More unclaimed money
State treasurer holds checks for eminent domain
THERE’S ANOTHER UNCLAIMED money fund in the state treasurer’s office that most people have never heard of.
Unlike the traditional abandoned property fund, which consists of money left behind by people in bank accounts, lapsed insurance policies, and safe deposit boxes, this other fund is filled with unclaimed checks from eminent domain land-takings by the state. The money is parked in a trust fund, and is paid out when owners step forward to claim their cash.More than $8 million has been claimed since 2010. The highest total the state paid out was $2 million in fiscal year 2010 and the lowest was $265,147 in 2012. The 229 checks issued in the last seven years range from $168 to just over $1 million, with the average being $34,956.
Unlike the abandoned property fund, the names of people owed unclaimed money from eminent domain takings are not released publicly, although the treasurer’s office says it makes attempts to find them. Some who have recovered their checks, including Coca-Cola and Ernie Boch Jr., are easy to find. Others are limited liability companies, which shield the names of owners.