SOUTH DAKOTA: Unclaimed Property: Escheatment of Unclaimed U.S. Savings Bonds Addressed

Abstract

S.B. 138 adds a new unclaimed intangible property provision specifically addressing the escheatment of an abandoned U.S. savings bond and/or its proceeds. Accordingly, effective as of July 1,2014, a U.S. savings bond that remains unclaimed for a three-year period will escheat to the state, and all applicable property rights and legal title to and ownership of such bonds and/or their proceeds will vest solely in South Dakota.