§ 33-21.1-29 - Limitation periods. - Rhode Island Statutes

SECTION 33-21.1-29

   § 33-21.1-29  Limitation periods. –(a) The expiration, before or after July 1, 1987, of any period of timespecified by contract, statute, or court order, during which a claim for moneyor property can be made or during which an action or proceeding may becommenced or enforced to obtain payment of a claim for money or to recoverproperty, does not prevent the money or property from being presumed abandonedor affect any duty to file a report or to pay or deliver abandoned property tothe administrator as required by this chapter.

   (b) No action or proceeding may be commenced by theadministrator with respect to any duty of a holder under this chapter more thanten (10) years after the duty arose; however, this limitation shall not applyto any action or proceeding brought by or on behalf of the administratoragainst any federal, state, or local government, or governmental subdivision,agency, or entity for the payment or delivery of any abandoned property to theadministrator pursuant to this chapter or to enforce or collect any penaltyprovided by this chapter.