Register to read the introduction…
Massachusetts, like every other state, has a process whereby abandoned property is turned over to the state. The origin of unclaimed property dates back to British common law when abandoned land was returned to the king. Today, states apply this concept to all-intangible property and tangible property, other than real estate. States do not take permanent title of the property but instead act as custodians to safeguard it for the rightful owners or their heirs to claim it. Most states do not have a time limitation for owners or heirs to file a claim.
Abandoned Property Statutes do not apply to federally owned assets or property. Per the Missouri statutes: Sections 447.500 to 447.595 shall not affect property the title to which is vested in a holder by the operation of statute of limitations prior to August 13, 1984, nor to any property held in a fiduciary capacity that was unclaimed property prior to August 13, 1974. This subsection shall not apply to property the title to which is vested in the holder when the holder is a federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee …show more content…
It has instituted The Naval Air System Command Fact Sheet of May 1987, which states that Navy aircraft belong to the Government of the United States until the Navy determines their disposition.
This was enacted for several reasons. The first is the governments need to preserve national security. Consider this example, the U.S. military could not locate an un-detonated nuclear warhead, and thus abandoned the search. A private party then locates this warhead and puts it on the open market for sale.
The U.S. government would consider this a case of national, and maybe world, security. Just the same, mislaid, lost, or otherwise abandoned material, though not necessarily directly a case of national security could be material that was dangerous to the finder, or the general public, if exposed to it. The Federal government also has the responsibility to maintain ownership of its historic aircraft in order to preserve the nation's heritage in naval aviation. The National Register of Historic Places is the nation's official list of cultural resources worthy of preservation. Authorized under the National Historic Preservation Act of 1966, the National Register is part of a national program to coordinate and support public and private efforts to identify, evaluate, and protect our historic and archeological
Abandoned Property Statutes do not apply to federally owned assets or property. Per the Missouri statutes: Sections 447.500 to 447.595 shall not affect property the title to which is vested in a holder by the operation of statute of limitations prior to August 13, 1984, nor to any property held in a fiduciary capacity that was unclaimed property prior to August 13, 1974. This subsection shall not apply to property the title to which is vested in the holder when the holder is a federal, state, or local government or governmental subdivision, agency, entity, officer, or appointee …show more content…
It has instituted The Naval Air System Command Fact Sheet of May 1987, which states that Navy aircraft belong to the Government of the United States until the Navy determines their disposition.
This was enacted for several reasons. The first is the governments need to preserve national security. Consider this example, the U.S. military could not locate an un-detonated nuclear warhead, and thus abandoned the search. A private party then locates this warhead and puts it on the open market for sale.
The U.S. government would consider this a case of national, and maybe world, security. Just the same, mislaid, lost, or otherwise abandoned material, though not necessarily directly a case of national security could be material that was dangerous to the finder, or the general public, if exposed to it. The Federal government also has the responsibility to maintain ownership of its historic aircraft in order to preserve the nation's heritage in naval aviation. The National Register of Historic Places is the nation's official list of cultural resources worthy of preservation. Authorized under the National Historic Preservation Act of 1966, the National Register is part of a national program to coordinate and support public and private efforts to identify, evaluate, and protect our historic and archeological