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28.1605 Notice of unclaimed deposit-Mailing-Publication.

Cite as [A.S.C.A. § 28.1605]

(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 of the year in which it becomes an unclaimed deposit mail a "notice of unclaimed deposit" to the owner or owners of each such account in the name and to the address of the owner or owners which appears on the records of the bank, provided, however, that the bank need not mail the notice to an owner or owners if any mailings by the bank to that owner or owners within the prior year were returned to the bank as undeliverable. The notice of unclaimed deposit shall be in such form as approved by the Treasurer and must set forth the name of the bank and where the name of the bank has been changed by merger, reorganization, consolidation or otherwise, it must also set forth the original name and address of the bank in which the deposit originated, the name of the owner or owners and a statement that the balance of the account will be paid over to the Territory on the following January unless the bank is contacted in writing by the owner or his representative. If such a written response is received by the bank, the response is deemed to be a transaction with respect to the account and the account thereafter ceases to be an unclaimed bank deposit for the purposes of advertising as set forth in subsection (c) of this section.

(c) Every bank having any unclaimed bank deposits must advertise once during the second week of the month of October and once during the second week of the month of November, printed in 8-point size type in a newspaper published in American Samoa, a notice entitled "Notice of the names of persons appearing as the owners of unclaimed amounts held by (name of Bank)". Such notice must be in a form approved by the Treasurer and must set forth the name and address of the bank and where the name of the bank has been changed by merger, reorganization, consolidation or otherwise, the notice must also set forth the original name and address of the bank in which the deposit originated, and must list in alphabetical order the name of each person to whose credit an unclaimed bank deposit stands, but not the amount to the credit of each account, but no account shall be advertised in which the unpaid balance is less than $50.00. Any amount paid to a newspaper for such publication must be charged by the bank equally against the unclaimed bank deposits so advertised.

History: 1988, PL 20-64.