FL S1138

Establishes that abandoned and unclaimed U.S. savings bonds become the property of Florida 5 years after reaching maturity and ceasing to earn interest.

Allows the Department of Financial Services to file civil action in Leon County courts to obtain judicial determination of escheatment, with service of process by publication in a Leon County newspaper once weekly for 4 consecutive weeks.

Requires persons claiming an interest in a bond to file a written defense with the court within 28-60 days of first publication, with the court entering default judgment for escheatment if no valid claim is filed.

Permits the Department of Financial Services to redeem escheated bonds or obtain their proceeds, which must be deposited in accordance with existing unclaimed property statutes.

Allows claimants to file claims with the Department of Financial Services with sufficient proof of claim validity, and limits other parties' remedies to action against the person who received the funds rather than the state.