12 U.S.C. § 216b — Disposition of unclaimed property

Page 80 TITLE 12—BANKS AND BANKING § 216b Editorial Notes AMENDMENTS 2006—Par. (2). Pub. L. 109–351 and 109–356 amended par. (2) identically, striking out ‘‘or closed banks in the District of Columbia’’ after ‘‘closed national banks’’. § 216b. Disposition of unclaimed property (a) Limitations for filing claims; publication of notice in Federal Register; contents of no- tice; disclosure of descriptive information; inspection of specific property (1) Within twelve months following October 15, 1982, the Comptroller shall publish formal notice in the Federal Register that all claims to rights of any claimant to obtain title to, or custody or possession of, any unclaimed property in the possession, custody, or control of the Comp- troller must be filed within twelve months fol- lowing the last date of publication of such for- mal notice in the Federal Register or shall thereafter be barred. (2) Such notice shall contain the names of last known owners, if any, names and locations of af- fected closed banks, and a general description of the types of unclaimed property held by the Comptroller. The Comptroller may provide addi- tional notice in local communities as it deems appropriate. (3)(A) The Comptroller shall not disclose, by publication, inspection or otherwise, informa- tion relating to the ownership or description of any specific unclaimed property prior to publi- cation of formal notice under this section. (B) Thereafter, the Comptroller shall disclose descriptive information of specific unclaimed property only to a claimant thereof. The Comp- troller may recoup expenses associated with any publication or other provision of notice from any sale of property authorized by this sub- chapter. Reasonable opportunity for inspection of specific property by a claimant thereof shall be provided in Washington, District of Colum- bia. (b) Delivery of property to claimant upon proof of entitlement; determination of validity of claims; recoupment of expenses; liability for losses; insurance requirements (1) The Comptroller shall deliver such prop- erty to any claimant or his or her legally au- thorized representative upon receiving proof deemed adequate by the Comptroller that such claimant is entitled to the property, but only if the claimant files for the property within twelve months following the last date formal notice is published in the Federal Register. (2)(A) The Comptroller shall have authority to determine the validity of all claims filed. The Comptroller may recoup expenses associated with the handling and processing of claims from any sale of property authorized by this sub- chapter. (B) All expenses associated with the delivery of any property shall be borne by the claimant. The Comptroller shall not be responsible for any loss in connection with the handling, storage, or delivery of any property to the claimant. The Comptroller may require the claimant to pur- chase insurance to cover the risk of any loss. (c) Vesting of rights, title and interest in un- claimed property in United States; sale, use, destruction or disposition of property; pro- ceeds of sale as miscellaneous receipts (1) If, after twelve months from the date for- mal notice is published in the Federal Register, any such property remains in the possession, custody, or control of the Comptroller for which no valid claim has been filed, all rights, title, and interest in such property shall immediately be vested in the United States. (2) The Comptroller shall thereupon, in his dis- cretion, sell, use, destroy, or otherwise dispose of any such unclaimed property. Such disposi- tion may include donations to the Smithsonian Institution for addition to the national collec- tion. (3) The proceeds of any sale authorized by this section, after recoupment by the Comptroller of any expenses incurred hereunder, shall be cov- ered into the Treasury as miscellaneous re- ceipts. (d) Liability for determination of validity of claims; liability for delivery, sale, etc., of property The United States, the Comptroller, or any of- ficer, employee, or agent thereof shall not be subject to personal or legal liability for any de- termination as to the validity of any claim or claims filed under this subchapter or for any de- livery, sale, destruction, or other disposition of unclaimed property. (e) Court action for determination of ownership, etc., in State or Federal court of competent jurisdiction; de novo nature of action; parties (1) A court action to determine legal owner- ship, entitlement, or right to possession may be filed in any State or Federal court of competent jurisdiction other than against the United States, the Comptroller, or any officer, agent, or employee thereof. (2) Such actions shall be determined de novo without regard to any agency determination or any disposition or delivery by the Comptroller of any particular property to any person. (3) The United States, the Comptroller, or any officer, employee, or agent thereof shall neither be a party to any such judicial proceeding nor be bound by any decision, decree, or order resulting therefrom. (f) Jurisdiction of United States Court of Federal Claims of actions against United States, Comptroller, officer, etc.; scope