VI Attorney Testifies on Property Legislation
St. Thomas attorney Tom Bolt, Chairman of the Virgin Islands Uniform Law Commission testified before the 27th Legislature's Committee on Rules and the Judiciary on Wednesday regarding Bill 27-0161, "The Virgin Islands Unclaimed Property Act". Bolt noted that the legislation which is sponsored by Senator Terrence "Positive" Nelson, Chair of the Committee on Finance is revenue positive. "The Territory will generate funds from this bill." Bolt noted.
"What is unclaimed property?" Bolt retorically asked the Committee. "It is bank accounts, insurance proceeds, old traveler's checks, stock holdings, and even the proceeds from winning parimutuel tickets. What unites these different kinds of property is the fact that the person to whom they are owed has never come forward to collect them and cannot be readily found. If the owner does not come forward or is not found, the holder gets to keep the property, and worse, may dissipate the property through service charges and the like." Bolt said
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