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Bill > SB2714

MS SB2714

MS SB2714
Safe deposit boxes; create escheatment process for and revise certain portions of Uniform Disposition of Unclaimed Property Act.

summary

Introduced
01/19/2026
In Committee
02/06/2026
Crossed Over
02/05/2026
Passed
Dead

Introduced Session

2026 Regular Session

Bill Summary

An Act To Amend Section 7-7-42, Mississippi Code Of 1972, To Provide That The State Fiscal Officer Shall Transfer Funds And Report Associated Payee Records For Any Cancelled Warrant To The Abandoned Property Fund Of The Unclaimed Property Division Of The State Treasury; To Delete The Requirement That Such Funds Shall Remain In Such Fund For Five Years; To Amend Section 89-12-3, Mississippi Code Of 1972, To Define "last-known Address," "lawful Charges" And "tangible Personal Property," And To Revise Certain Terms; To Amend Section 89-12-5, Mississippi Code Of 1972, To Revise Provisions Related To Abandoned Property; To Amend Section 89-12-17, Mississippi Code Of 1972, To Provide That Certain Tangible Personal Property Shall Be Presumed Abandoned If Conditions For A Presumption Of Abandonment Exist; To Create New Section 81-5-60, Mississippi Code Of 1972, To Establish A Safe Deposit Box Escheatment Process; To Create New Section 81-5-60.1, Mississippi Code Of 1972, To Clarify Reporting Requirements For Removal Of Safe Deposit Contents Prior To The Effective Date Of This Act; To Amend Section 89-12-11, Mississippi Code Of 1972, To Provide Circumstances In Which A Security Shall Be Presumed Abandoned; To Create New Section 89-12-18, Mississippi Code Of 1972, To Set Forth Conditions Under Which Property Held In A Safe Deposit Box May Be Presumed Abandoned And Subject To Reporting And Remittance In Accordance With Section 89-12-28; To Amend Section 89-12-30, Mississippi Code Of 1972, To Authorize The State Treasurer To Offer For Sale Tangible Property Delivered Under Section 89-12-28; To Amend Section 89-12-31, Mississippi Code Of 1972, To Provide Protection From Liability To The State Treasurer And The State For Certain Damages; To Create New Section 89-12-44, Mississippi Code Of 1972, To Require Retention Of Certain Records For Five Years; To Create New Section 89-12-28, Mississippi Code Of 1972, To Direct Delivery Of A Report And Of Certain Property To The State Treasurer; And For Related Purposes.

AI Summary

This bill establishes a new process for handling abandoned property found in safe deposit boxes and revises existing laws related to unclaimed property in Mississippi. It clarifies definitions for terms like "last-known address," "lawful charges," and "tangible personal property," and expands the definition of "intangible personal property" to include outstanding state warrants and other government obligations. A key provision creates a specific escheatment process for safe deposit boxes, requiring lessors (like banks) to notify lessees if rent is delinquent for a year or if the lease has been terminated for a year, and to eventually turn over the contents to the State Treasurer if unclaimed for three years after the lease ends. The bill also modifies rules for when securities are presumed abandoned, updates reporting requirements for the removal of safe deposit box contents, and authorizes the State Treasurer to sell tangible property from abandoned safe deposit boxes, with protections for the state and holders from liability. Finally, it mandates that certain records be retained for five years and clarifies that the State Treasurer is protected by sovereign immunity for damages related to property in their possession, with liability limited to the value of the property.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Referred To Banking and Financial Services (on 02/06/2026)

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