Unclaimed Balances Law

1. They 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, in favor of any person known to be dead or who has
not made further deposits or withdrawals during the preceding 10 years or more.

a. Dormant Accounts
b. Unclaimed Balances
c. Dead Accounts
d. Closed Deposits

2. Which of the following institutions is not covered by RA No. 3936 also known as
unclaimed balances law?

a. Banks
b. Trust Companies
c. Mutual Buildings and Loan Associations
d. Remittance Companies

3. Enumerate the institutions covered by RA No. 3936 also knows as unclaimed balances
law.
- Banks, Mutual Buildings, Loan Associations, Trust Companies
4. What petition may be filed by the Office of Solicitor General in behalf of the Republic of
the Philippines in order to forfeit unclaimed balances of a person who is dying intestate
and leaving no heir entitled to his estate?

a. Petition for quo warranto

b. Petition for Mandamus
c. Petition for certiorari
d. Petition for escheat

5. Which government agency has the authority to reactivate an unclaimed balance

account?
a. Bureau of Internal Revenue
b. Bureau of Treasury
c. Bureau of Customs
d. Bureau of Unclaimed Balances

6. What must be the minimum number of years for the deposit to be considered as
"Unclaimed Balances?”
a. at least 2 years
b. at least 5 years
c. at least 10 years
 d. at least 8 years
7. The approving authority to reactivate unclaimed balance account/s with an aggregate
amount not exceeding P100,000.
a. Division Chief/Head Law & Litigation Division Legal Service
b. Director of Legal Service
c. Deputy Treasurer of the Philippines
d. Treasurer of the Philippines
8. The approving authority to reactivate unclaimed balance account/s with an aggregate
amount exceeding P500,000 but not exceeding P1,000,000.
a. Division Chief/Head Law & Litigation Division Legal Service
b. Director of Legal Service
c. Deputy Treasurer of the Philippines
d. Treasurer of the Philippines
9. The approving authority to reactivate unclaimed balance account/s with an aggregate
amount exceeding P100,000 but not exceeding P500,000.
a. Division Chief/Head Law & Litigation Division Legal Service
b. Director of Legal Service
c. Deputy Treasurer of the Philippines
d. Treasurer of the Philippines
10. The approving authority to reactivate unclaimed balance account/s with an aggregate
amount exceeding P1,000,000.
a. Division Chief/Head Law & Litigation Division Legal Service
b. Director of Legal Service
c. Deputy Treasurer of the Philippines
d. Treasurer of the Philippines
11. Letter of Request of Debtor is the letter that shall be written by the depositor to his
depository bank to request for the activation of his account which was included in the
report of unclaimed balances to the Bureau of Treasury.
a. True
b. False
12. It is the letter issued by Bureau of Treasury through the authorized officer to authorize
the covered institution to reactivate the account.
a. Letter of Authority to Reinstate
b. Letter of Authority to Approve
c. Letter of Authority to Open
d. Letter of Authority to Reactivate
13. The requirement for the minimum number of days for the sworn statement to be posted
is for at least:
a. 60 days
b. 90 days
c. 120 days
d. 30 days
14. Information that will show in the copy of the sworn statement includes all of the following
except
a. The names and the 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 whether the same is
in money or in security; and the nature of the same, if the latter.
c. The date when, the person in whose favor the unclaimed balances, made his first
deposit or withdrawal.
d. The interest due on such unclaimed balance, if any.
15. If the president or similar official of any bank, building, and loan association, or trusts
corporation neglects and refuses to cede the corresponding amount of unclaimed
balances required by the Act, such bank, building, and loan association, or trusts
corporation are liable to pay to the National government for each month which such
default shall continue in the amount of
a. P5,000
b. P15,000
c. P25,000
d. P50,000
16. The Depositor/creditor shall write his depository bank requesting for the reactivation of
his account which was included in the report of unclaimed balances to the Bureau of
Treasury.
a. Letter Request of the Covered Institution
b. Deed of Undertaking
c. Letter of Authority to Reactivate
d. Letter Request of Depositor/Creditor
17. What are the information required in the Sworn Statement?
- Name, Last known place of residence, Amount and Date of the outstanding unclaimed
balance, date when the person died, Date when he made his last withdrawal, Interest
due.
18. It is obligatory of every bank to report, in a sworn statement, to the Treasurer of the
Philippines (who will, in turn, inform the Solicitor General) information on the above
unclaimed balances.
a. True
b. False
19. Covered Institution refers to all banks, trust companies, savings and mortgage banks,
mutual building and loan associations, all banking institutions of every land, covered
under RA 3936, as amended by P.D 679, which reported to the Treasurer of the
Philippines as unclaimed, the account being applied for reactivation.
a. True
b. False
20. Who will initiate the proper escheat proceedings in the court?
a. Treasurer of the Philippines
b. Solicitor General
c. Both Solicitor General and Treasurer of the Philippines
d. Neither of the two
21. The authority to reactivate on unclaimed balance account/s shall be issued by the
following officers, except
a. Solicitor General
b. Director, Legal Service
c. Deputy Treasurer of the Philippines
d. Treasurer of the Philippines.