Singapore legislation
Section 21
Section 21
Unclaimed funds to be paid into Consolidated Fund
(1)
Where —
upon the conclusion of the administration of the estate of a person dying testate or intestate, there remain in the hands of the Public Trustee funds that the Public Trustee is unable to dispose of by distribution in accordance with law by reason of the untraceability of the person entitled to give a discharge, or for any other cause; or
the Public Trustee is unable to conclude the administration of any trust as there is remaining in his or her hands funds that the Public Trustee is unable to dispose of by distribution in accordance with law by reason of the untraceability of the beneficiaries under the trust or for any other cause, the Public Trustee must credit those funds to an account called the Unclaimed Estates Account.
(2)
The funds credited to the Unclaimed Estates Account under subsection (1) are to be kept in the account for 7 years and, if they remain unclaimed at the end of that period, the funds together with any interest earned thereon are to be paid into the Consolidated Fund.
(3)
If any claim is made to any part of the funds so transferred to the Consolidated Fund and if the claim is established to the satisfaction of the Public Trustee, the amount certified by the Public Trustee to be due to the claimant must be paid to the claimant, without interest, from the Consolidated Fund.