UNCLAIMED PROPERTY

Sun (Auckland), Volume IV, Issue 1065, 1 September 1930, Page 10

UNCLAIMED PROPERTY

PROBLEMS FOR PUBLIC TRUSTEE £5,000 IN NEW ZEALAND LAND “Unclaimed property and moneys arise mostly from the vagaries, the tragedies, and the carelessness of human nature. It is necessary that the administration of such property be provided for, and one of the public services imposed on the Public Trustee by statute is that of the administration of unclaimed lands and unclaimed property,” says the Public Trustee in his annual report. With closer settlement and with the passage of years, the number of ap- a plications to have land administered as unclaimed is declining. Lands in regard to which the necessary conditions are shown to exist are vested in the Public Trustee in trust for the missing owner and are administeied for bis benefit, the Public Trustee in conducting such administration being bound to exercise the diligence and care which a reasonable, prudent, and careful trustee would exercise in like circumstances to protect the interests of the owners. “If before the expiration of twenty years the missing owner does not establish his title, the land, or the proceeds of sale if it has been sold, become the property of the Crown. “It is worthy of note that the statute may be invoked to protect the interests of a missing owner when land is being occupied adversely to him. Title acquired by adverse possession for the statutory period would prevent application of the provisions relating to unclaimed lands and the vesting of the land in the Public Trustee, but a trespasser who had not been in occupation long enough to obtain title in this manner could be ousted and the land vested in the Public Trustee in trust for the true owner. "On March 31 last the value of unclaimed lands under administration by the Public Trustee, and cash representing rents and proceeds of sale undistributed, amounted £4,987. DEALING WITH PROPERTY “The statutory provisions regarding unclaimed property could, if necessary, be applied to unclaimed land as well, but the primary purposes of the two provisions are somewhat different from each other. The object of that regarding unclaimed land is to provide power for administration of such land where necessary or expedient to do so, whereas the provision relating to unclaimed property aims at providing power to protect the interests of the missing owner or any other person in property if in their interests it is advisable to do so. “Unlike those in regard to unclaimed lands, the applications for the administration of unclaimed property are not decreasing, and each year brings forth a fresh number of cases. “It happens at times that the owner is missing for no known reason; out most frequently the owner has disappeared under circumstances which indicate death by misadventure, but where the evidence available does not warrant immediate application to the Court for leave to swear death, or where the Court has refused such leave. In cases such as this it frequently is very necessary that prompt action be taken to protect the missing owner's assets, and the statutory provisions and the availability of the services of a public official whose duty it is to give the necessary attention prove most valuable. “For example, on occasion when a back-country settler has disappeared leaving a farm and stock requiring attention, the necessary steps have been taken by the Public Trustee to attend to the farm and to provide for tlie care of the stock; where a town dweller has disappeared, the Public Trustee has taken any steps necessary to protect his assets and to arrange maintenance for any dependants. MISSING OWNERS’ INTERESTS “In the handling of the property of a missing person it is the Public Trustee’s duty to protect the interests of the missing owner, and this is the principle which guides the administration. All moneys received are held in trust for him, save such funds as are applied in proper exercise of the powers conferred upon the Public Trustee, which briefly are; to enter into possession of the property; to perform certain of the missing owner’s obligations; to sell (although this power is not exercised unless it is necessary or expedient, in the interests of the missing owner, or in order to carry out his obligations); and power to apply moneys on account of the maintenance of the wife, husband, or children of the owner. Unclaimed property to the value of £6,475 was under administration by the Public Trustee on the 31st March last.

“The unclaimed property referred to, comprises that with which the Public is actively concerned in administration and protection. In addition, it often happens that there are in bankrupt estates unclaimed dividends and unclaimed surpluses, which, under the provisions of the Bankruptcy Act, are paid by the Official Assignee to the Public Trustee. Surpluses in respect of the proceeds of properties sold by the rating authorities for default in payment of rates are sometimes unclaimed, and these also are, as is provided by statute, paid to the Public Trustee by the local bodies concerned. On March 31 last, the amount held under the Bankruptcy Act provisions was £6,837 11s sd. and under the Rating Act, £1,197 19s 9d. “Moneys which come into the hands of the Public Trustee as unclaimed and for which no owner appears, are. if not applied in exercise of the powers conferred upon the Public Trustee, transferred to the Consolidated Fund after expiry of a certain period.”