Ark. Code Ann. § 18-28-231 (2026)
Escheatment — United States savings bond
- Notwithstanding any law to the contrary, including § 18-28-202(a)(10) and (14) and § 18-28-219(b), a United States savings bond held or owing in this state is presumed abandoned if the savings bond remains unclaimed for five (5) years after the date of maturity of the United States savings bond.
- If a United States savings bond is presumed abandoned under subsection (a) of this section, the United States savings bond shall escheat to the state two (2) years after becoming abandoned property according to subsections (c)-(f) of this section.
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- If no claim for the United States savings bond is filed under § 18-28-215, the administrator shall file a civil action for escheatment of the United States savings bond within one hundred eighty (180) days after the two-year period under subsection (b) of this section.
- The administrator may postpone filing a civil action under subdivision (c)(1) of this section until additional United States savings bonds accumulate to justify the expense of the proceeding.
- The administrator shall provide notice of the civil action to an individual named as a defendant in the civil action in the manner provided for under § 16-3-101 et seq., and prescribed by Rule 4 of the Arkansas Rules of Civil Procedure.
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If no person files a claim or appears at the hearing to substantiate a claim or if the court determines that a claimant is not entitled to the property claimed by the claimant, then the court shall enter judgment that:
- The United States savings bond escheats to the state; and
- All property rights and legal title to and ownership of the United States savings bond or proceeds from the United States savings bond, including all rights, powers, and privileges of survivorship of any owner, co-owner, or beneficiary, are vested solely in the state.
- Notwithstanding §§ 18-28-213 and 18-28-225, the administrator shall redeem any United States savings bonds escheated to the state and deposit the proceeds recovered by the administrator into the Unclaimed Property Proceeds Trust Fund.
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- Notwithstanding § 18-28-215(c), a person may file a claim with the administrator for a United States savings bond or the proceeds from the savings bond that has escheated to the state under this section.
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- Upon submission of sufficient proof of the validity of a claim for a United States savings bond that has escheated to the state, the administrator may pay the claim after deducting the expense incurred by the administrator in securing full title and ownership of the United States savings bond by escheatment.
- Upon payment of a valid claim, no action thereafter shall be maintained by any other claimant against the state for the funds.
- The administrator may contract with and obtain outside legal counsel in the administration of this section.
History. Acts 2015, No. 563, § 1.
Subchapter 3 — Actions Involving Other States
18-28-301 — 18-28-303. [Repealed.]
Publisher's Notes. This subchapter was repealed by Acts 1999, No. 850, § 33. The subchapter was derived from the following sources:
18-28-301. Acts 1981, No. 850, § 1; 1985, No. 780, § 18; A.S.A. 1947, § 50-648.
18-28-302. Acts 1981, No. 850, § 2; 1985, No. 780, § 19; A.S.A. 1947, § 50-649; Acts 1989 (1st Ex. Sess.), No. 173, § 4.
18-28-303. Acts 1981, No. 850, § 3; 1985, No. 780, § 20; A.S.A. 1947, § 50-650.
Subchapter 4 — Mineral Proceeds
Cross References. Natural resources and economic development, § 15-1-101 et seq.
Effective Dates. Acts 1987 (1st Ex. Sess.), No. 35, § 3: June 12, 1987. Emergency clause provided: “It is hereby found and determined by the General Assembly that the counties of this state are in urgent need of funds to be used to finance the establishment and operation of solid waste disposal facilities, that this Act is designed to provide funds to assist the counties to provide this service and should be given effect immediately. Therefore, an emergency is hereby declared to exist and this Act being necessary for the preservation of the public peace, health and safety shall be in full force and effect from and after its passage and approval.”
Acts 1989 (3rd Ex. Sess.), No. 39, § 7: Nov. 8, 1989. Emergency clause provided: “It is hereby found and determined by the Seventy-Seventh General Assembly, meeting in Third Extraordinary Session, that the appropriation of funds for the Unclaimed Mineral Proceeds Program of the Auditor of State, is essential to proper administration of this program. Therefore, an emergency is hereby declared to exist, and this Act being necessary for the immediate preservation of the public peace, health, and safety shall be in full force and effect from and after its passage and approval.”
Acts 2019, No. 325, § 4: Mar. 6, 2019. Emergency clause provided: “It is found and determined by the General Assembly of the State of Arkansas that under the current provisions of the Unclaimed Property Act, § 18-28-201 et seq., the Auditor of State may not deposit unclaimed property funds with the State Treasurer for investment purposes; and that the unclaimed property funds are currently held in the Unclaimed Property Proceeds Trust Fund accruing minute interest; that the authority to invest funds in the State Treasury Money Management Trust will generate a greater financial return to be used for the benefit of the state. Therefore, an emergency is declared to exist, and this act being immediately necessary for the preservation of the public peace, health, and safety shall become effective on: (1) The date of its approval by the Governor; (2) If the bill is neither approved nor vetoed by the Governor, the expiration of the period of time during which the Governor may veto the bill; or (3) If the bill is vetoed by the Governor and the veto is overridden, the date the last house overrides the veto”.