When property is officially designated by the state as abandoned or unclaimed, it undergoes a process known as escheatment, where the state assumes ownership of that property until the rightful owner files a claim., Types of unclaimed property include uncashed payroll checks, inactive stocks, court funds, dividends, checking and savings accounts, and estate proceeds. Data for the state of New York indicates 70% of unclaimed accounts hold less than $100, but there is no limit to account size. In 2019, Texas returned more than $308 million to owners of previously unclaimed property. Many claims are more than $100, but not many are likely to match the $32.8 million a Connecticut resident claimed in 2012, proceeds from the sale of stock, according to a 2017 article by Press Connects., Governments offer a variety of ways to check for unclaimed funds. The property would then escheat to the state, which assumes custody of the property. Random LSU Hero UTEP Fan 2014 NFL Survivor Champion (17-0) Member since Aug 2011 8836 posts. Reply. U.S. Securities and Exchange Commission. Texas Comptroller Announces Record $308 Million in Unclaimed Property Returned in Fiscal 2019. Replies (0) Options Top. States have established processes whereby legal owners of assets can reclaim unclaimed funds. Back to top. Following the gruesome death of George Floyd, Johnnetta […] Changes to the Michigan Department of Treasury’s unclaimed property filing requirements and promised stricter enforcement begin this year. Well, there can be many/hundreds of others with your name and their software generates varies spellings or numerous first initials to inflate the dollar amount. Unclaimed property is not taxed while it is filed as unclaimed; however, when it is reclaimed, the property may be officially recognized as taxable income. All of the former and many of the latter have online databases for one to search. google_color_text = "333333"; This window allows you to view the list of Unclaimed Property online by alphabetical order of the last name of the payee.