Article I: Purposes
It is the purpose of this compact and of the state party hereto:
- (a) To eliminate the risks and inconvenience to which holders of unclaimed property may be subject by reason of actual or possible claims thereto or to the custody thereofby more than one state.
- (b) To provide a uniform and equitable set of standards for the determination of entitlement to receive, hold and dispose of unclaimed property.
- (c) To provide methods whereby the party states may cooperate with each other in the discovery and taking possession of unclaimed property.
Article II: Definitions
As used in this compact, the term:
- (a) Unclaimed property means any property which under the laws of'the appropriate state is subject to delivery to that state for its use or custody by reason of its having been unclaimed or abandoned for, such period as the laws of that state may provide.
- (b) Holder means any obligor or any individual, business, association, government or subdivision thereof', public corporation, public authority, estate, trust, two or, more persons having a joint or, common interest, or any other legal or commercial entity having possession, custody or, control of unclaimed property.
- (c) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or possession of the United States.
Article III: Determination of Entitlement to Unclaimed Property
- (a) Only the state in which unclaimed real property or unclaimed tangible personal property is located shall be entitled to receive, hold and dispose of such property in accordance with its laws.
- (b) In the case of unclaimed property the disposition of which is not determined by the application of par. (a) of this Article, and the holder of which property is subject to the jurisdiction of only one state, that state and no other shall be entitled to receive, hold and dispose of such unclaimed property in accordance with its laws.
- (c) In respect of all unclaimed property the disposition of which is not determined by the applications of pars. (a) or (b) of this Article, entitlement shall be determined as follows:
- The state in which is located the last known address of the person entitled to the property shall be entitled to receive, hold and dispose of the same in accordance with its laws. The last known address shall be presumed to be that shown by the records of the holder.
- If the identity of the person entitled is unknown; if no address for- the person sufficient to meet the requirements of subpar I of this paragraph is known; or if the laws of the state of last known address do not subject the property in question to taking, the state under whose laws the holder is incorporated (if the holder is a corporation) or organized (if the holder is an association or artificial entity other than a corporation), or the state where the holder is domiciled (if the holder is a natural person) shall be entitled to receive, hold and dispose of the same in accordance with its laws. If the holder is incorporated or, organized under the laws of more than one party state, such party states shall be entitled to take equal shares of the property covered by this paragraph In such event, each shall bear a proportionate share of the costs of the taking.
- If the disposition of any unclaimed property is not deter mined by application of any preceding provision of this Article, the state in which is located the office of the holder, making the largest total disbursement within its immediately preceding fiscal year shall be entitled to receive, hold and dispose of' the property in accordance with its laws.
- Whenever unclaimed property has been taken by a party state in accordance with this paragraph, within one year, from the taking of such property, or within one year from the earliest time at which another party state would have been entitled to take the property in question pursuant to its unclaimed property laws, whichever date is later, any party state shall be entitled to establish the identity and last known address of an entitled person previously thought to be unknown, or to establish a later known address for an entitled person. Upon such establishment, and on the basis thereof a party state shall upon demand be entitled to receive the property from the state initially taking the same and to hold and dispose of it in accordance with its laws This subparagraph shall not apply to a claim made by a state under a statute enacted subsequent to the time when the initial state took the property.
Article IV: Cooperation
The party states pledge to each other faithful cooperation in the administration of their respective unclaimed property laws. To this end, a party state shall, upon the request of any other party state, make available to any such state any information which it may have in its possession by reason of its administration of its own unclaimed property laws, unless disclosure thereof is expressly prohibited by the laws of the party state of which the request is made Unless the party states concerned otherwise agree, the party state making a request for information pursuant to this Article shall be entitled to receive it only by bearing such costs as may be involved in furnishing the information requested.
Article V: State Laws Unaffected in Certain Respects
Each party state may enact and continue in force any statute not in conflict with the compact and may employ the escheat, custodial, or any other principle in respect of unclaimed property.
Article VI: Finality
Except as provided in Article III (c) 4:
- No unclaimed property escheated or received into the custody of a party state, prior to February 1, 1965, pursuant to its laws shall be subject to the subsequent claim of any other party state, and the enactment of this compact shall constitute a waiver by the enacting state of any such claim.
- No unclaimed property escheated or received into the custody of a party state on or after February 1, 1965, shall be subject to the subsequent claim of any other party state, and the enactment of this compact shall constitute a waiver by the enacting state of any such claim: provided that such taking was consistent with the provisions of this compact.
Article VII: Extent of Rights Determined
The only rights determined by this compact shall be those of the party states. With respect to any nonparty state, an assertion of jurisdiction to receive, hold or dispose of any unclaimed property made by a party state shall be
deter mined in the same manner and on the same basis as in the absence of this compact. In any situation involving multiple claims by states, both party and nonparty, the standards contained in this compact shall be used to determine entitlement only as among the party states. With
respect to the claims of any nonparty state any controversy shall be determined in accordance with the law as it may be in the absence of this compact. The enactment of this compact shall not constitute a waiver of any claim by a party state as against a nonparty state.
Article VIII: Entry Into Force and Withdrawal
This compact shall enter into force and become binding as to any state when it has enacted the same into law Any party state may withdraw from the compact by enacting a statute repealing the same, but no such withdrawal shall
take effect until 2 years after the executive head of the withdrawing state has given notice in writing of the withdrawal to the executive head of each other party state. Any unclaimed property which a state shall have received, or which it shall have become entitled to receive by operation of this compact during the period when
such state was party hereto shall not be affected by such withdrawal.
Article IX: Construction and Severability
This compact shall be liberally construed so as to effectuate the purposes thereof. The provisions of this compact shall be severable and if any, phrase, clause, sentence or, provision of this compact is declared to be contrary to the constitution of any party state or of the United States or the applicability thereof to any government, agency, person or circumstance is held invalid, the validity of the remainder of this compact and the applicability thereof to any government, agency, person or circumstance shall not be affected thereby. If this compact shall be held contrary to the constitution of any state party thereto, the compact shall remain in full force and effect as to the remaining states and in full force and effect as to the state affected as to all severable matters.