No Limitations; Action to Recover Deposit of Money or Property; Affect of Insolvency

(a) To actions brought to recover money or other property deposited with any bank, banker, trust company, building and loan association, or savings and loan society there is no limitation. (b) This Section shall not apply to banks, bankers, trust companies, building and loan associations, and savings and loan societies which have become insolvent and are in process of liquidation and in such cases the statute of limitations shall have been deemed to have commenced to run from the beginning of the process of liquidation; provided, however, nothing herein contained shall be construed so as to relieve any stockholder of any banking corporation or trust company from stockholders’ liability as shall at any time be provided by law. SOURCE: CCP § 348. CROSS-REFERENCES: A new statute of limitations and method for claiming dormant bank accounts is provided for in 30047 of the Government (Banking) Code. Essentially, the period is five years after the dormant funds have been transferred to the Government of Guam and claim must be made against the Government, not the banking institution. P.L. 18-037:12 (May 30, 1986).