32Trustee company to pay certain unclaimed moneys to Public Trustee

32 Trustee company to pay certain unclaimed moneys to Public Trustee

[Section 32 Inserted by No. 36 of 1958, s. 4 and Sched. 4 ]

(1)  Except in a case to which subsection (2) applies, a trustee company shall pay to the Public Trustee all moneys that form part of an estate of which the company is the executor, administrator, or trustee and that remain unclaimed by the person who is entitled thereto for a period of 5 years after the time when they become payable to that person.

(2)  Subsection (1) does not apply in a case where payment of any moneys is restrained by order of a court of competent jurisdiction.

(3)  *[Section 32 Subsection (3) amended by No. 20 of 1995, s. 5 and Sched. 3 ]*Subject to this section, moneys that are paid to the Public Trustee pursuant to this section shall be held by the Public Trustee as belonging to the particular estate in respect of which they are paid and on behalf of the person entitled thereto.

(4)  *[Section 32 Subsection (4) amended by No. 20 of 1995, s. 5 and Sched. 3 ]*Moneys that are paid to the Public Trustee pursuant to this section form part of the common fund, within the meaning of the Public Trustee Act 1930 , and may be invested by the Public Trustee in the manner provided by that Act.

(5)  [Section 32 Subsection (5) substituted by No. 23 of 2009, s. 48, Applied:16 Jun 2009] The Public Trustee must not pay over to any person money that has been paid to the Public Trustee pursuant to this section, nor any interest on that money, unless satisfied that the person is entitled to that money or interest.

(6)  The Public Trustee shall credit to the particular estates quarterly on the usual quarterly days interest upon all moneys that are paid to the Public Trustee pursuant to this section, and the interest so credited shall be added to those moneys and accumulated by way of compound interest.

(7)  For the purposes of this section and of sections 35 and 37 , moneys that were paid to the Public Trustee by a trustee company before the commencement of this section pursuant to the Unclaimed Trust Moneys Act 1921 shall be deemed to have been so paid pursuant to this section.