12 U.S.C. § 216b — Disposition of unclaimed property

(a) Deadline and notice: (1) Within twelve months of October 15, 1982, the Comptroller had to publish formal notice in the Federal Register that all claims to unclaimed property in the Comptroller's possession, custody, or control must be filed within twelve months after the notice's last publication date, or be barred afterward. (2) The notice had to list the names of last known owners (if any), the names and locations of the closed banks involved, and a general description of the types of unclaimed property. The Comptroller could also give additional notice locally, as it saw fit. (3)(A) Before formal notice was published, the Comptroller couldn't disclose — by publication, inspection, or any other way — information about the ownership or description of any specific unclaimed property. (B) After that, the Comptroller can disclose descriptive information about specific unclaimed property only to a claimant of that property. The Comptroller can recoup its notice-related expenses from any authorized sale of property, and must give claimants a reasonable chance to inspect specific property in Washington, D.C. (b) Returning property to claimants: (1) The Comptroller must deliver property to a claimant or their legally authorized representative once the Comptroller receives proof it considers adequate that the claimant is entitled to it — but only if the claimant files within twelve months after the notice's last publication date. (2)(A) The Comptroller has authority to decide whether claims are valid, and can recoup its claims-handling expenses from authorized property sales. (B) The claimant bears all expenses of delivering the property. The Comptroller isn't responsible for any loss connected to handling, storing, or delivering property to a claimant, and can require the claimant to buy insurance against that risk. (c) What happens to unclaimed property: (1) If, twelve months after the Federal Register notice is published, property remains in the Comptroller's possession, custody, or control with no valid claim filed, all rights, title, and interest in it immediately vest in the United States. (2) The Comptroller can then, at its discretion, sell, use, destroy, or otherwise dispose of the property — including donating it to the Smithsonian Institution for the national collection. (3) Sale proceeds, after the Comptroller recoups its expenses, are covered into the Treasury as miscellaneous receipts. (d) No personal liability: The United States, the Comptroller, or any of the Comptroller's officers, employees, or agents can't be held personally or legally liable for deciding whether a claim is valid, or for delivering, selling, destroying, or otherwise disposing of unclaimed property. (e) Court action: (1) A court action to determine legal ownership, entitlement, or right to possession can be filed in any state or federal court of competent jurisdiction, other than against the United States, the Comptroller, or their officers, agents, or employees. (2) Such actions are decided fresh ("de novo"), without regard to any agency determination or to how the Comptroller disposed of or delivered the property. (3) The United States, the Comptroller, and their officers, employees, or agents can't be a party to that lawsuit and aren't bound by its outcome. (f) Court of Federal Claims: (1) The U.S. Court of Federal Claims has exclusive jurisdiction over suits against the United States, the Comptroller, or their officers, employees, or agents regarding a claim determination or the disposition of unclaimed property. (2) That court can set aside the Comptroller's actions only if they're arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law. (3) All such claims are barred unless suit is filed within two years after the twelve-month notice period expires. (4) For purposes of section 1491 of Title 28, any claim against the Comptroller, the United States, or their officers, employees, or agents is considered a claim against the United States.