§ 9460 Unpaid Bond Interest Cessation

Key Takeaways

•If you don't cash in a bond or coupon on time, it stops earning extra money (interest).
•If you try to cash it in late and the state doesn't have enough money, the Treasurer will write the date you tried to cash it on the bond or coupon.
•The state only pays you the extra money (interest) up to the original due date, not after.

Example

You have a savings bond that was supposed to be cashed in by June 1st, but you forget and try to cash it in on December 1st.

The bond won’t earn any extra money after June 1st. If the state doesn’t have enough money to pay you on December 1st, the Treasurer will write the date (December 1st) on your bond to show when you tried to cash it.

If any bond or interest coupon has not been presented to the State Treasurer for payment when it becomes due, it shall cease to bear interest, but if presented at or after such time and not paid for want of funds, the State Treasurer shall indorse the bond or coupon, together with the date of presentation. (Added by Stats. 1943, Ch. 369.)

Key Takeaways

•If you don't cash in a bond or coupon on time, it stops earning extra money (interest).
•If you try to cash it in late and the state doesn't have enough money, the Treasurer will write the date you tried to cash it on the bond or coupon.
•The state only pays you the extra money (interest) up to the original due date, not after.

Example

You have a savings bond that was supposed to be cashed in by June 1st, but you forget and try to cash it in on December 1st.

Key Takeaways

Example

Key Terms

References

§ 9460 Unpaid Bond Interest Cessation

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References