CONSUMER AFFAIRS: Search for unclaimed property

2013-11-01T13:00:00Z 2013-11-01T17:06:24Z CONSUMER AFFAIRS: Search for unclaimed propertyJoseph Pellicciotti Times Business Columnist nwitimes.com
November 01, 2013 1:00 pm  • 

The Office of the Indiana Attorney General maintains IndianaUnclaimed.gov as part of the Attorney General’s efforts to return unclaimed property to its rightful owners.

Unclaimed property can include a large range of financial assets, for example unclaimed wages, money in bank accounts, stock dividends and the underlying shares, insurance proceeds, consumer refunds and customer deposits.

These funds are deposited with the Attorney General by their holders when there is “no activity by its owner for an extended period of time,” as specified by law.

According to the Attorney General’s Unclaimed Property Division, for 2013, more than $390 million funds were unclaimed from more than 3 million properties.

The three sources for the largest amount of unclaimed funds were securities, insurance, and wages/payrolls (although even the smallest source of funds – safe deposit box contents – included property valued at over $800,000).

The Attorney General’s Office also provides data on unclaimed property available by state region. For the five-county Northwest Indiana area, unclaimed property funds included almost $43 million, involving nearly 400,000 properties.

You can search for unclaimed property you may have an ownership interest in by going to www.indianaunclaimed.gov. A FAQ section at the website provides general information on the types of property held and how to conduct a free search and submit a claim.

Opinions are solely the writer's. Pellicciotti is an Indiana University Northwest faculty member and administrator. The article is for informational purposes only and not intended as specific advice. Consult your professional adviser before taking action. Author does not endorse/guarantee content within websites.

Copyright 2014 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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