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.
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