§ 216b. — Disposition of unclaimed property.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC216b]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XVII--DISPOSITION OF UNCLAIMED PROPERTY RECOVERED FROM CLOSED
NATIONAL BANKS
Sec. 216b. Disposition of unclaimed property
(a) Limitations for filing claims; publication of notice in Federal
Register; contents of notice; disclosure of descriptive
information; inspection of specific property
(1) Within twelve months following October 15, 1982, the Comptroller
shall publish formal notice in the Federal Register that all claims to
rights of any claimant to obtain title to, or custody or possession of,
any unclaimed property in the possession, custody, or control of the
Comptroller must be filed within twelve months following the last date
of publication of such formal notice in the Federal Register or shall
thereafter be barred.
(2) Such notice shall contain the names of last known owners, if
any, names and locations of affected closed banks, and a general
description of the types of unclaimed property held by the Comptroller.
The Comptroller may provide additional notice in local communities as it
deems appropriate.
(3)(A) The Comptroller shall not disclose, by publication,
inspection or otherwise, information relating to the ownership or
description of any specific unclaimed property prior to publication of
formal notice under this section.
(B) Thereafter, the Comptroller shall disclose descriptive
information of specific unclaimed property only to a claimant thereof.
The Comptroller may recoup expenses associated with any publication or
other provision of notice from any sale of property authorized by this
subchapter. Reasonable opportunity for inspection of specific property
by a claimant thereof shall be provided in Washington, District of
Columbia.
(b) Delivery of property to claimant upon proof of entitlement;
determination of validity of claims; recoupment of expenses;
liability for losses; insurance requirements
(1) The Comptroller shall deliver such property to any claimant or
his or her legally authorized representative upon receiving proof deemed
adequate by the Comptroller that such claimant is entitled to the
property, but only if the claimant files for the property within twelve
months following the last date formal notice is published in the Federal
Register.
(2)(A) The Comptroller shall have authority to determine the
validity of all claims filed. The Comptroller may recoup expenses
associated with the handling and processing of claims from any sale of
property authorized by this subchapter.
(B) All expenses associated with the delivery of any property shall
be borne by the claimant. The Comptroller shall not be responsible for
any loss in connection with the handling, storage, or delivery of any
property to the claimant. The Comptroller may require the claimant to
purchase insurance to cover the risk of any loss.
(c) Vesting of rights, title and interest in unclaimed property in
United States; sale, use, destruction or disposition of
property; proceeds of sale as miscellaneous receipts
(1) If, after twelve months from the date formal notice is published
in the Federal Register, any such property remains in the possession,
custody, or control of the Comptroller for which no valid claim has been
filed, all rights, title, and interest in such property shall
immediately be vested in the United States.
(2) The Comptroller shall thereupon, in his discretion, sell, use,
destroy, or otherwise dispose of any such unclaimed property. Such
disposition may include donations to the Smithsonian Institution for
addition to the national collection.
(3) The proceeds of any sale authorized by this section, after
recoupment by the Comptroller of any expenses incurred hereunder, shall
be covered into the Treasury as miscellaneous receipts.
(d) Liability for determination of validity of claims; liability for
delivery, sale, etc., of property
The United States, the Comptroller, or any officer, employee, or
agent thereof shall not be subject to personal or legal liability for
any determination as to the validity of any claim or claims filed under
this subchapter or for any delivery, sale, destruction, or other
disposition of unclaimed property.
(e) Court action for determination of ownership, etc., in State or
Federal court of competent jurisdiction; de novo nature of
action; parties
(1) A court action to determine legal ownership, entitlement, or
right to possession may be filed in any State or Federal court of
competent jurisdiction other than against the United States, the
Comptroller, or any officer, agent, or employee thereof.
(2) Such actions shall be determined de novo without regard to any
agency determination or any disposition or delivery by the Comptroller
of any particular property to any person.
(3) The United States, the Comptroller, or any officer, employee, or
agent thereof shall neither be a party to any such judicial proceeding
nor be bound by any decision, decree, or order resulting therefrom.
(f) Jurisdiction of United States Court of Federal Claims of actions
against United States, Comptroller, officer, etc.; scope of
review of actions of Comptroller; limitations; claims against
Comptroller, officer, etc., as claim against United States
(1) The United States Court of Federal Claims shall have exclusive
jurisdiction to hear and determine any suit brought against the United
States, the Comptroller, or any officer, employee, or agent thereof with
regard to any determination of a claim or the disposition of any
unclaimed property.
(2) The United States Court of Federal Claims may set aside actions
of the Comptroller only if such actions are found to be arbitrary,
capricious, an abuse of discretion, or otherwise not in accordance with
law.
(3) All claims for which the United States Court of Federal Claims
has jurisdiction under this subsection shall be barred unless suit is
filed within two years from the date of expiration of the twelve-month
notice period provided by this subchapter.
(4) For purposes of section 1491 of title 28, any Claim \1\ against
the Comptroller, the United States, or any officer, employee, or agent
thereof shall be considered a claim against the United States.
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\1\ So in original. Probably should not be capitalized.
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(Pub. L. 96-221, title VII, Sec. 733, as added Pub. L. 97-320, title IV,
Sec. 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 102-572, title
IX, Sec. 902(b)(1), Oct. 29, 1992, 106 Stat. 4516.)
Amendments
1992--Subsec. (f)(1) to (3). Pub. L. 102-572 substituted ``United
States Court of Federal Claims'' for ``United States Claims Court''.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102-572 effective Oct. 29, 1992, see section
911 of Pub. L. 102-572, set out as a note under section 171 of Title 28,
Judiciary and Judicial Procedure.
