Amount of unclaimed property

Published 12:00 am Friday, July 26, 2002


From Staff Reports

Lucy Baxley, state treasurer, announced that a record amount of funds have come into her office through the Unclaimed Property program for the reporting period covering the past five months. Her office received $17 million in money and 175,000 shares of stock reported in 71,000 new names which she will add to the existing list of owners.

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"This large increase came primarily from remittances made by insurance companies that were due to report in May," Mrs. Baxley said. Her office took over the Unclaimed Property Program on Oct. 1, 1996, and she attributes the continuing increase in property received to the increased public awareness of the program generated by her office. More than $128 million in unclaimed funds are now held for owners whose names are posted on the State Treasurer’s website. She encourages all Alabama citizens to check for their names on this list. When the owner files a claim and provides the required documentation a check is written for the amount held. There is no charge for receiving assistance or processing a claim.

Since Oct. 1, 1996, Mrs. Baxley’s office has paid over $31 million out of this fund but during that same time over $104 million was received from businesses, banks and insurance companies. Most owners remain unidentified and the growing balances are available for use by the State’s General Fund while waiting to be claimed. There is no statute of limitations for claiming one’s money.

"I am sure most of these owners need this money and I really want to let them know about its existence," Mrs. Baxley said.

For those persons interested in checking only the newly added names, the State Treasurer’s website at www.treasury. displays those names in a separate category. Claims may be filed online or by calling the Treasurer’s Office requesting a claim form. Ms. Baxley has also provided the new lists to probate judges across the State.

The Unclaimed Property Division can be reached toll free at 1-888-844-8400 or locally at 334-242-9614.