DISPOSAL OF ASSETS OF BANK REMAINING AFTER LIQUIDATION

DISPOSAL OF ASSETS OF BANK REMAINING AFTER LIQUIDATION

The assets of the Sumitomo Bank of Seattle remaining in the custody of the liquidating authority may be received by the Supervisor of Banking, all as provided in chapter 148, Laws of 1947.

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                                                                February 27, 1950

Mr. J. C. Minshull
Supervisor
Division of Banking
Social Security Building
Olympia, Washington                                                                                                              Cite as:  AGO 49-51 No. 225

Dear Sir:

            We have your letter of February 16, 1950, in which you ask the following question:

            May the assets of the Sumitomo Bank of Seattle remaining in the custody of the liquidating authority be received by the Supervisor of Banking, all as provided by chapter 148, Laws of 1947?

            The conclusion reached may be summarized as follows:

            Such remaining assets may be so received.

                                                                     ANALYSIS

            You advise that the Sumitomo Bank of Seattle, all the stock of which was owned by alien Japanese interests, was closed by Federal authorities on Sunday night, December 7, 1941; that the affairs of the bank have been liquidated under the supervision of the Superior Court of King County; that approximately all outstanding claims have been paid, including approximately $1,000,000.00 to depositors; that there remains approximately $60,000.00 to be paid to depositors, who for various reasons have not filed claims.

            On the above facts you ask whether such amounts as shall be found remaining in the custody of the liquidating authority may be so received by you.

             [[Orig. Op. Page 2]]

Chapter 148, Laws of 1947 (3281-1 to 6 Rem. Supp. 1947), was, it would seem, enacted to care for such a situation as you present.  Section 1, chapter 148, provides in part:

            "Whenever any bank or trust company shall voluntarily liquidate, any dividends to depositors or other creditors of such bank or trust company remaining uncalled for and unpaid at the conclusion of the liquidation shall be transmitted to the Supervisor of Banking and shall be deposited by him in a bank or trust company to his credit in trust for the benefit of the persons entitled thereto, and shall be paid by him to them upon receipt of satisfactory evidence of their right thereto."

            The chapter is quite complete as to the details of the procedure to be thereafter followed, including the ultimate escheat of any finally unclaimed property or monies.

            We therefore believe that under chapter 148, Laws of 1947, you have a right to receive such amounts as shall be remaining in the custody of liquidation authorities of said bank, all as provided by chapter 148, Laws of 1947.

Very truly yours,

SMITH TROY
Attorney General

GEORGE DOWNER
Assistant Attorney General