Guam § 127116 - Unclaimed Property Held in Fiduciary Capacity.

§ 127116. Unclaimed Property Held in Fiduciary Capacity.

(a) Definitions. For the purpose of this Section, terms as defined

in § 127115 of this Chapter shall apply to this Section.

(b) All tangible and intangible personal property held in a fiduciary

capacity for the benefit of another person, including tangible personal

property subject to § 127115 of this Chapter, all intangible personal

property maintained in a deposit or account, and the income or increment

on such tangible or intangible property, shall transfer to the Treasurer of

Guam if, for more than three (3) years after it becomes payable or

distributable, the owner has not done any of the following:

(1) increased or decreased the principal;

(2) accepted payment of principal or income;

(3) corresponded in writing concerning the property; or

(4) otherwise indicated an interest in the property as

evidenced by a memorandum or other record on file with the

fiduciary.

(c) Notwithstanding Subsection (b), tangible or intangible

property, and the income or increment on the tangible or intangible

property, held in a fiduciary capacity for another person, shall not

transfer to the Treasurer of Guam if the following are satisfied:

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(1) During the previous three (3) years, the fiduciary took one

(1) of the following actions:

(A) held another deposit or account for the benefit of the

same owner;

(B) maintained a deposit or account on behalf of the same

owner in an individual retirement account; or

(C) held funds or other property for the same owner

under a retirement plan for a self-employed individual, or

similar account or plan, established pursuant to the internal

revenue laws of the United States or the laws of Guam.

(2) During the previous three (3) years, the owner has done

any of the acts described in Subsections (b)(1), (b)(2), (b)(3), or

(b)(4) with respect to the deposit, account, or plan described in

Subsection (c)(1), and the fiduciary has communicated

electronically or in writing with the owner at the address to which

communications regarding that deposit, account, or plan are

regularly sent, with regard to the deposit, account, or plan that

would otherwise transfer under this Section. “Communications,” for

purposes of this Section, includes account statements or statements

required under the internal revenue laws of the United States.

(d) Funds in an individual retirement account or a retirement plan

for self-employed individuals or similar account or plan established

pursuant to the internal revenue laws of the United States or Guam are

not payable or distributable within the meaning of Subsection (b) unless

either of the following is true:

(1) under the terms of the account or plan, distribution of all

or part of the funds would then be mandatory; or

(2) for an account or plan not subject to mandatory

distribution requirement under the internal revenue laws of the

United States or Guam, the owner has attained seventy and a half

(70½) years of age.

(e) For the purpose of this Section, when a person holds property

as an agent for a business association, he or she is deemed to hold the

property in a fiduciary capacity for the business association alone, unless

the agreement between him or her and the business association clearly

provides the contrary. For the purposes of this Section, if a person holds

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property in a fiduciary capacity for a business association alone, he or

she is the holder of the property only insofar as the interest of the

business association in the property is concerned and the association is

deemed to be the holder of the property insofar as the interest of any

other person in the property is concerned.

(f) 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.

(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 sums of money shall be used in

accordance with the provisions of the pilot Housing First program

developed by the Guam Housing Corporation.