This bill amends sections 69-1315 and 69-1317 of the Nebraska Revised Statutes to update provisions related to unclaimed property. It introduces a new provision that clarifies that the expiration of any time period specified by contract, statute, or court order does not prevent property from being presumed abandoned. Additionally, it establishes a tolling period for the statute of limitations applicable to the State Treasurer's actions regarding unclaimed property, which is triggered by the delivery of a notice of examination or a voluntary disclosure agreement. The bill also modifies the treatment of proceeds from abandoned property, creating a new Unclaimed Property Liquidation Proceeds Trust Fund to manage these funds.

Furthermore, the bill changes the fund balance limitations for the Unclaimed Property Trust Fund, specifying that any balance exceeding five million dollars must be transferred to the Capitol Restoration Cash Fund and the permanent school fund in a structured manner over the coming years. It also creates the Unclaimed Property Cash Fund to cover costs related to unclaimed property and allows for the investment of available funds. The bill aims to streamline the management of unclaimed property and ensure that funds are allocated effectively while providing necessary oversight and transparency.

Statutes affected:
Introduced: 69-1315, 69-1317