Posted by BTI on April 04, 2008 at 09:53:19:
Yes, your answer is correct.
However the real answer is it is just so much easier, and cheaper, to send it to the state then to spend time and money trying to contact the people to whom it belongs.
BTI
Escrow in state “UNCLAIMED FUNDS” ? - Posted by Chas.
Posted by Chas. on April 01, 2008 at 10:41:36:
I recently discovered that a title co. that was used in a previous transaction, has reported to my state’s gov. that I have unclaimed escrow funds. Has anyone ever had this happen to them? What would be some possible reasons as to why they just didn’t contact me directly. I know this really doesn’t seem that important,as far as investing goes, but I guess I’m just curious!!
Thanks(in advance)for your input
God Bless, Chas.
Re: Escrow in state - Posted by River City
Posted by River City on April 02, 2008 at 13:08:21:
They probably issued a check to you 5+ years ago and it has not been cashed. Most states require that “escheat” checks or “unclaimed property” from banks and other financial organizations, insurance companies, utilities, etc be reported to them once they reach a certain age. The disposition of unclaimed property protects the rights of owners of abandoned property and relieves those holding the property of the continuing responsibility to account for the property. Each state generally has its own requirements.