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Can you summarize MGL Chapter 200A?
DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTS > DISPOSITION OF UNCLAIMED PROPERTY
Short Summary
The legal document content reviewed covers various aspects of the disposition of unclaimed property in Massachusetts. It includes provisions for the payment or delivery of property to the treasurer, the termination of legal relationships between holders and owners, and the protection of holders who act in good faith. The legal document content also governs the powers and duties of the treasurer, including the examination of books and records, reporting violations, penalties, costs, interest, limitation period for examinations, appeal of audit findings, and written petition for review. Additionally, the legal document content addresses the recovery of abandoned property by another state, the treatment of gift certificates, the presumption of abandonment for various types of property, and the validity, expiration, and redemption of gift certificates. The legal document content applies to holders of unclaimed property, treasurers, owners of unclaimed property, persons in possession of property subject to escheat or a claim of abandonment, persons holding unclaimed proceeds from demutualization or related reorganization of a life insurance company, persons selling certified checks, drafts, cashier’s checks, treasurer’s checks, registered checks, traveler’s checks, money orders, or similar written instruments, persons in possession of traveler’s checks and other written instruments, life insurance companies, persons who have deposited property with a person having a residence or place of business in Massachusetts, and persons or entities in possession of intangible personal property. No specific exemptions or penalties are mentioned in the legal document content.
Whom does it apply to?
The legal document content applies to holders of unclaimed property, treasurers, owners of unclaimed property, persons in possession of property subject to escheat or a claim of abandonment, persons holding unclaimed proceeds from demutualization or related reorganization of a life insurance company, persons selling certified checks, drafts, cashier's checks, treasurer's checks, registered checks, traveler's checks, money orders, or similar written instruments, persons in possession of traveler's checks and other written instruments, life insurance companies, persons who have deposited property with a person having a residence or place of business in Massachusetts, and persons or entities in possession of intangible personal property.
What does it govern?
The legal document content governs the disposition of unclaimed property, including the payment or delivery of property to the treasurer, the termination of legal relationships between holders and owners, the powers and duties of the treasurer, the recovery of abandoned property by another state, the treatment of gift certificates, the presumption of abandonment for various types of property, and the validity, expiration, and redemption of gift certificates.
What are exemptions?
No specific exemptions are mentioned in the legal document content.
What are the Penalties?
No specific penalties are mentioned in the legal document content.
Jurisdiction
Massachusetts