§ 19-10-4. Delivery of unclaimed funds and property to general treasurer.
Whenever the final dividend in liquidation shall be declared by any receiver or officer or agent of any financial institution or credit union, now or hereafter in the hands of a receiver or officer or agent for the purposes of liquidation, and two (2) years shall elapse from the time of the commencement of payment of that dividend, or whenever no dividend has been declared by the receiver of any insolvent financial institution or credit union within three (3) years of the commencement of receivership, it shall be lawful for any receiver or officer or agent, at any time thereafter, upon the allowance of his or her account by the superior court, or in the case of voluntary liquidation upon the allowance by the financial institution or credit union, and upon the order of the court or the financial institution or credit union, to pay over all the funds of the financial institution or credit union remaining in his or her hands, whether arising from unclaimed dividends or otherwise, to the general treasurer of this state to be deposited in the general treasury and to deliver all the remaining property of the financial institution or credit union to the general treasurer, upon his or her receipt for it and upon payment and delivery, the powers, obligations, duties, and liabilities of the receiver or officer or agent shall terminate.
History of Section.P.L. 1995, ch. 82, § 48.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Chapter 19-10 - Voluntary Liquidation
Section 19-10-1. - Power to liquidate — Appointment of agent.
Section 19-10-2. - Notice of liquidation.
Section 19-10-3. - Application of receivership provisions — Powers of court.
Section 19-10-4. - Delivery of unclaimed funds and property to general treasurer.
Section 19-10-5. - Advertisement and payment of unclaimed funds.