil Procedure.
(e) If no person files a claim or appears at the hearing to substantiate a claim or if the court determines that a claimant is not entitled to the property claimed by the claimant, then the court shall enter judgment that:
(1) The United States savings bond escheats to the state; and
(2) All property rights and legal title to and ownership of the United States savings bond or proceeds from the United States savings bond, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, are vested solely in the state.
(f) Notwithstanding §§ 18-28-213 and 18-28-225, the administrator shall redeem any United States savings bonds escheated to the state and deposit the proceeds recovered by the administrator into the Unclaimed Property Proceeds Trust Fund.
(g)(1) Notwithstanding § 18-28-215(c), a person may file a claim with the administrator for a United States savings bond or the proceeds from the savings bond that has escheated to the state under this section.
(2)(A) Upon submission of sufficient proof of the validity of a claim for a United States savings bond that has escheated to the state, the administrator may pay the claim after deducting the expense incurred by the administrator in securing full title and ownership of the United States savings bond by escheatment.
(B) Upon payment of a valid claim, no action thereafter shall be maintained by any other claimant against the state for the funds.
(h) The administrator may contract with and obtain outside legal counsel in the administration of this section.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-3-101. Publication of required advertisements generally.
(a) All advertisements and orders of publication required by law or order of any court, or in conformity with any deed of trust, or real estate mortgage, or chattel mortgage where the amount therein received exceeds the sum of three hundred fifty dollars ($350), or power of attorney or administrators' notices, to be made, shall be published in at least one (1) newspaper published and having a bona fide circulation in the county in which the proceedings are had, to which the advertisement or order of publication shall pertain.
(b) If there is no newspaper published in the county, then publication shall be made by posting five (5) written or printed notices in five (5) of the most public places in the county.
(c) If there is more than one (1) legal newspaper in a county, publication may be made in each newspaper.
(d)(1) As to amounts under three hundred fifty dollars ($350), written or printed notices may be posted in five (5) conspicuous places in the county.
(2) Notice shall be served in all cases upon the debtor as summons are served.
(e) This section shall not apply to warning orders governed by Rule 4(f) of the Arkansas Rules of Civil Procedure.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-3-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 16-3-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-202. Presumptions of abandonment.
(a) Property is presumed abandoned if it is unclaimed by the apparent owner during the time stated below for the particular property:
(1) Traveler's check, fifteen (15) years after issuance;
(2) Money order, seven (7) years after issuance;
(3) Stock or other equity interest in a business association or financial organization, including a security entitlement under the Uniform Commercial Code — Investment Securities, § 4-8-101 et seq., seven (7) years after the earlier of:
(A) The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner;
(B) The date of the second mailing of a statement of account or other notification or communication that was returned as undeliverable or after the holder discontinued mailings, notifications, or communications to the apparent owner; or
(C) The date that the security holder or payee is presumed lost or unresponsive under 17 C.F.R. § 240.17Ad-17, as it existed on January 23, 2013;
(4) Debt of a business association or financial organization, other than a bearer bond or an original issue discount bond, three (3) years after the date of the most recent interest payment unclaimed by the apparent owner;
(5) A demand, savings, or time deposit, including a deposit that is automatically renewable, three (3) years after the earlier of maturity or the date of the last indication by the owner of interest in the property; but a deposit that is automatically renewable is not matured for purposes of this section upon its initial date of maturity, unless the most recent correspondence from the financial organization to the owner has been returned unclaimed or undelivered to the financial organization by the postal service;
(6) Money or credits owed t
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-202
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-202. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-215. Filing claim with administrator — Handling of claims by administrator.
(a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant.
(b) Within ninety (90) days after a claim is filed, the administrator shall allow or deny the claim and give written notice of the decision to the claimant. If the claim is denied, the administrator shall inform the claimant of the reasons for the denial and specify what additional evidence is required before the claim will be allowed. The claimant may then file a new claim with the administrator or maintain an action under § 18-28-216.
(c)(1) Except as provided in subdivision (c)(2) of this section, within thirty (30) days after a claim is allowed, the property or the net proceeds of a sale of the property must be delivered or paid by the administrator to the claimant, together with any dividend, interest, or other increment to which the claimant is entitled under §§ 18-28-211 and 18-28-212.
(2) If in order to transfer property to the claimant under this section, fees or costs are required to be paid prior to transfer, the administrator may sell all or a portion of the property and deduct the costs of transfer from the proceeds of the sale, and any proceeds remaining shall be paid to the claimant.
(d) A holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator by the owner would be subject to an increment under §§ 18-28-211 and 18-28-212, may recover from the administrator the amount of the increment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-215
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-215. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-219. Periods of limitation.
(a) The expiration, before or after July 30, 1999, of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute, or court order, does not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by this subchapter.
(b) An action or proceeding may not be maintained by the administrator to enforce this subchapter in regard to the reporting, delivery, or payment of property more than ten (10) years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation is tolled. The period of limitation is also tolled by the filing of a report that is fraudulent.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-219
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-219. This identifies an authority to review, not proof of applicability.