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Can you summarize 12 USC Chapter 2, Subchapter XVII?
NATIONAL BANKS > DISPOSITION OF UNCLAIMED PROPERTY RECOVERED FROM CLOSED NATIONAL BANKS
Short Summary
This legal document governs the procedures and requirements for handling unclaimed property recovered from closed national banks. It applies to the Comptroller of the Currency, who is responsible for the possession, custody, and control of the unclaimed property. It also applies to claimants who assert a legal interest in the property. The document outlines the process for providing final notice to claimants regarding the availability of unclaimed property and establishes a reasonable period of time for claimants to file their claims. After the specified time frame, the Comptroller is authorized to dispose of the unclaimed property for which no valid claims have been filed. The document also provides information on the delivery of property to claimants upon proof of entitlement, the determination of claim validity, and the recoupment of expenses associated with processing claims. If no valid claim is filed within the specified time frame, the rights, title, and interest in the unclaimed property will vest in the United States. The Comptroller is then authorized to sell, use, destroy, or otherwise dispose of the property, with the proceeds being covered into the Treasury. The document includes provisions protecting the United States, the Comptroller, and their officers, employees, and agents from personal or legal liability related to claim determinations or the disposition of unclaimed property. It also addresses court actions for determining ownership or right to possession, jurisdiction of the United States Court of Federal Claims, and the scope of review for actions of the Comptroller. The Comptroller has the authority to issue rules and regulations necessary to carry out the provisions of this document. In case any provision of this document is held invalid, it will not affect the remainder of the document and its application to other persons or circumstances.
Whom does it apply to?
Comptroller of the Currency, claimants asserting a demonstrable legal interest in title to, or custody or possession of, unclaimed property
What does it govern?
Disposition of unclaimed property recovered from closed national banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
U.S. Federal Government