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ARTICLE · 06 OCTOBER 2004

OCC Rules Unclaimed Property Laws Generally Not Preempted

Goodwin Procter LLP
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The OCC issued an interpretive letter ("Letter 1006") ruling that its recent preemption and visitorial powers regulations (see the January 13, 2004 <I>Alert</I>) did not change the previous standards regarding the applicability of state escheat and unclaimed property laws to national banks. Letter 1006 states that a state’s framework regarding abandoned bank deposits generally will apply to a national bank.

United StatesStrategy

The OCC issued an interpretive letter ("Letter 1006") ruling that its recent preemption and visitorial powers regulations (see the January 13, 2004 Alert) did not change the previous standards regarding the applicability of state escheat and unclaimed property laws to national banks. (Please click on the 'Next Page link at the bottom of this page to view the Alert mentioned above. Letter 1006 states that a state’s framework regarding abandoned bank deposits generally will apply to a national bank. However, in accordance with US Supreme Court precedent, unusual state provisions, such as a statute providing for automatic forfeiture of deposits to a state after a period of time, would be preempted. Moreover, as to visitorial powers, Letter 1006 references 12 USC 484, which provides that state authorities may review a national bank’s records regarding escheat if the examiners have "reasonable cause to believe" that the bank has not complied with applicable state law.

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