of review of actions of Comptroller; limitations; claims against Comptroller, officer, etc., as claim against United States (1) The United States Court of Federal Claims shall have exclusive jurisdiction to hear and de- termine any suit brought against the United States, the Comptroller, or any officer, em- ployee, or agent thereof with regard to any de- termination of a claim or the disposition of any unclaimed property. (2) The United States Court of Federal Claims may set aside actions of the Comptroller only if such actions are found to be arbitrary, capri- cious, an abuse of discretion, or otherwise not in accordance with law. (3) All claims for which the United States Court of Federal Claims has jurisdiction under Page 81 TITLE 12—BANKS AND BANKING 1 So in original. Probably should not be capitalized. this subsection shall be barred unless suit is filed within two years from the date of expira- tion of the twelve-month notice period provided by this subchapter. (4) For purposes of section 1491 of title 28, any Claim 1 against the Comptroller, the United States, or any officer, employee, or agent there- of shall be considered a claim against the United States. (Pub. L. 96–221, title VII, § 733, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 102–572, title IX, § 902(b)(1), Oct. 29, 1992, 106 Stat. 4516.) Editorial Notes AMENDMENTS 1992—Subsec. (f)(1) to (3). Pub. L. 102–572 substituted ‘‘United States Court of Federal Claims’’ for ‘‘United States Claims Court’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–572 effective Oct. 29, 1992, see section 911 of Pub. L. 102–572, set out as a note under section 171 of Title 28, Judiciary and Judicial Procedure. § 216c. Rules and regulations The Comptroller may issue rules and regula- tions necessary or appropriate to carry out this subchapter. (Pub. L. 96–221, title VII, § 734, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1515.) § 216d. Severability If any provision of this subchapter or the ap- plication of such provision to any person or cir- cumstance is held invalid, the remainder of this subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. (Pub. L. 96–221, title VII, § 735, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1515.) CHAPTER 3—FEDERAL RESERVE SYSTEM SUBCHAPTER I—DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM Sec. 221. Definitions. 221a. Additional definitions. 222. Federal reserve districts; membership of na- tional banks. 223. Number of Federal reserve cities in district. 224. Status of reserve cities under former stat- utes. 225. Federal reserve banks; title. 225a. Maintenance of long run growth of monetary and credit aggregates. 225b. Appearances before and reports to the Con- gress. 226. ‘‘Federal Reserve Act.’’ 227. ‘‘Banking Act of 1933.’’ 228. ‘‘Banking Act of 1935.’’ SUBCHAPTER II—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 241. Creation; membership; compensation and ex- penses. Sec. 242. Ineligibility to hold office in member banks; qualifications and terms of office of mem- bers; chairman and vice chairman; oath of office. 243. Assessments upon Federal reserve banks to pay expenses. 244. Principal offices of Board; chairman of Board; obligations and expenses; qualifications of members; vacancies. 245. Vacancies during recess of Senate. 246. Powers of Secretary of the Treasury as af- fected by chapter. 247. Reports to Congress. 247a. Records of action on policy relating to open- market operation and policies determined generally; inclusion in report to Congress. 247b. Appearances before Congress. 248. Enumerated powers. 248–1. Rules and regulations for transfer of funds and charges therefor among banks; clearing houses. 248a. Pricing of services. 248b. Annual independent audits of Federal reserve banks and Board. 248c. Master account and services database. 249. Repealed. 250. Independence of financial regulatory agen- cies. 251. Repealed. 252. Credit availability assessment. 253. Open data publication by the Board of Gov- ernors. SUBCHAPTER III—FEDERAL ADVISORY COUNCIL 261. Creation; membership; compensation; meet- ings; officers; procedure; quorum; vacan- cies. 262. Powers. SUBCHAPTER IV—FEDERAL OPEN MARKET COMMITTEE 263. Federal Open Market Committee; creation; membership; regulations governing open- market transactions. SUBCHAPTER V—FEDERAL DEPOSIT INSURANCE CORPORATION 264. Transferred. 265. Insured banks as depositaries of public money; duties; security; discrimination be- tween banks prohibited; repeal of incon- sistent laws. 266. State-chartered banks and other institutions as depositaries of public money; fiscal agents; duties. SUBCHAPTER VI—CAPITAL AND STOCK OF FED- ERAL RESERVE BANKS; DIVIDENDS AND EARN- INGS 281. Capital. 282. Subscription to capital stock by national banking association. 283. Public subscription to capital stock. 284. Omitted. 285. Nonvoting stock. 286. Transfers of stock; rules and regulations. 287. Value of shares of stock; increase and de- crease of stock; member banks as share- holders; surrender of shares. 288. Cancellation of stock held by member bank on insolvency or discontinuance of banking operations for sixty days; repayment of cash-paid subscriptions. 289. Dividends and surplus funds of reserve banks; transfer for fiscal year 2000.