While Mr. Schwarzenegger is terminating all the public expenses he’s able to, the state of California is holding on to nearly USD 6 billion in form of unclaimed property, belonging to approximately 11,6 million individuals and organizations. The various US states are currently holding unclaimed cash and property mounting to more than USD 32 billion.
“The California State Controller‘s Office has been successful in returning more than USD 1 billion worth of unclaimed property to its owners.”
California state controller’s office is putting up never-before-efforts to reach the owners of unclaimed property, according to the CashUnclaimed.com. From January 2007 until the end of 2009, the office sent out 3,17 million notices warning owners that their property was likely to be taken over by the state. The question of success is a matter of opinion.
“The efforts have started showing encouraging results. The California State Controller’s Office has been successful in returning more than $1 billion worth of unclaimed property to its owners,” CashUnclaimed.com writes.
One out of seven……well, I guess Mr. Schwarzenegger’s tax collectors can book a few more tax dollar, but I wouldn’t go so far and call the almost three year long project a “success.”
In addition to the 3,7 million notices, 1,89 million notices are sent to suspected owners informing them that their property have been taken under the state custody.
The state of California has enacted Unclaimed Property Law that requires property holders such as corporations, business associations, financial institutions and insurance companies to annually report and return dormant property to the State Controller’s Office.
Source of Revenue
In spite of the efforts by the state authorities, California is still sitting over the mound of unclaimed cash and property.
“The state is looking at this huge cache of money as a source to fill the budgetary deficit of the state as it is certain that a large chunk of this will remain unclaimed forever,” CashUnclaimed.com writes, adding:
“More and more Californians are coming forward to stake their claim over the property that they had forgotten somewhere down the line.”
Hey! That reminds me; I still have that beach house….I’ve totally forgot!
Who Owe The Norwegian PM 100 Dollar?
According to the website, it is estimated that 9 out of 10 Americans are owed cash that sits unclaimed year after year.
Those who are still not taken any initiative to find any unclaimed cash in their name can log on to the site; http://www.cashunclaimed.com, and check if they have some hidden treasures.
It’s got one of the largest databases for unclaimed money in the world.
The current database lists billions of dollars in unclaimed money, property, accounts and assets from all 50 states and several Federal agencies.
Unfortunately, the search engine could not locate any outstandings belonging to me.
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