Bill – Author: Gabriel Stilman<\/p>\n\n
Unclaimed Property in Financial Institutions and Third Sector Development (Argentine Republic)<\/strong><\/p>\n\n Article 1. If, for more than three years, a client of an entity subject to Financial Institutions Law No. 21,526 and its amendments has not made any movement in any of the holdings, investments, funds, or assets of any nature held within the respective entity, and the entity has no record of effective contact by the client or their successors or representatives during that period, the entity must undertake reasonable efforts to re-establish contact with the client. <\/p>\n\n Article 2. In cases where the total value of the holdings, investments, funds, or assets is less than ($500), the obligation set forth in Article 1 shall be deemed satisfied by a single publication in the Official Gazette of the Argentine Republic, stating the full name or corporate name of the owner(s), the amount or value of the asset, and the indication of the financial institution branch where the assets are located. <\/p>\n\n Article 3. If five years pass without any movement by a client in any of the holdings, investments, funds, or assets of any nature, and without any record of effective contact by the client during that period, the assets shall be transferred into custody, in their original currency if they are sums of money, to the Banco de la Naci\u00f3n Argentina. The Banco de la Naci\u00f3n Argentina shall hold these assets in the name of their respective owners, charging the same commissions it charges for similar assets in its client portfolio. Sums of money shall accrue interest at the prevailing passive rate for savings account deposits. <\/p>\n\n Article 4. When the holdings, investments, funds, or assets are owned by more than one natural or legal person, the conditions described in the preceding articles for the obligations of financial institutions to arise must be met with respect to all co-owners of the asset in question. <\/p>\n\n Article 5. When transferring assets in accordance with Article 3, financial institutions shall inform the Banco de la Naci\u00f3n Argentina of the following: <\/p>\n\n a) Full name or corporate name of the owner(s).<\/p>\n\n b) Description of the asset and its amount or market value at the time of transfer.<\/p>\n\n c) Last known address of the owner, according to the financial institution’s records.<\/p>\n\n d) If the client had notified the financial institution of a public welfare entity in accordance with Article 14 herein, the name of such entity.<\/p>\n\n e) Any other information deemed relevant for locating the owner of the assets or their successors.<\/p>\n\n Article 6. Assets subject to current precautionary measures are exempt from the provisions of this law. <\/p>\n\n Article 7. The Register of Unclaimed Financial Assets is hereby created, which shall be under the charge of the Banco de la Naci\u00f3n Argentina. The data referred to in subsections a), b), c), and d) of Article 5, as well as the date on which each asset was transferred to the Banco de la Naci\u00f3n Argentina and the date of its first publication in the Register, shall be recorded in the Register. The Register shall be publicly accessible, free of charge, to any person, and the information contained therein must be made available via the internet, without prejudice to other means that may be designated. <\/p>\n\n Article 8. The Banco de la Naci\u00f3n Argentina shall receive claims made by those alleging a right to the assets published in the Register, as well as the documents and evidence substantiating such right. Should it consider that the right to an asset has been duly proven, it shall proceed with the corresponding payment. Claims and the regime for their challenge shall be governed by private law. <\/p>\n\n Article 9. If an asset transferred to the Banco de la Naci\u00f3n Argentina under this law is not claimed by any person within five years from its publication by the Banco de la Naci\u00f3n Argentina, it shall be presumed abandoned by its owner(s), and must be transferred in ownership to the Ministry of Education, Science and Technology of the Nation, after its conversion to national currency. <\/p>\n\n Article 10. When, due to difficulties or factual impossibility, the owner or their successors were temporarily prevented from exercising their rights, judges are authorized to release them from the presumption of abandonment established in Article 9 and its consequences, if, after its cessation, the owner or their successors asserted their rights within three months. <\/p>\n\n Article 11. Assets transferred in ownership to the Ministry of Education, Science and Technology of the Nation shall be allocated to the improvement of infrastructure and teacher training in primary education. <\/p>\n\n Article 12. The Ministry of Education, Science and Technology of the Nation shall make public and keep updated, including by digital means, information regarding the sums of money received under this Law and their allocation. <\/p>\n\n Article 13. No entity subject to Financial Institutions Law No. 21,526 and its amendments shall classify holdings, investments, funds, or assets under the heading \u201cinactive balances\u201d or similar, nor may it charge commissions or costs for services not effectively rendered. <\/p>\n\n Article 14. Any natural or legal person shall have the right, at any time, to notify the financial institution of which they are a client or the Banco de la Naci\u00f3n Argentina of their wish that, should their assets be presumed abandoned in accordance with this law, the transfer provided for in Article 9 be made in favor of one of the entities registered in the National Register of Public Welfare Entities or in any Register of Public Welfare Entities maintained by a Province or Municipality. In such cases, the Banco de la Naci\u00f3n Argentina shall carry out the transfer provided for in Article 9 in favor of the public welfare entity designated by the client, provided that the public welfare entity: <\/p>\n\n a) Accepts the transfer. Acceptance of the transfer shall imply the public welfare entity’s agreement that the information in its records is public in nature and that the entity is subject to the right of access to public information in accordance with Article 2 of the General Regulation on Access to Public Information for the National Executive Power, approved as Annex II of Decree 1172\/2003. <\/p>\n\n b) Makes public and keeps updated its accounts, including by digital means, detailing the sums of money received under this law and their allocation.<\/p>\n\n Article 15. For the purposes of the notification provided for in the preceding article, every adhesion contract between a client and an entity subject to Law 21,526 shall include a clause to be completed with the name of the public welfare entity indicated by the client or the designation of the Ministry of Education, Science and Technology.<\/p>\n\n Article 16. Should it not be possible or appropriate for any reason to effect the transfer provided for in Article 9 in favor of a public welfare entity designated by the client, the transfer shall be made in favor of the Ministry of Education, Science and Technology of the Nation.<\/p>\n\n Article 17. The following shall be added as Article 39 bis of Financial Institutions Law No. 21,526 and its amendments:<\/p>\n\n Article 39 bis. The duty of secrecy also excludes information that financial institutions must transmit to the Register of Unclaimed Financial Assets in accordance with current laws.<\/p>\n","protected":false},"excerpt":{"rendered":" Bill – Author: Gabriel Stilman Unclaimed Property in Financial Institutions and Third Sector Development (Argentine Republic) Article 1. 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