Section 470.020

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 470

Effective - 19 Jun 2002, see footnote   

  470.020.  Disposition of unclaimed moneys — deemed unclaimed property, when — transfer to abandoned fund account — transfer to public schools. — 1.  Within one year after the final settlement of any executor or administrator, assignee, sheriff or receiver, all moneys in his or her hands unpaid or unclaimed, as provided in section 470.010, shall, upon the order of the court in which the settlement is made, be paid to the state treasurer.

  2.  Beginning January 1, 2003, all real and personal estate that transfers or has transferred to the state pursuant to section 470.010 shall be deemed unclaimed property under the uniform disposition of unclaimed property act as set forth in chapter 447 and shall be treated in the same manner as all other unclaimed property under such act.

  3.  All moneys in the escheats fund on or after December 31, 2002, shall be transferred to the abandoned fund account created in section 447.543, and the escheats fund shall be abolished.  Any accounting information maintained by the commissioner of administration for moneys paid into the state treasury and all moneys from the sale of lands vested in the state shall be transferred to the unclaimed property division of the office of state treasurer.

  4.  The state treasurer shall remain custodian of any bonds purchased by the state board of fund commissioners prior to January 1, 2003, and shall deposit all interest received from such bonds into the abandoned fund account.  The state treasurer, in consultation with the state board of fund commissioners, shall determine the use and disposition of proceeds from all such bonds purchased by the state board.

  5.  Beginning in fiscal year 2003 and for each subsequent fiscal year, the state treasurer shall transfer from the abandoned fund account to the public schools fund an amount equal to five percent of the annual amount transferred to the general revenue fund from the abandoned fund account net any transfers from the general revenue to the abandoned fund account.

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(RSMo 1939 § 621, A.L. 1957 p. 866, A.L. 2002 S.B. 1248)

Prior revisions: 1929 § 621; 1919 § 5310; 1909 § 6257

Effective 6-19-02

CROSS REFERENCE:

Escheats fund to be used for support of public schools, 166.011