The suit, which seeks to move the funds to the state in which the presumed owners live, will assist the Kansas Treasurer’s office to return the savings bonds to their owners.
The US Bureau of Public Debt holds an estimated $8 billion in matured and unredeemed US savings bonds, an estimated $75 million of which belongs to owners whose last known address is within Kansas.
The Kansas’ Unclaimed Property Act was amended last year to allow the Treasurer to claim unredeemed US savings bonds once an eight-year post maturity dormancy period has elapsed.
The law also permits the administrator to pay the owner claims on savings bonds once the bonds are under the management of the state.
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