Court of Session Consignations (Scotland) Act 1895

10 Unclaimed dividends in a sequestration to be made over to the Queen's Remembrancer

Section one hundred and fifty-three of the [19 & 20 Vict. c. 79.] Bankruptcy (Scotland)-Act, 1856, is hereby repealed, in so far as regards the manner in which unclaimed dividends after the lapse of twenty-five years from the closing of a sequestration and any interest thereon are to be dealt with, and in lieu thereof the Accountant shall at the end of seven years from the date of deposit hand over the deposit receipts or other securities or vouchers for any unclaimed dividends or special deposits or unapplied balances belonging to a bankrupt estate, and received by him in terms of the above-mentioned section, to the Queen's and Lord Treasurer's Remembrancer, who shall thereupon obtain payment, in the manner and on the conditions aforesaid, of the amount due, principal and interest, from the bank in which the deposit was made, and each bank in which a deposit of unclaimed dividends has been made shall on or before the first day of April in each year account to the said Remembrancer for the interest on the interest account of unclaimed dividends for the preceding calendar year, and a receipt under the hand of the said Remembrancer shall be a sufficient discharge to the Accountant for the duties imposed on him by the said section, and to the said banks for the payments so made by them.