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12 U.S.C. § 216 — Purpose

submitted 44 years ago by Pub. L. 96-221 to r/title-12-BANKS-AND-BANKING · 81 words · no verdicts yet

in plain englishAI-generated · not legal advice

This subchapter exists to dispose of unclaimed property held by the Comptroller of the Currency from closed national banks. It gives final notice that the property is available, cuts off claims after a reasonable period, and lets the Comptroller dispose of unclaimed property nobody validly claimed.

The purpose of this subchapter is to let the Comptroller of the Currency dispose of unclaimed property from closed national banks that the Comptroller possesses, has custody of, or controls. It does this in three ways: (1) giving final notice that this unclaimed property is available to be claimed; (2) cutting off a claimant's right to get that property from the Comptroller once a reasonable amount of time has passed after that notice; and (3) letting the Comptroller dispose of any property for which no claim was filed and validated under this subchapter.
the actual law source: uscode.house.gov ↗public domain

The purpose of this subchapter is to dispose of unclaimed property in the possession, custody, or control of the Comptroller of the Currency by—

(1)

providing final notice of the availability of unclaimed property from closed national banks;

(2)

barring rights of claimants to obtain such property from the Comptroller after a reasonable period of time following such notice; and

(3)

authorizing the Comptroller to dispose of such property for which no claims have been filed and validated under this subchapter.

Source credit: (Pub. L. 96–221, title VII, § 731, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(1), Oct. 16, 2006, 120 Stat. 2029.)

history & why it existsrecord from the source credit
  • 1982Enacted · Pub. L. 96-221 · 96 Stat. 1513
  • 2006Amended · Pub. L. 109-351 · 120 Stat. 2001
  • 2006Amended · Pub. L. 109-356 · 120 Stat. 2029

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-221 on 1982-10-15.

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