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12 Cards in this Set
- Front
- Back
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Coverage of the law |
1. Any person known to be dead 2. Who has not made further deposits or withdrawals during the preceding 10 years or more |
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Entities required to submit sworn statement to the Treasurer of the Philippines with respect to unclaimed balances |
1. Banks 2. Building and Loan Association 3. Trust Corporation |
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Purpose of amendment |
To simplify procedure for the escheat of unclaimed balances for the purpose of reducing the expenses therefor |
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Requirement of publication under Act 3936 |
1. Publication of sworn statement of unclaimed balances in banks once a week for 3 consecutive weeks in at least 2 newspaper of general circulation in the localit of bank;if none, in the City of Manila, one in English, one in Spanish.
2. Publication of summons and a notice upon the commencement of the prescribed judicial proceedings for the escheat of unclaimed balances |
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Requirements under PD 679 |
1. The entities covered must communicate with the person in favor at his last know place of residence or post office address.
2. The entities covered shall forward to the Treasurer a sworn statement
3. A copy of sworn statement shall be posted on conspicuous place of the bank for at least 60 days from the date of filing thereof
4. The Solicitor General shall be informed of unclaimed balances
5. Service of process in such action shall be made by - delivery of a copy the complaint and summons to the president, cashier, ot managing officer of each defendant bank -publication of copy of such summons in a newspaper of general circulation, either in English, Filipino or Local dialect, in the locality of bank;if none, in the City of Manila |
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Procedure for reactivation of unclaimed balances |
1. Depositor shall write request for reactivation in his depositary bank
2. Covered Institution shall authenticate and verify the request for reactivation and signature of depositor 3. Covered Institution write letter request for reactivation to Bureau of Treasury
3. Covered Institution shall execute Deed of Undertaking ensuring that the Bureau of Treasury shall be free and harmless form any liability once the account is reactivated
4. Bureau of Treasury shall issue letter of authority to reactivate. |
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A sworn statement executed by the responsible authorized officer of the bank absolving the Bureau of Treasury from any liability arising from granting of reactivation |
Affidavit of Undertaking |
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In case the requesting depositor is a juridical entity, the request must be accompanied by? |
Board resolutions and/or Secretary's Certificate |
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Authority to reactivate on unclaimed balances not exceeding P100,000 |
Division Chief/Head Law & Litigation Division Legal Service |
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Authority to reactivate on unclaimed balances exceeding P100,000 but not exceeding P500,000 |
Director, Legal Service |
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Authority to reactivate on unclaimed balances exceeding P500,000 but not exceeding P1,000,000 |
Deputy Treasurer of the Philippines |
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Authority to reactivate on unclaimed balances exceeding P1,000,000 |
Treasurer of the Philippines |
