Section 19 Unclaimed money of former wards; annual pay over to state treasurer; disposition - Massachusetts Statutes

Section 19. Annually on or before November thirtieth, the commissioner shall pay to the state treasurer all unclaimed money held by the department for the benefit of any former ward of the department whose whereabouts is then unknown and has been unknown for seven years subsequent to his coming of age. At the time of so paying over any such money, the commissioner shall certify to the comptroller the amount of such money then held for the benefit of each former ward, his full name, age, if known, and last known address, the names of his parents, if known, and such further information as the commissioner deems relevant; and said comptroller shall make and keep a record thereof.

The state treasurer may receive from the commissioner the unclaimed money paid over under this section and shall hold it as a separate fund. Upon certificate of the comptroller that a claim thereto satisfactory to him shall have been established and approved in writing by the attorney general, the state treasurer shall pay to any former ward, or to his guardian or conservator in case of his mental or other legal disability, or to his legal representatives in case of his death, the amount of money held for his benefit and paid over to the state treasurer under this section, without any accumulations accruing thereto after such payment, out of the principal of the fund in which the money so claimed was held as aforesaid. The said funds, if in cash, shall be invested safely by the state treasurer, or, if in securities he may hold them in their original form or, upon the approval of the governor sell them and reinvest the proceeds in securities which are legal investments for the commonwealth sinking funds. He shall be held responsible for the faithful management of said trust funds in the same manner as for other funds held by him in his official capacity.