Guam § 127114 - Dormant and Inactive Accounts and Unclaimed Funds.

§ 127114. Dormant and Inactive Accounts and Unclaimed Funds.

(a) Shares or Savings Account. In the event there has been no

activity of deposits or withdrawals, and no contact has been made by the

holder of a share or savings account with the association for five (5)

years, the association shall transfer the balance of such account to the

Treasurer of Guam.

(b) In the event an account subject to a negotiable order of

withdrawal or a check account is inactive for two (2) years and the

depositor cannot be located, an association shall transfer the balance of

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

(c) In transferring the balance of any account to the Treasurer of

Guam as provided in Subsections (a) and (b) of this Section:

(1) An association shall first 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:

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(A) an association has in its records an address for the

depositor which the association’s records do not disclose to be

inaccurate; and

(B) the account contains Twenty-five Dollars ($25.00) or

more.

(2) The notification required in Subsection (c)(1) of this

Section shall be performed before October 1 of each year for

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

(3) On November 1 and on December 1, an association shall

publish a notice of inactive accounts in a newspaper of general

circulation. The published notice shall be entitled, ANotice of

Inactive 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 Subsection (c)(3) of this

Section, an association shall transfer to the Treasurer of Guam all

balances of accounts as provided in Subsections (a) and (b) of this

Section.

(d) In the event an association holds unidentified deposits or other

fund for three (3) years, the owner of which cannot be determined by the

association, the association 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.

(e) In the event an association holds unidentified loan payments for

three (3) years, the association shall transfer the balances of such

accounts to the Treasurer of Guam for the account of the payor, in the

event such payor is later determined.

(f) Prior to transferring funds to the Treasurer of Guam pursuant to

the provisions of this Section, the transferring association may deduct all

reasonable sums or costs due the association, 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

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transferring association of all liabilities to the depositor or owner of such

funds.

(g) The Treasurer of Guam upon receiving sums of money pursuant

to this Section shall furnish the transferring association with a receipt for

such sums transferred, and shall deposit such sums in the General Fund

of the government of Guam.

(h) 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.

(i) The Board may adopt such rules and regulations as may be

necessary to implement the provisions of this Section.

(j) All funds transferred to the Treasurer of Guam pursuant to the

provisions of this Section escheat to the Territory of Guam one (1) year

subsequent to the date of such transfer.

(k) 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.

(l) 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.

(m) When an association transfers the balance of any account to the

Treasurer of Guam pursuant to this Section, the association shall hold the

government of Guam harmless for any liability incurred by the

association because of any handling of an account on the part of the

association. The government of Guam shall not be liable for any

transaction on an account made by any association, including transfer of

the balance of the account to the Treasurer of Guam pursuant to this

Section.

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(n) shall be no statute of limitations as to claiming dormant

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 association must be

initiated by a claim against the government of Guam under the

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