Bill > H2826

This bill aims to simplify the process for owners of lost or stolen registered bonds issued by the Commonwealth of Massachusetts by exempting them from providing security, surety, or indemnity. Currently, when a registered bond certificate is lost or stolen, the owner typically has to provide some form of guarantee to the state before a replacement can be issued. This legislation, however, directs the Governor and Council to authorize the Treasurer and Receiver-General to create a book entry to replace the lost or stolen certificate sixty days after it's reported missing, provided the certificate's number has been canceled and its transfer and payment stopped. Crucially, the registered owner will no longer be required to furnish any security, indemnity, or pay a fee for this replacement. If the bond series has already been redeemed or stopped paying dividends, the Treasury will pay the owner the principal, any premium, and replacement interest compounded at the bond's original rate from the last dividend payment until the substitute book entry is redeemed, which the owner can choose to do up to six months after the replacement is recorded.