(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)(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

(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:

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(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.

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(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.

(1) 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.

(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.

SOURCE: GC § 30047. Subsection (a) was repealed and reenacted by P.L. 18-
37:2; subsection (d) amended by P.L. 18-37:3; subsection (e) amended by P.L. 18-
37:4; subsection (f) repealed by P.L. 18-32:5; subsections (g) – (k) renumbered by P.L. 18-37:6; subsections (k) – (o) added by P.L. 18-37:12. Subsection (k) amended by P.L. 32-036:2 (June 5, 2013), and amended by P.L. 33-168:1 (June 30, 2016). Subsection (o) amended by P.L. 32-036:2 (June 5, 2013).

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2013 NOTE: Pursuant the authority granted by 1 Guam Code Ann. § 1606, numbers and/or letters in subsection (d)(1) and (3) were altered to adhere to the Compiler’s alpha- numeric scheme.

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PART B
SAFE DEPOSIT AND SAFEKEEPING