Unclaimed Dividends

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Legal Definition and Related Resources of Unclaimed dividends

Meaning of Unclaimed dividends

In English bankruptcy practice, dividends remaining unclaimed for five years are forfeited to the government (Bankruptcy Act 1869, § 116), but may, upon satisfactory proof of right thereto, be paid over to the creditors entitled (38 & 39 Vict. c. 77, § 32). And in chancery, the lord chancellor may, under St. 16 & 17 Vict. c. 98, § 3, order dividends unclaimed for fifteen years to be carried to “the suitors' unclaimed dividend account;” and these, under 32 & 33 Vict. c. 91, are transferred to the public on their indemnity. Dividends not being claimed for ten years on stock in the Bank of England, the stock is forthwith transferred to the government on the like indemnity. Brown.

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This definition of Unclaimed Dividends is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

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(2013, 04). Unclaimed Dividends legaldictionary.lawin.org Retrieved 09, 2014, from http://legaldictionary.lawin.org/unclaimed-dividends
"Unclaimed Dividends" legaldictionary.lawin.org. 04 2013. 09 2014 <http://legaldictionary.lawin.org/unclaimed-dividends>
"Unclaimed Dividends" legaldictionary.lawin.org. legaldictionary.lawin.org, 04 2013. Web. 09 2014. <http://legaldictionary.lawin.org/unclaimed-dividends>
"Unclaimed Dividends" legaldictionary.lawin.org. 04, 2013. Accesed 09 2014. http://legaldictionary.lawin.org/unclaimed-dividends
Encyclopedic, 'Unclaimed Dividends' (legaldictionary.lawin.org 2013) <http://legaldictionary.lawin.org/unclaimed-dividends> accesed 2014 September 16

 

This entry was last modified: April 22, 2013

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