Periods of limitation not bar for purposes of chapter; limitation on actions by Administrator.
1. The expiration, before, on or after January 1, 1980, of any period specified by a contract, statute or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the Administrator as required by this chapter.
2. Except as otherwise provided in this subsection, no action or proceeding may be commenced by the Administrator with respect to any duty of a holder pursuant to this chapter more than 10 years after the duty arose. The provisions of this subsection do not apply to any action or proceeding against a state or the Federal Government, or any agency or entity thereof.
Last modified: February 27, 2006