Unclaimed Property, Where Does It Go?
There is unclaimed funds and property in every state in the country.
There are laws on the books for how all types of unclaimed funds and property is to be handled by the various companies that are holding them.
These assets are to be considered lost or abandoned (usually from inactivity) after three to five years.
During this time, these companies and businesses are supposed to make an effort to return these assets to their rightful owners.
After this period of time expires, they are then to turn over the funds and property to the state's unclaimed property office or appropriate agency.
In the U.
S.
Supreme Court decision (Texas vs.
New Jersey, 379 US 674, 1965), "Jurisdiction to escheat abandoned intangible personal property lies in the State of the creditor's last known address on the debtor's books and records or, absent such address or an escheat law, in the State of corporate domicile -- but subject to later escheat to the former State if it proves such an address to be within its borders and provides for escheat of such property.
Pp.
379 U.
S.
680-683.
" What this says is that the unclaimed funds and/or property is returned to the state of the property owner's last known address.
If an address is unknown, it is returned to the state where the business holding the funds is incorporated.
A major flaw with this is that in many of the unclaimed or abandoned property cases, the individual(s) that are said cannot be found have been at the same address for many years.
In one case, the Claimant was at the same address for 34 years in California.
How do you not find or notify this person when they haven't moved in so long? There are many famous people that are owed money from a few dollars to thousands.
People such as Adam Sandler, Angelina Jolie, Barry Sanders, Anita Baker, Bill Belichek, Chelsea Clinton, Jodie Foster, George Clooney, Julia Roberts, Keanu Reeves, John Travolta and Jennifer Aniston to name only a few of the many owed cash.
Are they really that difficult to find? Honda, Disney, NBC, Universal Studios, Microsoft and the Boston Red Sox are but a few of the many major companies owed money.
Can't find them either, huh? The state's unclaimed property office attempts to find the rightful owners by sometimes placing advertisements in newspapers and setting up at county and state fairs trying to locate the owners of lost, abandoned or unclaimed funds.
Some will send a letter, maybe.
Depending upon the state depends on whether or not there is a time limit on claiming your funds or property.
Some unclaimed funds and/or property that have been deemed lost or abandoned has been reunited with its rightful owners 30, 40, and even 50 years after it was turned over to the state.
In other cases, states keep escheated funds after 3, 5, and 7 years.
In these cases, if it's not claimed it's gone.
There are laws on the books for how all types of unclaimed funds and property is to be handled by the various companies that are holding them.
These assets are to be considered lost or abandoned (usually from inactivity) after three to five years.
During this time, these companies and businesses are supposed to make an effort to return these assets to their rightful owners.
After this period of time expires, they are then to turn over the funds and property to the state's unclaimed property office or appropriate agency.
In the U.
S.
Supreme Court decision (Texas vs.
New Jersey, 379 US 674, 1965), "Jurisdiction to escheat abandoned intangible personal property lies in the State of the creditor's last known address on the debtor's books and records or, absent such address or an escheat law, in the State of corporate domicile -- but subject to later escheat to the former State if it proves such an address to be within its borders and provides for escheat of such property.
Pp.
379 U.
S.
680-683.
" What this says is that the unclaimed funds and/or property is returned to the state of the property owner's last known address.
If an address is unknown, it is returned to the state where the business holding the funds is incorporated.
A major flaw with this is that in many of the unclaimed or abandoned property cases, the individual(s) that are said cannot be found have been at the same address for many years.
In one case, the Claimant was at the same address for 34 years in California.
How do you not find or notify this person when they haven't moved in so long? There are many famous people that are owed money from a few dollars to thousands.
People such as Adam Sandler, Angelina Jolie, Barry Sanders, Anita Baker, Bill Belichek, Chelsea Clinton, Jodie Foster, George Clooney, Julia Roberts, Keanu Reeves, John Travolta and Jennifer Aniston to name only a few of the many owed cash.
Are they really that difficult to find? Honda, Disney, NBC, Universal Studios, Microsoft and the Boston Red Sox are but a few of the many major companies owed money.
Can't find them either, huh? The state's unclaimed property office attempts to find the rightful owners by sometimes placing advertisements in newspapers and setting up at county and state fairs trying to locate the owners of lost, abandoned or unclaimed funds.
Some will send a letter, maybe.
Depending upon the state depends on whether or not there is a time limit on claiming your funds or property.
Some unclaimed funds and/or property that have been deemed lost or abandoned has been reunited with its rightful owners 30, 40, and even 50 years after it was turned over to the state.
In other cases, states keep escheated funds after 3, 5, and 7 years.
In these cases, if it's not claimed it's gone.
Source...