A bill to regulate which State may escheat or take custody of certain intangible abandoned property.

[AI summary unavailable — showing source text] States that where any sum is payable on a money order, traveler's check, or similar written instrument on which a banking or financial organization or a business association is directly liable, and where the books and records of such banking or financial organization or business association show the State of origin of the transaction wherein such money order, traveler's check, or similar written instrument was issued, such State of origin of the transaction shall be entitled exclusively to escheat or take custody of the sum payable on such instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum. Provides that where the books and records of such banking or financial organization or business association do not show the State of origin of the transaction wherein such money order, travelers check, or similar written instrument was issued, the State in which the banking or financial organization or business association is organized or incorporated or, in the case of a national banking association or other entity organized under Federal law, the Sate of its principal place of business, shall be entitled to escheat or take custody of the s…