44-319.12 Securities; liquidation; effect. - Nebraska Statutes

44-319.12. Securities; liquidation; effect.All securities heretofore or hereafter deposited with the Department of Insurance by any incorporated or unincorporated insurer or assessment association shall become the property of the State of Nebraska in the event such securities remain unclaimed for a period of not less than seven years following the effective date of a voluntary or involuntary liquidation, merger, consolidation, or total reinsurance thereof. It shall be the duty of the director to take necessary action to transfer the proceeds of such securities to the State Treasurer who shall, upon receipt thereof, deposit such proceeds to the account of the state General Fund. SourceLaws 1955, c. 174, § 12, p. 501.