Affidavit of Loss of
Time Deposit Certificate

In the Philippines, an Affidavit of Loss of Time Deposit Certificate is an essential legal document required by banks when the physical certificate representing a time deposit account has been lost, stolen, or misplaced. This sworn statement formally declares the circumstances surrounding the loss, serving as a notice to the bank and enabling the account holder to obtain a replacement certificate or proceed with transactions related to the time deposit.

When is this document required?

• Certificate Replacement: Banks will typically require this affidavit as a mandatory document for the issuance of a new Time Deposit Certificate in lieu of the lost one.
• Fund Release: It is often required for the release of funds upon the maturity or pre-termination of the time deposit, particularly if the original certificate cannot be presented.
• Collateral Purposes: If the time deposit was used as collateral for a loan, this affidavit may be necessary to facilitate the release of the collateral or other related transactions if the certificate is missing.
• Estate Settlement: In cases where the account holder has passed away, and the heirs need to claim the time deposit funds, this affidavit may be required if the original certificate is not found among the deceased's documents.

Legal Requirements:

The affidavit must be executed by the time deposit account holder (or their legal representative, such as an executor or administrator, if the account holder is deceased or incapacitated). It must be duly notarized by a commissioned Notary Public in the Philippines. Under Philippine law, making false statements in a sworn affidavit constitutes Perjury, which is a criminal offense punishable under the Revised Penal Code. This document is crucial for protecting both the account holder and the financial institution from potential fraudulent claims associated with the lost certificate.