SECTION 1. Sections 1, 2, 3, 4, and 5 of Act No. 3936 are
hereby amended to read as follows:
"SECTION 1. 'Unclaimed balances' within the meaning of
this Act, shall include credits or deposits of money, bullion, security
or other evidence of indebtedness of any kind, and interest thereon with
banks, buildings and loan associations, and trust corporations, as
hereinafter defined, in favor of any person known to be dead or who has
not made further deposits or withdrawals during the preceding ten years
or more. Such unclaimed balances, together with the increase and
proceeds thereof, shall be deposited with the Treasurer of the
Philippines to the credit of the Government of the Republic of the
Philippines to be used as the National Assembly may direct.
"Banks', 'building and loan associations' and 'trust
corporations', within the meaning of this Act, shall refer to
institutions denned under Section two, thirty-nine, and fifty-six,
respectively, of Republic Act Numbered Three Hundred Thirty Seven,
otherwise known as the General Banking Act, as amended, whether
organized under special charters or not.
"SEC. 2. Immediately after the taking effect of this Act
and within the month of January of every odd year, all banks, building
and loan associations, and trust corporations shall forward to the
Treasurer of: the Philippines a statement, under oath, of their
respective managing officers, of all credits and deposits held by them
in favor of persons known to be dead, or who have not made further
deposits or withdrawals during the preceding ten years or more, arranged
in alphabetical order according to the names of creditors and
depositors, and showing:
"(a) The names and last known place of residence or post
office addresses of the persons in whose favor such unclaimed balances
stand;
"(b) The amount and the date of the outstanding unclaimed
balance and whether the same is in money or in security, and if the
latter, the nature of the same;
"(c) The date when the person in whose favor the unclaimed
balance stands died, if known, or the date when he made his last deposit
or withdrawal; and
"(d) The interest due on such unclaimed balance, if any, and
the amount thereof.
"A copy of the above sworn statement shall be posted in a
conspicuous place in the premises of the bank, building and loan
association, or trust corporation concerned for at least sixty days from
the date of filing thereof: Provided, That immediately before
filing the above sworn statement, the bank, building and loan
association, and trust corporation shall communicate with the person in
whose favor the unclaimed balance stands at his last known place of
residence or post office address.
"It shall be the duty of the Treasurer of the Philippines to
inform the Solicitor General from time to time the existence of
unclaimed balances held by banks, building and loan associations, and
trust corporations.
"SEC. 3. Whenever the Solicitor General shall be informed
of such unclaimed balances, he shall commence and action or actions in
the name of the People of the Republic of the Philippines in the Court
of First Instance of the province or city where the bank, building and
loan association or trust corporation is located, in which shall be
joined as parties the bank, building and loan association or trust
corporation and all such creditors or depositors. All or any of such
creditors or depositors or banks, building and loan association or trust
corporations 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 the president, cashier, or managing officer of each
defendant bank, building and loan association or trust corporation and
by publication of a copy of such summons in a newspaper of general
circulation, either in English, in Filipino, or in a local dialect,
published in the locality where the bank, building and loan association
or trust corporation is situated, if there be any, and in case there is
none, in the City of Manila, at such time as the court may order. Upon
the trial, the court must hear all parties who have appeared therein,
and if it be determined that such unclaimed balances in any defendant
bank, building and loan association or trust corporation are unclaimed
as hereinabove stated, then the court shall render judgment in favor of
the Government of the Republic of the Philippines, declaring that said
unclaimed balances have escheated to the Government of the Republic of
the Philippines and commanding said bank, building and loan association
or trust corporation to forthwith deposit the same with the Treasurer
of the Philippines to the credit of the Government of the Republic of
the Philippines to be used as the National Assembly may direct.
"At the time of issuing the summons in the action above provided
for, the clerk of court shall also issue a notice signed by him, giving
the title and number of said action, and referring to the complaint
therein, and directed to all persons, other than those named as
defendants therein, claiming any interest in any unclaimed balance
mentioned in said complaint, and requiring them to appear within sixty
days after the publication or first publication, if there are several,
of such summons, and show cause, if they have any, why the unclaimed
balances involved in said action should not be deposited with the
Treasurer of the Philippines as in this Act provided and notifying them
that if they do not appear and show cause, the Government of the
Republic of Philippines will apply to the court of the relief demanded
in the complaint. A copy of said notice shall be attached to, and
published with the copy of, said summons required to be published as
above, and at the end of the copy of such notice so published, there
shall be a statement of the date of publication, or first publication,
if there are several, of said summons and notice. Any person interested
may appear in said action and become a party thereto. Upon the
publication or the completion of the publication, if there are several,
of the summons and notice, and the service of the summons on the
defendant banks, building and loan associations or trust corporations,
the court shall have full and complete jurisdiction in the Republic of
the Philippines over the said unclaimed balances and over the persons
having or claiming any interest in the said unclaimed balances, or any
of them, and shall have full and complete jurisdiction to hear and
determine the issues herein, and render the appropriate judgment
thereon.
"SEC. 4. If the president, cashier or managing officer of
any bank, building and loan association, or trust corporation neglects
or refuses to make and file the sworn statement required by this action,
such bank, building and loan association, or trust corporation shall
pay to the Government the sum of five hundred pesos a month for each
month or fraction thereof during which such default shall continue.
"SEC. 5. Any bank, building and loan association or trust
corporation which shall make any deposit with the Treasurer of the
Philippines in conformity with the provisions of this Act shall not
thereafter be liable to any person for the same and any action which may
be brought by an person against any bank, building and loan
association, or trust corporation for unclaimed balances so deposited
with the Treasurer of the Philippines shall be defended by the Solicitor
General without cost to such bank, building and loan association or
trust corporation."
