All amounts of money heretofore or hereafter deposited with any bank authorized to do business in Guam to the credit of depositors who have not made a deposit on said account or withdrawn any part thereof or the interest, and which shall have remained unclaimed for more than twenty years after the date of such deposit,, or withdrawal of any part of principal or interest, and where neither the depositor nor any claimant has filed any notice with such bank showing his or her present residence, shall, with the increase and proceeds thereof, escheat to the Government of Guam. Whenever the Attorney General shall be informed of such deposits, he shall commence an action or actions in the name of the Government of Guam, in the court having jurisdiction, in which shall be joined as parties the names of all such depositors. All or any number of depositors may be included in one action. Service of process in such action or actions shall be made by delivery of a copy of the complaint and summons to such bank and by publication. Upon the trial the court must hear all parties who have appeared therein and if it be determined that the moneys so deposited are unclaimed as hereinabove stated, then the court must render judgment in favor of the Government of Guam, declaring that said moneys have escheated to the Government of Guam. SOURCE: CCP § 1273.
COL 03082011
CROSS-REFERENCES: P.L. 18-37 (5/30/86) amended the Banking Laws to require that banks transmit to the Government of Guam all inactive savings accounts, if they had been inactive for more than ten years. That same public law also amended the Banking Laws to provide procedures by which the sums could be claimed from the Treasurer of Guam and the procedures and notices the banks had to establish before transferring the moneys to the Treasurer.