§ 19-10-4 - Delivery of unclaimed funds and property to general treasurer. - Rhode Island Statutes

SECTION 19-10-4

   § 19-10-4  Delivery of unclaimed funds andproperty to general treasurer. – Whenever the final dividend in liquidation shall be declared by any receiver orofficer or agent of any financial institution or credit union, now or hereafterin the hands of a receiver or officer or agent for the purposes of liquidation,and two (2) years shall elapse from the time of the commencement of payment ofthat dividend, or whenever no dividend has been declared by the receiver of anyinsolvent financial institution or credit union within three (3) years of thecommencement of receivership, it shall be lawful for any receiver or officer oragent, at any time thereafter, upon the allowance of his or her account by thesuperior court, or in the case of voluntary liquidation upon the allowance bythe financial institution or credit union, and upon the order of the court orthe financial institution or credit union to pay over all the funds of thefinancial institution or credit union remaining in his or her hands, whetherarising from unclaimed dividends or otherwise, to the general treasurer of thisstate, to be deposited in the general treasury and to deliver all the remainingproperty of the financial institution or credit union to the general treasurer,upon his or her receipt for it and upon payment and delivery, the powers,obligations, duties, and liabilities of the receiver or officer or agent shallterminate.