Current with changes from the 2024 Legislative Session
Section 17-202 - Agreement with federal government(a) The Administrator shall endeavor to enter into an agreement with the federal government concerning abandoned property in federal custody.(b) The agreement shall provide:(1) Unless federal law provides otherwise, that tangible abandoned property in federal custody that was initially acquired in this State shall be delivered to the Administrator;(2) That if the last known address of any owner of intangible abandoned property in federal custody is in this State:(i) The situs of the abandoned property is in this State, and the abandoned property shall be delivered to the Administrator; and(ii) That the address of any other owner of the abandoned property in federal custody is determined by federal law;(3) For payment of the State's proportionate share of costs incurred by the federal government in: (i) Investigating records of abandoned property;(ii) Reporting information about abandoned property to the Administrator; and(iii) Delivering the abandoned property to the Administrator;(4) The manner and times of payment, including a provision that payments may be made at stated times over a period of years;(5) That this State indemnifies the federal government against any claim made as a result of the delivery of abandoned property to this State under the agreement; and(6) That the Attorney General of this State shall intervene in any action or proceeding brought against the federal government as a result of action taken in accordance with the agreement.