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| Oregon Unclaimed Property Finders |
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Mt. Hood photo Vickie Nokleby
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General Information to Finders of Unclaimed and Escheat Property
STATE OF OREGON
Department of State Lands (DSL)
Licenses
As of January 1, 2006, the Department of Public Safety Standards and Training (DPSST) began administering the Private Investigator Licensing Program for the State of Oregon in compliance with the requirements of ORS 703.401 - 703.470. Finders must forward a copy of their current license with their initial Power of Attorney. Subsequent claims filed by finders must include the current license number on the Power of Attorney. Contact DPSST for licensing requirements and information before purchasing a finder’s list at http://www.oregon.gov/DPSST/PS/index.shtml. You may also write: DPSST, 4190 Aumsville Highway SE, Salem OR 97317 or call 503-378-8531.
Lists
A listing of owners of unclaimed property may be obtained from the Department of State Lands, 775 Summer St NE #100 Salem, Oregon 97301-1279. This list contains the names of owners and co-owners of unclaimed accounts under Oregon law, Chapter 98. It includes information provided by the holder, such as the amount being held and DSL reference numbers. The value stated on the list may be an actual, estimated or combination value.
A listing of devisees entitled to distributive shares from an estate, or an estate with unclaimed assets remitted as escheat property may be obtained from the Department of State Lands, 775 Summer St NE #100 Salem, Oregon 97301-1279. “Unclaimed assets from estates” are defined as assets of the estate due unknown heirs of the deceased person.
There is a direct cost to the agency to produce the listing and this cost is recoverable under ORS 98.050. The computer program format and listings were designed and developed because of requests by finders, heir search firms and researchers. The listings are presently available for accounts paid to the Department for the years 1981 through 1991 and 1993 in paper form only. The 1994 and 1995 listings are available in either paper form or on CD-rom.
Cost: $100 per release, plus postage
The average postage for a one-year list is $4. You may print an order form or call the Department at 503-986-5289 to receive one. The listing of owners of unclaimed property will be mailed upon receipt of a cashier’s check or money order made payable to the Department of State Lands. VISA or MasterCard credit card payments are also an option – see the Finder List Order Form for details. A waiting period of twenty (20) days is required for all check payments other than cashier’s checks.
If you do not wish to purchase the computer listing, you may call the Department (503- 986-5289) to make an appointment to review the list. It is necessary to make specific appointments in order to reserve an appropriate workspace and to assure the records are available for your use. You may obtain copies of the records for a fee (per OAR 141-91-005 through 015 ).
Research of Unclaimed Property
In order for you to act on behalf of an owner of an account which has been unclaimed or abandoned, you must obtain written, notarized authorization from the owner. This form of authorization is a “power of attorney”. A power of attorney may be granted by an individual and “limited” to a specific action or subject, or “general” in nature. IN ALL
CASES, HOWEVER, THE CLAIMANT MUST SIGN THE CLAIM FORM SUBMITTED
TO THE DEPARTMENT TO RECOVER ANY UNCLAIMED FUNDS.
The reason for this requirement is that the CLAIMANT MUST DECLARE AND CERTIFY THAT HE OR SHE IS ENTITLED TO THE ACCOUNT. In the case of an heir, successor by will, or by right of representation, the heir or personal representative of the estate must sign the claim form.
Contact with the Department of State Lands
Once you have made contact with an individual who may be the owner of an unclaimed account, and have obtained a notarized power of attorney, please submit a written request for the appropriate claim form. Also, include the account information as shown on the computer listing or in the Department’s file with your cover letter. A claim form will be sent to you.
Provide the original power of attorney with your initial request. All finders shall be licensed and comply with the requirements of ORS 703.401 - 703.470. Finders must forward a copy of his or her current license issued by the DPSST with the initial power of attorney. Subsequent claims filed by finders shall include the current license number on the power of attorney.
Documentation
Once you have obtained the signature of the claimant on the claim form, then through you, the claimant must provide the appropriate evidence and/or documentation to prove he or she is the rightful owner. NAME SIMILARITY WILL NOT PROVE OWNERSHIP TO AN ACCOUNT. For example: 1) If you find the owner of an unclaimed savings account, the claimant should be able to provide the savings passbook or statement. If not, the claimant may provide evidence of the last-known address on file with the financial institution. 2) If you find an heir who is the beneficiary of an insurance policy, the claimant should provide the original insurance policy. This is necessary because in some cases the policy does not cite an heir as beneficiary and the proceeds of the policy become part of the decedent’s estate.
IT IS THE RESPONSIBILITY OF THE CLAIMANT, THROUGH THE FINDER TO PROVE ACCOUNT OWNERSHIP. The Department of State Lands has the responsibility to evaluate the evidence provided and to administratively accept or reject the evidence provided to support the claim. If accepted, the claim will be approved and payment made. If rejected, the claim will be denied and the claimant or researcher will be advised of the option to request a hearing according to Oregon Administrative Rules.
Oregon Administrative Rule 141-040-0212 describes the different types of evidence, which may be required to prove entitlement to an account.
To recover an account due a deceased owner when the value of the account is $1,000 or less, the heir or successor may complete an Affidavit in Lieu of Probate as provided in ORS 293.490 et seq, to recover the unclaimed account(s).
If a claim is for securities or a cashier’s check, the Department may require the claimant(s) to provide a lost instrument bond if the original certificate or instrument is not surrendered to the Department. In certain circumstances, the Attorney General’s staff or designee may provide final approval of an escheat property claim, review certain cashier’s check claims or assist with any other legal issue(s).
If the account is for more than $1,000 and due a deceased owner, proof of probate must be submitted as evidence. If the estate is currently open, a current court-certified copy of letters must be submitted to support the claim. If the estate is closed, court-certified copies of the Final Order of Distribution disclosing all heirs of the estate must be submitted as evidence. A court-certified copy of the Affidavit of Claiming Successor (small estates affidavit) is required if a full probate was not necessary.
Finder Fee
DO NOT STATE TO A CLAIMANT THAT THE FINDER FEE YOU CHARGE IS CONSISTENT WITH OREGON LAW AND DO NOT INDICATE YOU ARE AN AGENT OF THE STATE OF OREGON. This could be misleading because Oregon law does not restrict or prohibit the assessment of finder fees, nor are you working for the State of Oregon. An agreement between the finder and the potential claimant is a business issue between the two parties. Please check with local city and county officials for licensing requirements regarding your business activity.
Payment of Interest
Oregon Revised Statute 98.372 states an owner is not entitled to receive income or other increments, which have accrued on the property after the property has been paid or delivered to the State of Oregon by the holder.
Conflicting Claims
If multiple claims are received for the same account, all parties will be notified of the agency’s policy according to the particular circumstances.
Disbursements
If the power of attorney authorizes this office to disburse the funds to the finder, the check will be payable to the claimant and the finder, and mailed to the finder.
Stale-dated Check Proceeds
In 1994, lists of stale-dated checks from various state agencies were transferred to the Department of State Lands. The Department has microfilmed the lists beginning with records from 1981. The amount of information on each list varies greatly. The microfilm can be viewed by appointment only.
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