§ 1220 Declaration of escheat.
All postal savings system accounts created by the deposits of persons whose last known addresses are in this State which have not been claimed by the persons entitled thereto before June 1, 1971, are presumed to have been abandoned by their owners and are declared to escheat and become the property of the State.
§ 1221 Obtaining information on accounts.
The Secretary of State shall request from the Bureau of Accounts of the United States Treasury Department records providing the following information:
(1) The names of depositors at the post offices of this State whose accounts are unclaimed;
(2) The last known addresses of such persons, as shown by the records of the Post Office Department; and
(3) The balance remaining in each account, as shown by the records of the Post Office Department.
The Secretary of State shall agree to return to the Bureau of Accounts, promptly, all account cards showing last addresses in another state.
§ 1222 Proceeding to adjudicate escheat.
The Secretary of State may bring proceedings in the United States District Court to escheat unclaimed postal savings system accounts held by the United States Treasury Department. A single proceeding may be used to escheat as many accounts as may be available for escheat at 1 time.
§ 1223 Notice.
The Secretary of State shall notify depositors whose accounts are to be escheated, as follows:
(1) A letter advising that a postal savings system account in the name of the addressee is about to be escheated and setting forth the procedure by which a deposit may be claimed shall be mailed by first-class mail to the named depositor at the last address shown on the account records for each account to be escheated having an unpaid principal balance of more than $25;
(2) General notice of intention to escheat postal savings system accounts shall be published once in each of 3 successive weeks in 1 or more newspapers which combine to provide general circulation throughout the State;
(3) Special notice of intention to escheat the unclaimed postal savings system accounts originally deposited in each post office must be published once in each of 3 successive weeks in a newspaper published in the county in which the post office is located. Such notice must list the names of the owners of each unclaimed account to be escheated if the account has a principal balance of $3 or more.
§ 1224 Collection and deposit of funds; indemnification of United States.
(a) The Secretary of State shall present a copy of each final judgment of escheat to the United States Treasury Department for payment of the principal due and the interest computed under regulations of the United States Treasury Department. The payment received shall be deposited in the General Fund in the State Treasury.
(b) This State shall indemnify the United States for any losses suffered as a result of the escheat of unclaimed postal savings system accounts. The burden of the indemnification falls upon the fund into which the proceeds of the escheated accounts have been paid.