Tuesday, May 20, 2008

State to seize more "unclaimed" property

Better keep some activity going in your bank account...if the General Assembly thinks you have forgotten about the money they will quickly assume its "unclaimed."

-- $10 million achieved by increasing the estimate of how much the state will receive in both the current year and next year from unclaimed property. State law provides that property held by financial institutions and other entities goes to the state if abandoned or unclaimed by the owner for a period of several years.