Missouri State Treasurer Is Holding $1 Billion In Unclaimed Property

Missouri_State_Capitol_2020

Unclaimed Property consists of cash from bank accounts, stocks, bonds and contents of safe deposit boxes that have been abandoned.

Abandoned property is property for which there have been no documented transactions or contact with the owners for some statutorily defined period of time, generally five years.

Other types of Unclaimed Property include uncollected insurance policy proceeds, government refunds, utility deposits and wages from past jobs. Unclaimed Property does not handle real property such as land, houses, cars and boats.

Missouri’s Unclaimed Property

The Missouri State Treasurer holds $1 billion in Unclaimed Property for Missouri in more than 5 million owner accounts.

Each year financial institutions, businesses, government agencies, and other organizations turn over millions of dollars in cash and the contents of safe deposit boxes to the Treasurer’s Office.

These entities are required to turn over Unclaimed Property to the State Treasurer’s Office after there has been no document transaction or contact with the owner for five years.

One in ten Missourians have Unclaimed Property, and the average return is $300.

The contents of those safe deposit boxes contain family heirlooms, jewelry and other keepsakes. Some of the most precious items recovered from safe deposit boxes are military medals and insignia.

The Treasurer and his team work to return these items to the heroes who earned them or their families.

Information about the names and last known addresses of the safe deposit box owners from which the medals and insignia were found is available at Treasurer.mo.gov/Military

How Does The State Get The Property?

State law requires financial institutions, insurance companies, public agencies and businesses to turn over Unclaimed Property to the Missouri State Treasurer’s office if they have had no contact with the owners for some statutorily defined period of time, generally five years.

Unclaimed Property holds cash property in trust forever

Occasionally, the State Treasurer’s office is required by law to auction abandoned non-monetary assets of value (jewelry, coins, etc.) from safe deposit boxes, and records the proceeds from their sale in the owner’s names so they or their heirs can claim the proceeds.

Proceeds, as well as any other Unclaimed Property, are held forever until claimed by the original owner or heir.As of August 28, 2010, no military medal or honor held by Unclaimed Property will be auctioned or sold.

Searching Unclaimed Property

To get started visit the Missouri State Treasurer’s office by clicking here

 

Source https://treasurer.mo.gov/UnclaimedProperty/Main.aspx

Facebook Comments