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Legal Dictionary

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.




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