Unclaimed Property Blog

Tobacco farmers were once given a settlement to no longer raise tobacco. If you thought that all the money was given out, think again.

In the fall of 2005 the Treasurer’s Unclaimed Property Division received payment under the Master Settlement agreement (MSA) between the major domestic cigarette manufacturers and 46 states. This is money that had gone unclaimed for several years.

Further looking into this uncovered that there are about 1,300 farmers in Kentucky who have not claimed all they were due from the tobacco settlements.

There are many stories of how people have claimed their unclaimed cash or property. They are the stories that put a smile on your face and may make you wonder if it can happen to you. Here is a story that may make you laugh out loud. This is how not to claim unclaimed money.

A Jordanian salesman was arrested for forgery and attempted embezzlement in Dubai this week after using a doctored identification card. The doctoring of an ID card is not new; however, this salesman used a photo of Brad Pitt.

Indiana is once again making more attempts to contact people that have unclaimed property. The state does want to give this money back to the rightful owner.

For various reasons money does get turned over to the state. The laws on unclaimed property vary from state to state as to what is to be turned over to the state and the time limits to turn in unclaimed assets.

In Indiana financial institutions and other holders are required to turn over assets of accounts that have had five or seven (depending on the type of account) years of inactivity. After 25 years, unclaimed funds become subject to the general fund.

There are many stories about people being reunited with their money. Have you ever wondered how they lost it in the first place? Continue reading to find some answers to this question.

In Florida, Treasurer John Kennedy recently returned more that $133,000 in unclaimed money to owners.
He held an event at a local mall where shoppers could go onto the internet and search for unclaimed money.

This was the first event since hurricane Katrina. Kennedy also feels the total was the most money he has given away at any one event.

Pennsylvania State Treasurer audits the the well known ketchup Company to find it owes about $500,000 in unclaimed property.

State treasurer Robert Casey said the Pittsburgh-based food maker failed to fully report $353,220 in accounts payable checks and $157,290 in uncashed payroll checks.

Also found in the audit which covered January 1, 1993 to December 31, 2001 were 2,364 shares of commons stock unreported. This is stock that was abandoned by shareholders for various reasons.

Per Pennsylvania law, companies must remit uncashed payroll checks every two years, while uncashed company checks and abandoned shares are to be remitted every five years.

You may not think of Virginia as a very large state, but it has a large sum of money to return to it’s residents.

During one attempt to return money, a laptop computer was brought to the lobby of Town Center of Virginia Beach and found about every sixth or seventh person had money unclaimed.

What is this money and where does it come from? There are many sources with the most common being a utility deposit not returned, a forgotten checking or savings account, a security deposit from a rental when you did not give a forwarding address, a final payroll check or even an expense reimbursement and an abandoned safe deposit box. There may be many more ways but as stated, these are the most common.

Nebraska State Treasurer Ron Ross has decided to extend the amnesty program on unclaimed property. This is the second such extension he has implemented.

Ross announced an extension of the proven highly successful 2006 Amnesty Program. This program offers amnesty from penalties and interest to Nebraska businesses that voluntarily report unclaimed property. The Nebraska Restaurant Association and the Nebraska Retail Federation had requested the extension due to their concerns that without an extension LB 173, effective November 2, 2006, would be confusing to their members.

Illinois unclaimed property is increasing. The State Treasurer want to return money to rightful owners. Continue reading and find out how much money Illinois has and how they return it.

When you see unclaimed property you may think it is actual property as in land; therefore, you would not be one of the estimated 5 million people in the state of Illinois with unclaimed property. The actual definition of property when used in unclaimed property is money and material possessions. Still not sure what that comes down to in layman’s terms? Property could be money in an abandoned bank account, the contents of a safe deposit box, uncashed final paycheck, stocks, bonds, or a utility deposit never returned to the rightful owner.

On Monday, May 15th, Iowa State Treasurer, Michael Fitzgerald announced a record dollar amount of unclaimed property being held by his office. The result was…”We’re overwhelmed,” he said. “Our office is being put through the paces trying to make matches for these folks.”

There is approximately $160 million worth of money and unclaimed property being held. With the tidal wave of calls and more than 11,000 web hits The Great Iowa Treasure hunt is proving to be a success.

This week there were several items returned to their rightful heir. Amongst the items were a variety of valuable sports memorabilia and war medals including a Purple Heart. Items such as these usually come from abandoned safe deposit boxes.

West Virginia is getting tougher. The State Treasurer is actively seeking owners of unclaimed property.

Each state holds unclaimed property. All have different ways to find and return the money to the rightful owner. West Virginia has decided to become more active in giving money away.

Recently, Jack Phillips of Phillips Machine Service was contacted and received $117,000 worth of cash and stock dividends.

Wondering how someone could lose $117,000? The company had some stock and the bank holding the stock certificates could not locate the company. Per state law, the stock is transferred to the state for safe keeping.