This is going to be brief...
UNCLAIMED BALANCES include credits or deposits of money, bullion, security or other evidence of indebtedness of any kind and interest thereon with banks, buildings and loan associations and trust corporations in favor of any person known to be dead or who has not make further deposits or withdrawals during the preceding 10 years or more.
.
ELEMENTS OF UNCLAIMED BALANCES:
.
1. There must be a claim or deposit of:
a. money,
b. bullion,
c. security, or
d. other evidence of indebtedeness
2. The credit or deposit must be with a bank, building and loan association, or trust corporation; and
3. The credit or deposit is in favor of a person:
a. who is dead, or
b. who has not made further depsotis or withdrawals during the preceding ten years or more.
.
Builidings and Loan Association — are corporations whose capital stock is required or is permitted to be paid in by the stockholders in regular, equal, periodical payments and whose purpose is to accumulate the savings of its stockholders, to repay to said stockholders their accumulated savings and profits upon their surrender of their shares.
* The Solicitor General, when informed of such unclaimed balances, shall commence an action in the name of People of Republic of Philippines in the RTC of the province where the bank is located. Bank and depositors shall be made defendants.
* Summons shall be issued directed to all persons, OTHER THAN THOSE NAMED AS DEFENDANTS, claiming any interest in any unclaimed balance requiring them to appear within 60 days after publication of such summons and show cause why it shall not be deposited with the Treasurer.
* Upon trial, if the court determines that such deposits are unclaimed, judgment shall be rendered declaring that said unclaimed balances be escheated in favor of the government and commending said bank to deposit it with the Treasurer of the Philippines.
* Any bank which shall make any deposit with the Treasurer shall not be liable to any person which the latter may bring against the bank.
UNCLAIMED BALANCES include credits or deposits of money, bullion, security or other evidence of indebtedness of any kind and interest thereon with banks, buildings and loan associations and trust corporations in favor of any person known to be dead or who has not make further deposits or withdrawals during the preceding 10 years or more.
.
ELEMENTS OF UNCLAIMED BALANCES:
.
1. There must be a claim or deposit of:
a. money,
b. bullion,
c. security, or
d. other evidence of indebtedeness
2. The credit or deposit must be with a bank, building and loan association, or trust corporation; and
3. The credit or deposit is in favor of a person:
a. who is dead, or
b. who has not made further depsotis or withdrawals during the preceding ten years or more.
.
Builidings and Loan Association — are corporations whose capital stock is required or is permitted to be paid in by the stockholders in regular, equal, periodical payments and whose purpose is to accumulate the savings of its stockholders, to repay to said stockholders their accumulated savings and profits upon their surrender of their shares.
* The Solicitor General, when informed of such unclaimed balances, shall commence an action in the name of People of Republic of Philippines in the RTC of the province where the bank is located. Bank and depositors shall be made defendants.
* Summons shall be issued directed to all persons, OTHER THAN THOSE NAMED AS DEFENDANTS, claiming any interest in any unclaimed balance requiring them to appear within 60 days after publication of such summons and show cause why it shall not be deposited with the Treasurer.
* Upon trial, if the court determines that such deposits are unclaimed, judgment shall be rendered declaring that said unclaimed balances be escheated in favor of the government and commending said bank to deposit it with the Treasurer of the Philippines.
* Any bank which shall make any deposit with the Treasurer shall not be liable to any person which the latter may bring against the bank.
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