Title 28, Finance and Financial Institutions
7 chapters · 43 sections in this title.
A.S.C.A. § 28.1601 Definitions
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As used in this chapter, unless the context clearly requires otherwise: (1) “Bank” means any bank, trust company, savings bank, and savings bank having shares of capital stock, organized and existing under any general or special law of this territory, including any such bank, tru…
A.S.C.A. § 28.1602 Certified check or account acquired through merger or otherwise
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Any bank which, through merger, reorganization, consolidation, or otherwise, acquires any certified check or any account of any depositor in any capacity whatsoever, shall, for the purpose of this chapter, be deemed to have been in existence from the date such check was certified…
A.S.C.A. § 28.1603 Fees or charges on inactive or dormant savings or time deposit account
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During the 10 year period of inactivity or dormancy specified in section 28.1601(2) and until payment of funds to the Treasurer as provided in section 28.1608, it is unlawful for any Bank to assess, collect, or deduct any fee or charge from any savings or time deposit account bec…
A.S.C.A. § 28.1604 Presumption of no claimants-Escheat
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It shall be presumed that there is or are no claimant or claimants who or which directly or indirectly has or have any right, title or interest in any unclaimed bank deposit held by a bank, and such unclaimed bank deposit shall be subject to escheat to the Territory. History: 198…
A.S.C.A. § 28.1605 Notice of unclaimed deposit-Mailing-Publication
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(a) For the purposes of this section, an unclaimed bank deposit shall be deemed to be one in which as of August 1 of a particular year no transaction has occurred during the preceding 9 consecutive years. (b) Every bank having any such unclaimed deposits shall, prior to August 15…
A.S.C.A. § 28.1606 Annual reports to Treasurer of unclaimed deposits-Failure to make-Inspection by public
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(a) Not later than the thirty-first day of January in each year after the year in which this act takes effect and as of December thirty-first of the preceding year, every bank must make in duplicate a written report to the Treasurer containing a true and accurate statement of all…
A.S.C.A. § 28.1607 Escheat-Deposits of less than fifty dollars
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All unclaimed bank deposits of less than fifty dollars ($50.00) held by any bank as of December thirty-first of any year shall escheat to the Territory. When a report thereof is made to the Treasurer pursuant to the provisions of section 28.1606 the funds must be paid to the Trea…
A.S.C.A. § 28.1608 Unclaimed deposits reported on December 31 to escheat-Deposits less than fifty dollars reported separately
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(a) All unclaimed bank deposits reported by any bank as held by it as of December thirty-first, one thousand nine hundred and eighty-seven and as of December thirty-first of each year thereafter, regardless of the amount thereof, shall escheat to the Territory. When a report ther…
A.S.C.A. § 28.1609 Penalty for failure of bank to pay over unclaimed deposits when payable-Suits
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Any bank which fails to pay over to the Treasurer any unclaimed bank deposit as provided in section 26.1608 shall be liable to a penalty of fifty dollars ($50.000) for each day such payment is not made. If such penalty, is not paid, the Treasurer must file a civil action in the n…
A.S.C.A. § 28.1610 Actions for escheat-Jurisdiction-Procedure
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It is the duty of the Attorney General within a reasonable time after receipt by him of the duplicate report to institute actions for escheat to the Territory of the unclaimed Bank deposits disclosed by such report which are in an amount of fifty dollars ($50.00) or more and whic…
A.S.C.A. § 28.1611 Liability of Bank ceases on payment to Treasurer
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No Bank which must pay over to the Treasurer any unclaimed bank deposit shall be held liable to any claimant having or asserting any right, title or interest in or to the same personally or in any capacity whatsoever; and no action or proceedings of any kind for the recovery of m…
A.S.C.A. § 28.1612 Bank records of escheated deposits-Preservation-Copies furnished to Treasurer
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No bank shall destroy or otherwise dispose of any of its records or files pertaining to any unclaimed bank deposit which is subject to escheat to the Territory or which has escheated to the Territory; but all banks must preserve such records and files, and any of the originals th…
A.S.C.A. § 28.1613 Records of Treasurer of escheated deposits-Disposition
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(a) The Treasurer must establish and maintain records of all escheated unclaimed bank deposits received by him, which in the case of deposits with a net balance of fifty dollars ($50.00) or more, must show in alphabetical order the names of the depositors, the amounts received, t…
A.S.C.A. § 28.1614 Services by salaried officials to be without charge-Expense of administration
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All services required by this chapter to be performed by the Clerk of the High Court, the Marshall and any other salaried public official, shall be without fees, costs, counsel fees or any other charge, but the Treasurer must pay out of the reserve fund all expenses and costs inc…
A.S.C.A. § 28.1615 Credit unions
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When no transaction has occurred in a credit union member’s share or deposit account for 12 months and his whereabouts are unknown, as verified by the return of a certified letter addressed to him at his last known address, all sums due to the member shall be credited to a specia…