Unclaimed Balances Law

Question 1

Unclaimed balances include credits or deposits of money, bullion, security or other evidence of indebtedness of any kind and interest thereon with the banks, buildings and loan associations, and trust corporations, in favour of any person known to be dead or who has not made further deposits or withdrawals during the preceding ___________

Answer 1

10 years or more

Question 2

It is obligatory for every bank to report, in a sworn statement, to the ____________ of the philippines (who will, in turn, inform the _____________) formation on the unclaimed balances

Answer 2

treasurer; solicitor general

Question 3

Procedure for the unclaimed balances

1. A ____________ to the depositor will be given at his last known place of residence or post office address
2. The bank will then report through a sworn statement to the treasurer of the philippines the existence of such deposits

Answer 3

notice

Question 4

Information required in the sworn statement

1. The ________________________________ of the person in host favor such unclaimed balances stand
2. The ________ and the date of the outstanding unclaimed balance and weather the same is in money or in securities, and if the latter, the nature of the same
3. The date when the person in host favor then claim balance stands died, if known, or the date when he made his __________
4. The interest due on such unclaimed balance if any and the amount thereof

Answer 4

names and last known place of residence or post office address; amount; less deposit or withdrawal