Utah state treasurer has $38.4 million in property just waiting to be claimed

SALT LAKE CITY — Utahns have more than $38 million in property just waiting to be claimed this year.

The Utah State Treasurer’s Office recently announced the Utah Unclaimed Property Division received more than $38.4 million in lost property at the end of 2017. The property is from a variety of sources, including dormant bank accounts, stock certificates and uncollected insurance payouts, explained Utah Treasurer David Damschen.

“We encourage Utahns to check mycash.utah.gov as they file their taxes to see if they have lost property to claim,” he said. “Our staff works hard to maintain record levels of unclaimed property payouts. In (fiscal year) 2017, the Unclaimed Property Division put $24.5 million back into the pockets of rightful owners.”

In fact, last year had a record number of payouts — 20,406 claims, said public information officer Brittany Griffin. Due to increased marketing efforts, the number of claims paid out by the division has tripled since 2011, she added.

Property is by law considered abandoned and must be turned over to the state if the holder of the property has not had contact with the owner for at least three years, a news release stated. Last year, property holders released 327,000 new properties to the Unclaimed Property Division by the Nov. 1 annual reporting deadline, along with the names and last-known addresses of owners. The division currently holds more than $375 million in unclaimed property, Griffin explained.

“Despite our aggressive education campaigns, many people still don’t search for property because they don’t think they could have lost anything. But that is exactly what we need them to do,” said Unclaimed Property Division administrator Dennis Johnston. “There are many ways to lose property. People might move and forget they had a deposit with the utility company, or they might be beneficiaries of life insurance policies they …read more

Source:: Deseret News – Business News

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