Unclaimed funds to be used for state programs

While ownership of unclaimed property is never reverted to the state, law does allow the assets of properties to benefit citizens while the owners are sought.

Missouri State Treasurer Sarah Steelman yesterday used the law to divert a portion of unclaimed assets from the unclaimed property abandoned fund account into the general revenue fund. As claims for unclaimed property are made, the money is transferred back.

“All unclaimed property can be immediately returned to the original owner, whether the claim in made one day or 100 years after the property is turned over to the state,” Steelman said in a news release. “At the same time, the law puts funding to work to help finance everything from public schools to law enforcement.”

Last year, the Division of Unclaimed Property, which is part of the State Treasurer’s Office, returned more than $20 million to about 60,000 account owners. The division is responsible for managing all abandoned funds that have been left in bank accounts, safe deposit boxes and stock holdings.

Citizens can check to see if the state is holding unclaimed property that belongs to them online.