Bill > H1335

This bill addresses unclaimed property procedures by modifying existing Massachusetts state law to help individuals or beneficiaries recover property from terminated corporations. Specifically, the bill allows the state treasurer to certify the revival of a terminated corporation when someone claims an interest in property valued at $2,000 or less that was previously surrendered to the state. When this occurs, the state secretary will waive the standard revival fees typically required to reinstate a dissolved corporation. This means that individuals seeking to recover small amounts of unclaimed property will not have to pay additional fees to reactivate the corporation from which they are claiming assets. The legislation appears designed to reduce bureaucratic barriers and make it easier for people to reclaim small amounts of property that might otherwise remain uncollected, providing a streamlined process for recovering lost or forgotten assets.

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https://malegislature.gov/Bills/194/H1335