§ 41-119. Payment or delivery of abandoned property.

Current through October 23, 2012

(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing a report required by § 41-117, the holder of property presumed abandoned shall pay, deliver, or cause to be paid or delivered to the Mayor the property described in the report as unclaimed, but if the property is an automatically renewable deposit, and a penalty or forfeiture in the payment of interest would result, the time for compliance is extended until a penalty or forfeiture would no longer result. Tangible property held in a safe deposit box or other safekeeping depository shall not be delivered to the Mayor until 120 days after filing the report required in § 41-117.

(b) Repealed.

(d) The holder of an interest under § 41-109 shall deliver a duplicate certificate or other evidence of ownership to the Mayor if the holder does not issue certificates of ownership. Upon delivery of a duplicate certificate to the Mayor, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provisions of § 41-120 to every person, including any person acquiring the original certificate or the duplicate of the certificate delivered to the Mayor, for any losses or damages resulting to any person by the issuance and delivery to the Mayor of the duplicate certificate.

                
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(Mar. 5, 1981, D.C. Law 3-160, § 119, 27 DCR 5150; June 11, 1981, D.C. Law 4-10, § 2(c), 28 DCR 1989; Sept. 29, 1992, D.C. Law 9-161, § 2(o), 39 DCR 5696; Mar. 20, 1998, D.C. Law 12-60, § 1701(n), 44 DCR 7378.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 42-219.

Temporary Amendments of Section

Section 1701(n) of D.C. Law 12-59 rewrote (a); and repealed (b) and (c).

Section 2001(b) of D.C. Law 12-59 provided that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary amendment of section, see § 1701(n) of the Fiscal Year 1998 Revised Budget Support Emergency Act of 1997 (D.C. Act 12-152, October 17, 1997, 44 DCR 6196), and see § 1701(n) of the Fiscal Year 1998 Revised Budget Support Congressional Review Emergency Act of 1997 (D.C. Act 12-239, January 13, 1998, 45 DCR 508).

Legislative History of Laws

For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.

For legislative history of D.C. Law 4-10, see Historical and Statutory Notes following § 41-117.

For legislative history of D.C. Law 9-161, see Historical and Statutory Notes following § 41-103.

For legislative history of D.C. Law 12-59, see Historical and Statutory Notes following § 41-102.

For legislative history of D.C. Law 12-60, see Historical and Statutory Notes following § 41-102.

Uniform Law

This section is based upon § 19 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.