unclaimed moneys

Legal Definition of unclaimed moneys

Noun

1. Unclaimed Moneys Act (Act 370) 1965 of Malaysia defines unclaimed moneys as:
   
   
   • all sums of money which are legally payable to the owner and have remained unpaid for a period of not less than one year after they have become payable;
   • all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years; and
   • all sums of money to the credit of a trade account which has remained dormant for a period of not less than two years.

Please refer to Lawyerment Knowledge Base for more information on unclaimed moneys.