Guam § 106119 - Dormant and Inactive Accounts and Unclaimed Funds.

§ 106119. Dormant and Inactive Accounts and Unclaimed Funds.

(a) Savings Account. In the event there has been no activity of deposits or withdrawals, and no contact

has been made by the account holder of a savings account with the bank for ten (10) years, a bank shall

transfer the balance of such account to the Treasurer of Guam for the account of the depositor.

(b) In the event a savings account is inactive for 5 years, and the passbook has not been presented for

the posting of earned interest during said period, a bank may cease paying interest on such account until

advised by the depositor or his representative that the account is active.

(c) In the event a check account is inactive for 2 years and the depositor cannot be located, a bank shall

transfer the balance of such account to the Treasurer of Guam for the account of the depositor.

(d) [No text]

(1) Prior to transferring the balance of any accounts to the Treasurer of Guam as provided in

Subsections (a) and (c) of this Section, a Bank shall send written notice to the depositor at the

depositor’s last known address informing the depositor that the depositor s account is subject to this

Section if:

(A) a bank has in its records an address for the depositor which the bank’s records do not

disclose to be inaccurate; and

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(B) the account contains Twenty-five Dollars ($25) or more.

(2) The notification required in item (d)(1) of this Section shall be performed before October 1 of

each year for accounts that are inactive as of June 30 next preceding.

(3) On November 1 and on December 1, a bank shall publish a notice of inactive accounts in a

newspaper of general circulation. The published notice shall be entitled “Notice of Inactive Bank

Accounts,” and shall contain:

(A) the names, in alphabetical order, and last known address, if any, of depositors of inactive

accounts; and

(B) a statement that such funds shall be transferred to the Treasurer of Guam during the

month of January of the following year.

(4) During the month of January of the year immediately following the publication required by

item (d)(2) of this Section, a bank shall transfer to the Treasurer of Guam all balances of accounts as

provided in Subsections (a) and (c) of this Section.

(e) In the event a bank holds unidentified deposits or other funds for 3 years, the owner of which cannot

be determined by the bank, a bank shall transfer the balance of such account to the Treasurer of Guam for

the account of the depositor, in the event such depositor is determined at a later date.

(f) In the event a bank holds unidentified loan payments for 3 years, a bank shall transfer the balances

of such account to the Treasurer of Guam for the account of the payor, in the event such payor is later

determined.

(g) Prior to transferring funds to the Treasurer of Guam pursuant to the provisions of this section, the

transferring bank may deduct all sums or costs due the bank, including cost of publication or other notice

required by this section. Receipt by the Treasurer of Guam for such deposits shall be a full discharge to the

transferring bank of all liabilities to the depositor or owner of such funds.

(h) The Treasurer of Guam upon receiving sums of money pursuant to this section shall furnish the

transferring bank with a receipt for such sums transferred, and shall deposit such sums in the General Fund

of the government of Guam.

(i) The Treasurer of Guam shall maintain accurate records of such sums in accordance with regulations

adopted by the Board. Such sums may be claimed at any time by the rightful owner or owners of such sums

upon furnishing proof satisfactory to the Treasurer of Guam of their right to such funds. Funds deposited

with the Treasurer of Guam pursuant to this section shall not accrue interest. The Treasurer of Guam shall

not be liable for damages or penalties for any payment to a claimant of funds deposited pursuant to this

section.

(j) The Board may adopt such rules and regulations as may be necessary to implement the provisions

of this section.

(k) All funds transferred to the Treasurer of Guam pursuant to the provisions of this Section shall

escheat to the government of Guam one (1) year subsequent to the date such transfers occurred. The

Treasurer of Guam shall deposit such funds in the Housing Trust Fund established in Article 10 of Chapter

4, Title 12, Guam Code Annotated. Such funds shall be used in accordance with the provisions of the First-

time Homeowner Assistance Program.

(l) All funds transferred to the Treasurer of Guam pursuant to the provisions of this Section shall be

transferred during the month of January for those accounts deemed inactive and dormant as of June 30 of

the preceding year.

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(m) The Treasurer of Guam shall directly deposit all balances of accounts transferred pursuant to this

Subsection to a custodial interest bearing account separate and apart from the General Fund. No interest

shall be paid by the government of Guam to the depositor from the date of transfer of the balance of account

to the Treasurer of Guam.

(n) When a bank transfers the balance of any account to the Treasurer of Guam pursuant to this Section,

the bank shall hold the government of Guam harmless for any liability incurred by the bank because of any

handling of an account on the part of the bank. The government of Guam shall not be liable for any

transaction on an account made by any bank, including transfer of the balance of the account to the

Treasurer of Guam pursuant to this Section.

(o) There shall be no statute of limitations as to claiming dormant bank accounts. All claims against

the government of Guam for balances of accounts which have been transferred as inactive or dormant

accounts to the government of Guam by any bank must be initiated by a claim against the government of

Guam under the Claims Act, within one (1) year of the date of transfer.