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Wednesday
Jun272012

States Can't Cash Out Unredeemed Savings Bonds

Unredeemed savings bonds are often found in the safe deposit boxes that get turned over to the state. According to the US Treasury Department, there are 40 million savings bonds nation wide that have stopped earning interest. Not all of those are in state posession. These bonds should be cashed out by the owners and the money reinvested. The estimated value is more than $16 billion.

Seven states had filed suit against the Treasury Department seeking permission to cash out the bonds that are in their posession. After all, the states can't earn interest on the fully matured bond certificates, plus they take up space to store them. 

The third Circuit Court ruled on June 27, 2012 that the supremacy clause of the US Constitution prevents the states from forcing the federal government to abide by state laws.

You only get part of the story because this is a subscription but it's enough to get the gist of it.

http://www.law360.com/appellate/articles/354744/states-can-t-cash-out-unclaimed-savings-bonds-3rd-circ-

Sunday
Jun102012

Michigan exempts business-to-business unclaimed property

I'm not sure this is good for businesses on the receiving end of this. Some of these are probably small businesses that can use every bit of help they can get.

If the reporting business has to run a software program to pull the names of the unclaimed property listings, it seems like it would be more cumbersome to pull out business listings. This ruling goes back to 2009. Michigan has a 3-year dormancy period.

http://www.publications.pwc.com/DisplayFile.aspx?Attachmentid=5730&Mailinstanceid=24648

Tuesday
May292012

Unclaimed money from Iraq for Australian wheat production

Just when I think I know about all sources of unclaimed property, I find something that catches me totally unaware. This information is about unclaimed money from Iraq for wheat production in the 1980s. It's for Australia, but they count!

http://www.abc.net.au/local/audio/2012/05/29/3513454.htm?site=newengland

Wednesday
May092012

Claim your WI retirement money or lose it

Unlike the unclaimed property monies held by the Wisconsin Treasurer, state retirements EXPIRE after 10 years for those age 70 and above. Check out the link and search for your family name. 

At least they're publicizing this and trying to get the info to people.

http://wistatetreasury.wordpress.com/2012/05/08/searching-for-owners-of-abandoned-wisconsin-retirement-funds/

Wednesday
May092012

The "unknown" listings

I always knew you could enter "Unknown" in the Last Name and get listings. I never knew what it was from. Now that we know one of the sources, how does one go about claiming it?

http://www.kjrh.com/dpp/news/problem_solvers/use-it-or-lose-it--money-on-your-unused-gift-cards-could-go-into-state-coffers