What Happens to Unclaimed Money in Massachusetts?
CHICOPEE, Mass. (WWLP) – Millions of people in Massachusetts have unclaimed funds sitting in the state’s bank, the Unclaimed Property Division. This includes bank accounts, mutual funds, and uncashed checks. Local cities and towns also have plenty of unclaimed money. “A large city like us we always have uncashed checks,” said Marie LaFlamme, treasurer in …. Read More
Scientists, Out $12 Million, Sue Delaware Over Seizure of Their Stock
Two French scientists are suing the state of Delaware for seizing and selling their stock without their knowledge, depriving them of millions of dollars in gains. French scientists Dr. Gilles Gosselin and Dr. Jean Louis Imbach allege that Delaware officials wrongfully seized their shares in Idenix Pharmaceuticals Inc. and sold the stock for $1.7 million …. Read More
When Your Abandoned Estate Is Possessed By A State, That’s Escheat
Audrey Quinn 3-Minute Listen States are getting more aggressive claiming abandoned property to use for state purposes, a process known as escheat. But sometimes the holdings don’t feel so abandoned to the people who own them. AUDIE CORNISH, HOST: When state governments need cash, they could raise taxes, but that’s such a tough sell that …. Read More
New York State Holds $16 Billion in Unclaimed Funds
The New York Post reported today that the State of New York is holding about $16 Billion dollars in unclaimed funds. These funds mostly involve old bank accounts, uncashed checks, utility deposits, stocks, and insurance money that firms and the government are required to report to the state if they are not claimed by the …. Read More