Establishes escheatment process for safe deposit boxes in Mississippi and revises Uniform Disposition of Unclaimed Property Act.
Mississippi SB2714 amends the Uniform Disposition of Unclaimed Property Act to create an escheatment process for safe deposit boxes. If a box's rental payment is delinquent for at least one year, the lessor must notify the lessee and may remove the contents. The lessor must report the contents to the State Treasurer, who will assign a delivery date within one year. The lessor must also maintain records of the lessee's last known address and copies of the report.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.