Quite a few Indiana residents looking for great deals found them at a recent Indiana unclaimed property auction organized last summer by the State Attorney General. The Courier-Journal reports that Steve Carter had lots of goodies from abandoned safe deposit boxes which were turned-over to the state. Old coins, jewelry, trading cards, watches, etc. were up for grabs on an online state unclaimed property auction which has earned over $100,000 Indiana unclaimed funds since its inception in 2006.
The National Unclaimed Property Law dictates financial entities such as banks, insurance companies the IRS and businesses to turn-over lost or abandoned financial assets to the State as Indiana unclaimed property after 5 years of inactivity. The state auctions-off tangible items to make way for new ones each year and converts the proceeds as Indiana unclaimed money which can still be claimed by its rightful owners. Unlike most states however, Indiana doesn’t hold IN unclaimed funds for residents forever. After 25 years, the money becomes State property and will be spent as part of its budget.
12,000 Southern Indiana residents who have almost $2 million Indiana unclaimed money and property in their name will get their names posted on local papers as part of AG Carter’s outreach program for Indiana unclaimed property owners. These numbers only include unclaimed accounts that have been turned over in the recent year and an even greater amount of Indiana unclaimed money accounts are stored in the State’s databases. “It’s a dynamic database,” the Attorney General said. “There’s always money coming in and money going out.”
USA Today reports that with the bad economy the US is suffering from, some states with huge budget deficits are shortening the dormancy period for which unclaimed assets are collected in order to use residents’ missing money. It’s urgent therefore for everyone to do an unclaimed money search in every state they’ve lived in.
Looking for homes in Indiana?
