December 10, 2008
Locating Mississippi Unclaimed Property - Part 1 of 2
(Part 1 of 2)
The State of MS is home to some of my favorite things in life - sweet potatoes, rootbeer (invented in Biloxi in 1898), and catfish. MS's Treasury Department has also become home to something that's on the top of my list and I suspect yours as well - money. Mississippi unclaimed money, to be exact. "Nearly 1 in 5 Mississippians have money representing over $38 million that needs to be claimed," announced MS State Treasurer Tate Reeves in a press release recently. This is clearly good news for the numerous families that suffered hurricane losses in recent years, and are now trying to deal with serious setbacks in their budgets.
When people die or move to a new place, often they don't remember to leave a will or a forwarding address and this causes lost mail and inheritances. Financial notices, tax refund checks and similar items get returned to the sender (the IRS, banks, insurance companies, etc.). According to Treasurer Reeves, "They are required by state law to turn them over to the Treasurer's Office after a dormancy period. After that dormancy period is over, they turn it over to the state. We put a book out every three years and send it out through various media,".
According to a recent report on Dateline NBC, a number of lucky Mississippi residents were recently given back their lost funds and it was actually a pleasant shock for most of them. A Biloxi, MS resident found out he had $30,000 from an investment his father had forgotten to tell him about before he passed away. A couple who had lost everything to the recent hurricane received $250 thousand from MS unclaimed funds. Another woman who was attempting to rebuild homes for herself and her mother received $100 thousand. Gordon White, was in the process of building his dream home when Katrina struck and he had to live in a trailer, but then got $200 thousand from bank stock shares his father had never told him about. One of the largest claims handed out so far was to a Vietnam vet who had been forced to retire from his job as a company supervisor due to post-traumatic stress. It turns out that he was owed almost a million dollars from old company stocks he had forgotten about after retiring from said company.
(to be continued)
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As number of bankruptcies rockets, there is £11.1m in cash lying unclaimed by creditors (The Scotsman: Business)
THE amount of money left lying unclaimed by the creditors of bankrupt Scots has more than trebled in the past three years, new figures have revealed.
Founder of Found Money, Edward Palonek and Santa Claus Find People that Have Unclaimed Money Belonging to Them Before … (PRWeb via Yahoo! News)
Each year, thousands of people lose track of their bank accounts, cash, stocks, bonds, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer or insurance company with a forwarding address. Losing sight of property can happen to anyone, says Mr. Palonek and Santa Claus.
Dewan Negara: Unclaimed money to rise to RM95m (The New Straits Times)
THE total amount of money in the Unclaimed Money Registry is expected to go up to RM95 million this year. Deputy Finance Minister Datuk Ahmad Husni Mohamad Hanadzlah said a total of RM58 million was paid out to claimants last year, compared with RM15 million in 2002.
$6 million prize unclaimed (Palladium-Item)
Happy, hopeful and hectic. Those words describe the atmosphere at Rihm Liquor Store on Monday after it was identified as the location a winning ticket worth $6 million was sold in the Hoosier Lottery.
Dewan Negara: Unclaimed money to rise to RM95m (The New Straits Times)
THE total amount of money in the Unclaimed Money Registry is expected to go up to RM95 million this year.
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