|
|
|
|
| Unclaimed Property |
|
|
|
| FAQs |
|
|
|
Smith Rocks, photo Vickie Nokleby
|
What is unclaimed property?
By definition, unclaimed property is any financial asset, usually intangible, being held for a person or entity that cannot be found. It is not real estate, abandoned personal property, or lost and found items.
Unclaimed property includes savings accounts, checking accounts, unpaid wages or commissions, stocks, dividends proceeds, refunds, money orders, paid-up life insurance policies, utility deposits and contents of safe deposit boxes.
What is a holder?
A holder is any person or business entity in possession of property belonging to another. In Oregon, holders report unclaimed property to the Department of State Lands annually.
How does property become "unclaimed"?
In accordance with individual state laws, property becomes abandoned or unclaimed, if the owner cannot be contacted by the holder of the asset within a specified period of time, generally three years. (Please refer to the matrix for specific property dormancy periods.)
What attempts are made to find the rightful owners?
The “holder” (the business which has the asset) must make a reasonable effort to locate the rightful owner before turning the asset over to the Department. If the holder is unsuccessful, it must report the names and last-known addresses of the owners to the Department. The Department attempts to locate the owner in various ways.
Is anything involved besides money?
Yes. The contents of safe deposit boxes as well as other intangible assets not specifically mentioned in the statute, such as stock and bonds are reportable as unclaimed property. Items from safe deposit boxes that have commercial value are held by the Department for at least one year before being sold at an oral, public auction. The proceeds realized from the sale are available for claim by owners. Personal papers and photographs from safe deposit boxes are stored for 5 years before being destroyed. (Personal property that has been purposely abandoned by its owner, such as vehicles, appliances or personal possessions, is not included in this statute. Check ORS 87.152 for information about disposing of personal or tangible property abandoned by its owner.)
What does the state do with this money?
Unclaimed property proceeds are held in a special account known as ´The Common School Fund´ (CSF). The CSF is a constitutional fund dedicated to benefit Oregon´s public schools from K-12 grades. The reported amount is available for claim by the owner or heir(s) forever.
How much money is involved?
The Department receives about $30 million in unclaimed property each year and returns about $10 million to owners.
How can I claim my property?
If you find your name on Oregon´s online database, print an inquiry form and mail it to us with the supporting documentation listed on the form.
What is a finder?
A finder, sometimes known as an heir-finder, heir-searcher or researcher, is an individual who attempts to reunite owners with their unclaimed assets for a fee. Fees and procedures vary considerably. The Department is aware of many finders working throughout the United States and Canada. In Oregon, a finder must be licensed to locate owners of unclaimed property. Before signing an agreement or contract, be sure the Department of Public Safety Standards and Training has issued a license to the finder. Do not pay an advance fee for research services; you can search Oregon´s unclaimed property database online, or print an inquiry form and mail it to the Department. Staff will search for your name at no cost.
|
|
|
