50 USC 4114 - Philippines

U.S Code last checked for updates: Nov 26, 2024

§ 4114.

Philippines

(a)

Losses by individual from sequestered credits; loss by banks or other financial institutions

(1)

The Commission is authorized to receive and to determine, according to law, the amount and validity, and provide for the payment of any claim filed by—

(A)

any individual who—

(i)

on or after December 7, 1941, was a member of the military or naval forces of the United States;

(ii)

is the survivor of any deceased individual described in subparagraph (i);

(iii)

was a national of the United States on December 7, 1941, and is a national of the United States on August 31, 1954; or

(iv)

is the survivor of any deceased individual who was a national of the United States on December 7, 1941, and would be a national of the United States on August 31, 1954, if living; or

(B)

any partnership, firm, corporation, or other legal entity, in which more than 50 per centum of the ownership was vested, directly or indirectly, both on December 7, 1941, and on August 31, 1954, in individuals referred to in subparagraph (A) of this paragraph;

for losses arising as a result of the sequestration of accounts, deposits, or other credits of such individual or legal entity in the Philippines by the Imperial Japanese Government.

(2)

The Commission is authorized to receive and to determine, according to law, the amount and validity, and provide for the payment of any claim filed by any bank or other financial institution doing business in the Philippines which reestablished sequestered accounts, deposits, or other credits of—

(A)

any individual referred to in subparagraph (A) of paragraph (1) of this subsection; or

(B)

any partnership, firm, corporation, or other legal entity, in which more than 50 per centum of the ownership was vested, directly or indirectly, both on December 7, 1941, and on the date of reestablishment of such sequestered credits, in individuals referred to in such subparagraph (A);

for reimbursement of the amounts of such sequestered credits paid by such bank or financial institution.

(b)

Filing date for claims

(c)

Death or legal disability as affecting payments

(d)

Certification of claims for payment

Each claim allowed under this section shall be certified to the Secretary of the Treasury for payment out of the War Claims Fund established under section 4110 of this title. The Secretary of the Treasury shall pay such claims as follows:

(1)

In the case of each claim allowed in an amount equal to or less than $500, such claim shall be paid in full; and

(2)

In the case of each claim allowed in an amount greater than $500, such claim shall be paid in two installments. The first installment shall be paid in an amount equal to $500 plus 66⅔ per centum of the amount of such claim allowed in excess of $500. The last installment shall be computed as of September 1, 1956, under the next sentence of this paragraph, and, as so computed, shall be paid from the sums remaining in the War Claims Fund on that date. If the sums remaining in the War Claims Fund on September 1, 1956, are sufficient to satisfy all claims allowed under this section and not paid in full, the unpaid portion of each such claim shall be paid in full; if the sums remaining in the War Claims Fund on September 1, 1956, are not sufficient to satisfy all claims allowed under this section and not paid in full, the last installment payable on each such claim shall be reduced ratably, and, as so reduced, shall be paid from the War Claims Fund.

(July 3, 1948, ch. 826, title I, § 17, as added Aug. 31, 1954, ch. 1162, title I, § 103, 68 Stat. 1035; amended Pub. L. 87–846, title I, § 102, Oct. 22, 1962, 76 Stat. 1107.)

cite as: 50 USC 4114