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    Unclaimed Balances Law

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    jhell dela cruz
    This document outlines regulations for unclaimed balances held by banks, building and loan associations, and trust corporations in the Philippines. It requires these institutions to submit annual sworn statements to the Treasurer of the Philippines listing any credits or deposits that have been inactive for over 10 years or belong to deceased individuals. These unclaimed balances will be deposited with the government and used as directed by the National Assembly. The document also establishes penalties for noncompliance and indicates that institutions will not be liable for deposited unclaimed balances.

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    Unclaimed Balances Law

    Uploaded by

    jhell dela cruz
    345 views7 pages
    This document outlines regulations for unclaimed balances held by banks, building and loan associations, and trust corporations in the Philippines. It requires these institutions to submit annual sworn statements to the Treasurer of the Philippines listing any credits or deposits that have been inactive for over 10 years or belong to deceased individuals. These unclaimed balances will be deposited with the government and used as directed by the National Assembly. The document also establishes penalties for noncompliance and indicates that institutions will not be liable for deposited unclaimed balances.

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    This document outlines regulations for unclaimed balances held by banks, building and loan associations, and trust corporations in the Philippines. It requires these institutions to submit annual sworn statements to the Treasurer of the Philippines listing any credits or deposits that have been inactive for over 10 years or belong to deceased individuals. These unclaimed balances will be deposited with the government and used as directed by the National Assembly. The document also establishes penalties for noncompliance and indicates that institutions will not be liable for deposited unclaimed balances.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    345 views7 pages

    Unclaimed Balances Law

    Uploaded by

    jhell dela cruz
    This document outlines regulations for unclaimed balances held by banks, building and loan associations, and trust corporations in the Philippines. It requires these institutions to submit annual sworn statements to the Treasurer of the Philippines listing any credits or deposits that have been inactive for over 10 years or belong to deceased individuals. These unclaimed balances will be deposited with the government and used as directed by the National Assembly. The document also establishes penalties for noncompliance and indicates that institutions will not be liable for deposited unclaimed balances.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
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    The document discusses a law regarding unclaimed balances in banks and other financial institutions that are deposited with the Treasurer of the Philippines if not claimed after a certain period of time.

    Banks must provide statements under oath listing details of unclaimed balances like names, amounts, dates of last activity for deposits over 10 years old.

    Banks that do not provide the required statements must pay a monthly fine of 500 pesos until they become compliant.

    "Sec. 1.

    "Unclaimed balances", within the meaning of this Act, shall include


    credits or deposits of money, bullion, security or other evidence of indebtedness of
    any kind, and interest thereon with banks, buildings and loan associations, and
    trust corporations, as hereinafter defined, in favor of any person known to be dead
    or who has not made further deposits or withdrawals during the preceding ten
    years or more. Such unclaimed balances, together with the increase and proceeds
    thereof, shall be deposited with the Treasurer of the Philippines to the credit of the
    Government of the Republic of the Philippines to be used as the National
    Assembly may direct.
    "Banks", "building and loan associations" and "trust corporations", within the
    meaning of this Act, shall refer to institutions defined under Section two, thirty-
    nine and fifty-six, respectively, of Republic Act Numbered Three Hundred Thirty
    Seven, otherwise known as the General Banking Act, as amended, whether
    organized under special charters or not.
    Sec. 2. Immediately after the taking effect of this Act and
    within the month of January of every odd year, all banks,
    building and loan associations, and trust corporations shall
    forward to the Treasurer of the Philippines a statement, under
    oath, of their respective managing officers, of all credits and
    deposits held by them in favor of persons known to be dead, or
    who have not made further deposits or withdrawals during the
    preceding ten years or more, arranged in alphabetical order
    according to the names of creditors and depositors, and
    showing:
    "(a) The names and last known place of residence or post office
    addresses of the persons in whose favor such unclaimed balances
    stand;
    "(b) The amount and the date of the outstanding unclaimed
    balance and whether the same is in money or in security, and if
    the latter, the nature of the same;
    "(c) The date when the person in whose favor the unclaimed
    balance stands died, if known, or the date when he made his last
    deposit or withdrawal; and
    "(d) The interest due on such unclaimed balance, if any, and the
    amount thereof.
    A copy of the above sworn statement shall be posted in a
    conspicuous place in the premises of the bank, building
    and loan association, or trust corporation concerned for at
    least sixty days from the date of filing thereof: Provided,
    That immediately before filing the above sworn
    statement, the bank, building and loan association, and
    trust corporation shall communicate with the person in
    whose favor the unclaimed balance stands at his last
    known place of residence or post office address.
    "It shall be the duty of the Treasurer of the Philippines to
    inform the Solicitor General from time to time the
    existence of unclaimed balances held by banks, building
    and loan associations, and trust corporations.
    Sec. 4. If the president, cashier or managing
    officer of the bank, building and loan association,
    or trust corporation neglects or refuses to make
    and file the sworn statement required by this
    action, such bank, building and loan association,
    or trust corporation shall pay to the Government
    the sum of five hundred pesos a month for each
    month or fraction thereof during which such
    default shall continue.
    Sec. 5 Any bank, building and loan association or trust
    corporation which shall make any deposit with the Treasurer
    of the Philippines in conformity with the provisions of this
    Act shall not thereafter be liable to any person for the same
    and any action which may be brought by any person against
    in any bank, building and loan association, or trust
    corporation for unclaimed balances so deposited with the
    Treasurer of the Philippines shall be defended by the
    Solicitor General without cost to such bank, building and
    loan association or trust corporation."

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