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Can you summarize Chapter 133?
MONEY AND OTHER LIQUID ASSETS ABANDONED OR UNCLAIMED
Short Summary
This legal document governs the treatment of abandoned or unclaimed money and other liquid assets held by financial institutions or holders in Puerto Rico. It establishes that sums of money and other liquid assets in the custody of a financial institution or holder shall be presumed as abandoned and unclaimed if the owner has shown no interest in them within the preceding five years. The document outlines the actions that can be considered as showing interest in the money or liquid assets, such as making transactions, communicating in writing with the financial institution, or showing any other form of interest. It also specifies that certified checks, money orders, and travelers checks shall be presumed as abandoned or unclaimed if not presented for payment within five years. The document further explains the burden of proof for financial institutions and holders to demonstrate that the owner has shown interest or claimed the assets. Additionally, it mandates that holders of abandoned or unclaimed assets belonging to individuals with a last known address in Puerto Rico must report and turn over the assets to the Office of the Commissioner of Financial Institutions of Puerto Rico. International banking entities are also required to report and turn over such assets. The document provides exemptions from certain publication requirements for financial institutions and holders, and requires them to meet the publication and notice requirements of the state, territory, or possession of the United States where they are located. Overall, this document establishes the procedures and obligations related to abandoned or unclaimed money and other liquid assets in Puerto Rico.
Whom does it apply to?
Financial institutions or holders
What does it govern?
Handling of abandoned or unclaimed money and other liquid assets held by financial institutions or holders in Puerto Rico
What are exemptions?
Sums of money or liquid assets under the jurisdiction of the courts or agencies of the Commonwealth of Puerto Rico
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Puerto Rico