Guam § 127115 - Unclaimed Property.

§ 127115. Unclaimed Property.

(a) Definitions. As used in this Section, unless the context

otherwise requires:

(1) Apparent owner means the person who appears from the

records of the holder to be entitled to property held by the holder.

(2) Banking organization means any national or state bank,

trust company, banking company, land bank, savings bank, safe-

deposit company, private banker, or any similar organization.

(3) Business association means any private corporation, joint

stock company, business trust, partnership, or any association for

business purposes of two (2) or more individuals, whether or not for

profit, including, but not by way of limitation, a banking

organization, financial organization, life insurance corporation, and

utility.

(4) Holder means any person in possession of property

subject to this Section belonging to another, or who is trustee in case

of a trust, or is indebted to another on an obligation subject to this

Section.

(5) Owner means a depositor in case of a deposit, a

beneficiary in case of a trust, or creditor, claimant, or payee in case

of other choices in action, or any person having a legal or equitable

interest in property subject to this Section, or his or her legal

representative.

(6) Person means any individual, business association,

government or governmental subdivision or agency, two (2) or more

persons having a joint or common interest, or any other legal or

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commercial entity, whether that person is acting in his or her own

right or in a representative or fiduciary capacity.

(b) Any dividend, profit, distribution, interest, payment on

principal, or other sum held or owing by a business association for or to

its shareholder, certificate holder, member, bondholder, or other security

holder, or a participating patron of a cooperative, where there has been

no owner-generated activity on the account or property or written

communication from the owner of the property, within three (3) years

after the date prescribed for payment or delivery, shall transfer to the

Treasurer of Guam.

(c) Any intangible interest in a business association, as evidenced

by the stock records or membership records of the association, shall

transfer to the Treasurer of Guam if:

(1) the interest in the association is owned by a person who

for more than three (3) years has neither claimed a dividend or other

sum referred to in Subsection (b) nor corresponded in writing with

the association or otherwise indicated an interest as evidenced by a

memorandum or other record on file with the association; and

(2) the association does not know the location of the owner at

the end of the three (3)-year period. With respect to the interest, the

business association shall be deemed the holder.

(d) Any dividends or other distributions held for or owing to a

person at the time the stock or other security to which they attach shall

transfer to the Treasurer of Guam and shall escheat to the Treasurer of

Guam at the same time.

(e) If the business association has in its records an address for the

apparent owner, which the business association’s records do not disclose

to be inaccurate, with respect to any interest that may transfer pursuant to

Subsection (b), the business association shall make reasonable efforts to

notify the owner by mail or, if the owner has consented to electronic

notice, electronically, that the owner’s interest in the business association

will transfer and escheat to the Treasurer of Guam.

(1) The notice shall be given not less than six (6) or more than

twelve (12) months before the time the interest in the business

association becomes reportable to the Department of Administration

in accordance with this Section.

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(2) The notice required by this Section shall specify the time

that the interest will transfer and escheat, and the effects of transfer

and escheat, including the necessity for filing a claim for the return

of the interest.

(3) The notice required by this Section shall:

(A) specify that since the date of last activity, or for the

last three (3) years, there has been no owner activity on the

deposit, account, shares, or other interest;

(B) identify the deposit, account, shares, or other interest

by number or identifier, which need not exceed four (4) digits;

(C) indicate that the deposit, account, shares, or other

interest is in danger of transferring and escheating to the

Treasurer of Guam; and

(D) specify that the Unclaimed Property Law requires

business associations to transfer funds of a deposit, account,

shares, or other interest if it has been inactive for three (3)

years.

(4) It shall also include a form, as prescribed by the

Department of Administration, by which the owner may confirm the

owner's current address. If that form is filled out, signed by the

owner, and returned to the holder, it shall be deemed that the

business association knows the location of the owner. In lieu of

returning the form, the business association may provide a

telephone number or other electronic means to enable the owner to

contact the association. With that contact, as evidenced by a

memorandum or other record on file with the business association,

the business association shall be deemed to know the location of the

owner.

(5) The business association may impose a service charge on

the deposit, account, shares, or other interest for this notice and

form in an amount not to exceed the administrative cost of mailing

or electronically sending the notice and form, and in no case to

exceed Two Dollars ($2.00).

(f) In addition to the notice required pursuant to Subsection (e),

the holder may give additional notice at any time between the dates of

last activity by, or communication with, the owner and the date the

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holder transfers the deposit, shares, or other interest to the Treasurer of

Guam.

(g) 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.

(h) 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 sums of money shall be deposited

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 Guam Housing Corporation’s establishment of a

pilot Housing First program.