12 USC 216 - Purpose

U.S Code last checked for updates: Nov 22, 2024

§ 216.

Purpose

The purpose of this subchapter is to dispose of unclaimed property in the possession, custody, or control of the Comptroller of the Currency by—

(1)

providing final notice of the availability of unclaimed property from closed national banks;

(2)

barring rights of claimants to obtain such property from the Comptroller after a reasonable period of time following such notice; and

(3)

authorizing the Comptroller to dispose of such property for which no claims have been filed and validated under this subchapter.

(Pub. L. 96–221, title VII, § 731, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(1), Oct. 16, 2006, 120 Stat. 2029.)

cite as: 12 USC 216