States Can't Cash Out Unclaimed Savings Bonds: 3rd Circ.

Law360, New York (June 27, 2012, 9:51 PM EDT) -- States don't have the right to claim proceeds from matured but unredeemed savings bonds possessed under unclaimed property law, the Third Circuit ruled Wednesday, concluding that the supremacy clause of the U.S. Constitution prevented states from forcing the federal government to abide by state laws.

Seven states, through a suit filed against the U.S. Department of the Treasury in 2004, had hoped to gain title to a combined $1.6 billion worth of matured but unredeemed savings bonds they had custody of under their respective unclaimed property...
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