28.1601 Definitions.

Cite as [A.S.C.A. § 28.1601]

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, trust company, savings bank, and savings bank having shares of capital stock, which may be in voluntary dissolution or which may be in the possession of the commissioner of banking and insurance or in receivership, and any private banker including any private banker for whose banking business a receiver has been appointed, and any national banking association organized under the Acts of Congress and doing business in this Territory including any national banking association which may be in voluntary dissolution or in receivership. This definition includes the Development Bank of American Samoa.

(2) (a) "Unclaimed Bank deposit" means and includes an unpaid balance of money to the credit or in the name of: a maker or payee of a certified check held by a Bank, together with all interest accrued thereon whether entitled thereto or not on the records of the Bank, and which after a period of 10 years has remained unclaimed, and a depositor, in any capacity whatsoever, with a Bank in any demand, savings, or time deposit account, together with all interest accrued thereon whether credited thereto or not on the records of the Bank, which after a period of 10 years has remained unclaimed exclusive of:

(i) the unpaid balance in any such account which has been reduced by withdrawal or increased by deposit, exclusive of interest credit, within 10 years;

(ii) the unpaid balance in any such account which is evidenced by a passbook in which entry of interest credit has been made within 10 years or which passbook has been presented for entry of interest credit within 10 year;

(iii) the unpaid balance in any such account with respect to which the Bank has written evidence received within 10 years that the depositor or other person entitled thereto had knowledge thereof;

(iv) the unpaid balance in any such account of a depositor known by an officer or employee of the Bank to be living; and

(v) the unpaid balance in any such account which is evidenced by a passbook, which book has, to the knowledge of the Bank, within 10 years been balanced or verified.

(b) In the case of a time deposit, no account shall be deemed to be an unclaimed deposit until 10 years after its original date of maturity.

(c) "Unclaimed Bank deposit" also means, includes, and refers to credits and deposits of every kind, character or form in any name whatsoever and in any capacity whatsoever, including but not limited to individuals, corporations, companies, associations, societies, firms, partnerships, joint stock companies, and fiduciaries of any nature.

(3) "Treasurer" means the Treasurer of American Samoa.

History: 1988, PL 20-27.