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What is Escheat of Unclaimed Bank Deposits about?

The Republic of the Philippines filed a complaint to escheat unclaimed bank deposits over 10 years under Act No. 3936 against several banks, including First National City Bank of New York. FNCBNY claimed that certain items in its report, including demand drafts and telegraphic transfer orders, were not actually unclaimed deposits. The Supreme Court ruled that demand drafts were not credits or deposits under the law because FNCBNY never accepted them so was never a debtor. However, telegraphic transfer ord

Author

jim jim

Language

EN