Unclaimed Property Oregon – Owner, Holder and State
Do you think you have any money that had been sitting idle in the treasury of your state? If you do, you are being hunted by the government. The problem however is to discover where to find it. You do not know how to determine if you have any unclaimed asset in the government safe custody. Every state in the US now maintains a database of unclaimed money. This is done in order to enable more people to do searching which could result to disposal of the unclaimed properties. You can search through the database, check if your name appears therein.
There are 3 constituents in the process of abandoned property – the owner or the property, the holder or business entity where the property is deposited and the state from where the property can be claimed.
Unclaimed property Oregon – the owner
If you have lived in different states, there are more possibilities as you might have left one or two kinds of unclaimed property in every state where you lived. What could constitute your left- behind assets? It is possible that you have unrefunded deposits for your electricity, phone or water bills. You might have left some balance in your savings or checking account. There were checks issued in your favor which were not negotiated. Other forms of unclaimed property Oregon are money orders, traveler’s checks, securities, retirement benefits and paid up insurance. These are financial in nature. There are other assets that are not in cash such as deposits in the safety deposit box. Anything that can be found in this safety deposit box that can be converted into cash forms part of your unclaimed property Oregon.
What happens here is that when you moved out, you did not leave a forwarding address. Thus your notification mail could have been returned to sender. You lose the reminder. It is definite that the business entities and financial enterprises send you letters to the effect that your account is about to be dormant. Since you do not receive the mail, you have not acted on it.
You are eligible to receive the value of your unclaimed property Oregon. You just have to claim it. But before you can, you have to check the different websites, state and federal if you have a listed unclaimed property. It is your responsibility to claim.
Unclaimed property Oregon – the holder
The holder is also the business entity or your depository. The holder safe-keeps your property until it becomes dormant. The holder can only hold your asset for the time specified by law. Different assets have different time limits for dormancy. Some accounts turn dormant after 2, 3 or 5 years. There are assets that will only be dormant after 7 or 15 years.
The holder is mandated that the unclaimed property Oregon be reported to the state when they become dormant. As the account nears the lapse of specified time, it is the duty of the holder to send notices to the account owner. The purpose is to make the account move so that it does not turn dormant.
Unclaimed property Oregon – the state
Then the holder reports all dormant accounts to the state and after which they will be transferred to the custody of the state. In case of Oregon, the department responsible for these properties is the Department of State Lands. The state will purse the owner of the accounts. Since it is difficult to trace the whereabouts of these account holders, the state had constructed online database or websites. The state encourages every citizen to check in the websites if they have any listed unclaimed property Oregon. The state also handles the approval of the owner’s claim. The state will require the owner to present proof of identity before release of the refund.
The unclaimed property Oregon has reached an insurmountable amount and it is getting bigger every year. The state aims to refund these properties to the rightful owners. And it is never too late for you to claim. The state does not set a prescription period for receiving the proceeds of the unclaimed property Oregon.