(a) The Treasurer must establish and maintain records of all escheated unclaimed bank deposits received by him, which in the case of deposits with a net balance of fifty dollars ($50.00) or more, must show in alphabetical order the names of the depositors, the amounts received, the name and address of the bank from which the funds were received, the identification numbers of the accounts, if any, and must also establish and maintain an index thereto, which records and index must at all times during the usual business hours be open to public examination.
(b) The Treasurer must credit seventy-five percent (75%) of the amount of each escheated unclaimed bank deposit received by him to the general fund, and must establish and maintain a separate account to be designed as the “unclaimed bank deposits escheat receive fund” which is hereinafter referred to as the “reserve fund” and credit it with the other twenty-five percent (25%).
(c) The Treasurer must invest and reinvest all moneys credited to the reserve fund in bonds of interest bearing notes or obligations of the United States or in bonds or interest bearing notes or obligations guaranteed as to principal and interest by the United States or in bonds or interest bearing notes or obligations for the payment of the principal and interest of which the faith and credit of the United States are distinctly pledged or in bonds or interest bearing notes or other obligations of this Territory or in bonds or interest bearing notes or other obligations of any county, city, town, township, borough, village or other municipal or political subdivision of this Territory, issued under authority of any law of this Territory.
(d) The income received from the investments and reinvestments of the reserve fund must be added to the reserve fund and be held and retained as part thereof subject to like investment and reinvestment.
(e) The reserve fund must be used and expended by the Treasurer for the payment of expenses and costs incurred by the Treasurer and the attorney general pursuant to the provisions of section 28.1614.
(f) At any time after receipt by the Treasurer of any escheated unclaimed bank deposit anyone claiming to be entitled thereto or to any part thereof may file a claim therefor with the Treasurer who is authorized to pass upon and determine the claimant’s claim. If the Treasurer determines the claimants proof of title is sufficient, he must pay the escheated unclaimed bank deposit or such part thereof to which the claimant is entitled, without interest, out of the reserve fund to the claimant. If the cash balance in the reserve fund is insufficient to make such payment the Treasurer must sell such of the investments of the reserve fund as may be necessary to make such payment.
(g) If the Treasurer determines that the claimant’s proof of title is not sufficient to entitle the claimant to such payment, the claimant may, within sixty days after the date of such determination by the Treasurer, file an action in the High Court against the Treasurer, and it shall be the duty of the Treasurer, and of the attorney on his behalf, to take such action with respect thereto as they may deem necessary to protect the interests of the Territory. The court may proceed in the action in a summary manner or otherwise. Upon proof satisfactory to the court of plaintiff’s claim of title to the escheated unclaimed bank deposit or any part thereof, judgment must be entered establishing his claim and ordering the Treasurer to pay to the plaintiff the amount specified in such judgment together with such costs as the court may allow the plaintiff. Upon service upon the Treasurer of a copy of such judgment certified to be a true copy by the clerk of the High Court, the Treasurer must pay to the plaintiff out of the reserve fund the amount of amounts specified.
(h) If the court determines that plaintiff’s proof of title is not sufficient to establish his claim to the escheated unclaimed bank deposit or any part thereof, a judgment to that effect must be entered. If on any appeal from the judgment, it is reused and plaintiff’s claim of title to the escheated unclaimed bank deposit or any part thereof is sustained, the Treasurer must pay to the plaintiff, out of the reserve fund, the amount or amounts to which the plaintiff is entitled, together with such costs awarded to the plaintiff.History: 1988, PL 20-64.