Arizona
If you're living in Arizona or at some time in your life lived and worked there
before, there is a great chance you are entitled to the $400 million in
unclaimed property the state Treasury Department
is holding. Even if you haven't been there before, an Arizona-based company may
have turned-over to the
government lost funds
belonging to you. Depending on the type of property, there is a dormancy period
of usually 3 years for lost assets to be claimed before they are by law handed
over to the government.
Lost
financial assets include securities, cash or
property like bank accounts, credits, and payroll checks. Contents of safety
deposit boxes are can also considered unclaimed property if their owners can't
be contacted after the dormancy period. The
Arizona
Treasury Department sells contents of safety deposit boxes
in annual auctions if their owners don't claim them after 3 years. The proceeds
are then held by the state as unclaimed money. A $100,000 trust fund from the
unclaimed money is maintained by the State of Arizona
and the excess is transferred to the state's General Fund.
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December 10th, 2011
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Unclaimed Money |
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California
Good news for Californians! Over $400 million are ordered by a judge to be paid
to the owners of
unclaimed money which was in the hands of the California
Treasury Department. According to a news report
in San Francisco Chronicle, ?The ruling is the second major blow to the state
this year over how it has handled more than $5 billion in the unclaimed property
account - enough money to cover the cost of the California's 109-campus
community college system.?
The U.S. Government is holding-on to an estimated amount in the neighborhood of
$40 billion in unclaimed assets.
Imagine how much interest that generates per year! Yup, hundreds of millions. In
the Golden State alone, there is around $5 billion in unclaimed money and there
were reportedly instances where the state failed to include the interest on
successfully returned assets. This adds to the negative rulings plaguing the
unclaimed property division of the state's Treasury
Department. A federal court earlier this year
found that the state failed to notify some owners of lost assets properly before
seizing them. This resulted in a federal court ordering a cease in the seizure
of
unclaimed property by the state
until new laws were passed ensuring proper attempts to notify the owners of
such. The ban was lifted just recently.
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December 6th, 2011
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Unclaimed Money |
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