(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.

SOURCE: Added by P.L. 24-072:2 (Sept. 30, 1997).

2017 NOTE: Subitem designations altered pursuant to the authority of 1 Guam Code Ann. § 1606.