Each State has
their own unclaimed property rules on what is classified as unclaimed
money, when it actually becomes unclaimed and what must be done with
these assets by the holders of them. Once the unclaimed assets are
handed over the State Comptroller offices they now become custodian
of this abandoned property and they are responsible to safe guard the
unclaimed property until its rightful owner(s) comes forward. This
new found money is used by each state to help pay their ongoing
operating expenses, which helps in keeping tax increases to a
minimum.
The various
state offices seem to changing the rules constantly on when abandoned
cash, assets, property and other items must be handed over to them.
These types of laws have added millions to each State’s General
Operating Funds”, say Edward Palonek, founder of Foundmoney.com who
has been helping individuals and companies locate such unclaimed
property since 1995.
Police
departments are also cashing in on unclaimed property, literally.
They have set up auction websites to sell off items that have become
unclaimed. For example, Baltimore County Police Department utilizes
the outside auction websites to auction off all of their abandoned,
stolen, lawfully seized, or unclaimed property of every kind and
description, remaining unclaimed for 30 days or more. This is an
ongoing auction available 24 hour a day, 7 days a week and some of
the items being auctioned include electronics, jewelry, clothing,
bicycles, tools, sporting equipment.
“It’s
never too late to make a claim, and State offices are committed to
ensuring that hardworking Americans don’t lose a penny. They are
holding unto the unclaimed funds until the rightful owners make a
claim to this new found money of theirs”, says Palonek
Foundmoney
at www.foundmoney.com
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