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PART XII ABANDONED PROPERTY

Abandoned property 167. (1)

Subject to subsection (2) the items in paragraphs (a), (b), and (c) which are held or owing by a licensed financial institution for fifteen years shall be presumed to be abandoned:

(a) any general deposit (demand, savings or matured time deposit), and funds prepaid on credit cards and other electronic funds made in [Territory] with a licensed financial institution, together with any interest or dividend, but excluding any lawful charges; (b) any funds paid in [Territory] toward the purchase of shares or other interests in a licensed financial institution or licensed financial holding company, together with any interest or dividend, but excluding any lawful charges; (c) any sum payable on cheques certified in [Territory] or on written instruments issued in [Territory] on which a licensed financial institution or licensed financial holding company is directly liable.

(2) The items enumerated in paragraphs (a), (b) and (c) of subsection (1) shall not be presumed to be abandoned if the owner has, within fifteen years of the date of deposit, payment of funds or issuance of instruments, as the case may be:

(a) increased or decreased the amount of the deposit or funds or presented the passbook or other record for the crediting of interest or dividends in respect of the items enumerated in paragraphs (a) or (b) of subsection (1); (b) corresponded in writing with the licensed financial institution or licensed financial holding company concerning the items; or (c) otherwise indicated an interest in the items enumerated in paragraphs (a), (b) and (c) of subsection (1) as evidenced by a memorandum concerning them

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