Family Finds Lost Heirlooms In Colorado Unclaimed Property Division

Posted: August 27, 2008 by kewlninja in Ohio, Unclaimed Money, Unclaimed Property
Tags: , , , ,

A jade necklace, assorted jewelry, a diamond-encrusted Buddha figurine- these are some of the family heirlooms that Nora Wang thought she had lost forever. A short while after receiving an overseas call from her son (she’s now based in Taiwan), the 60ish Chinese immigrant joyously finds out the priceless heirlooms that have been passed-down through her grandmother still remains with her family. This according to a report in the Rocky Mountain News.

“The Great Colorado Payback” is a program run by the State Treasurer’s office aiming to reunite Colorado unclaimed money and property to its rightful owners. Residents that have lost track of their financial assets through forgetfulness, change of address, death, etc. Nora Wang lost track of her safe deposit box when her bank’s ownership changed hands and she moved to Taiwan from the U.S.

Right now, the Colorado unclaimed money pile has grown to $50 million from unclaimed property collected throughout the State. The National Unclaimed Property Law, to keep citizens from losing their financial assets altogether, requires businesses and financial institutions to hand over dormant and idle accounts, uncashed checks, insurance policies, forgotten stocks and bonds and the like to the State. Tangible unclaimed property are auctioned-off if the State can’t find the owners after a while, so Wang was very fortunate not to have had her family jewels converted to Colorado unclaimed money.

Wang’s case just shows how important it is for Americans to do an unclaimed property search in all the State Treasuries they may have property in. Knowing how to do a thorough search for unclaimed money can spell cash for Americans during lean times like this.

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