1 The dormant assets scheme: overview
Dormant Assets Act 2022 (2022 c 5) | Legislation

Part 1 The Dormant Assets Scheme

Introduction

1  The dormant assets scheme: overview

(1)     The applicable provisions of this Act and the Dormant Bank and Building Society Accounts Act 2008 (in this Act referred to as “the 2008 Act”) establish the dormant assets scheme for dealing with certain dormant assets.

(2)     The applicable provisions are—

(a)     this Part and sections 22 to 25 below (so far as relating to this Part), and

(b)     in the 2008 Act, section 1 and sections 4 and 6 to 10 (so far as relating to section 1).

(3)     The common features of the scheme as it applies to assets of a particular description are that—

(a)     an institution transfers to an authorised reclaim fund, with its consent, an amount owing to a person which is dormant,

(b)     the transfer extinguishes the right the person has in relation to the amount owing, and

(c)     that right is replaced by a right against the reclaim fund to payment of the amount specified in the applicable provision.

For

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