§ 27-14.3-49 - Unclaimed and withheld funds. - Rhode Island Statutes

SECTION 27-14.3-49

   § 27-14.3-49  Unclaimed and withheld funds.– (a) All unclaimed funds subject to distribution in accordance with §27-14.3-46 remaining in the liquidator's hands when he or she is ready to applyto the court for discharge, including the amount distributable to any creditor,shareholder, member, or other person who is unknown or cannot be found, shallbe deposited with the general treasurer, and shall be paid without interestexcept in accordance with § 27-14.3-46 to the person entitled to the fundsor his or her legal representative upon satisfactory proof to the generaltreasurer of his or her right to the funds. Any amount on deposit not claimedwithin one year from the discharge of the liquidator shall be deemed to havebeen abandoned and shall be escheated without formal escheat proceedings and bedeposited with the general treasurer.

   (b) All funds withheld under § 27-14.3-41 and notdistributed shall upon discharge of the liquidator be deposited with thegeneral treasurer and paid by him or her in accordance with § 27-14.3-46.Any sums remaining which under § 27-14.3-46 would revert to theundistributed assets of the insurer shall be transferred to the generaltreasurer and become the property of the state under subsection (a) of thissection, unless the commissioner, in his or her discretion, petitions the courtto reopen the liquidation under § 27-14.3-51.