State Treasurer Announces Record Year For Unclaimed Property Returns To Owners

CARSON CITY – State Treasurer Kate Marshall today announced a record year for her office’s Unclaimed Property Division, with nearly $33 million in property returned to its rightful owners in Fiscal Year 2012.

The state budget is benefiting as well, with $97.4 million being transferred to the general fund from Fy2012, which ended June 30. Marshall said it is the largest such transfer from the Unclaimed Property Division in state history, surpassing the $83.7 million transferred in Fiscal Year 2011. Property that is unclaimed for three years is transferred to the general fund.

Nevada State Treasurer Kate Marshall.

The successes of the division were communicated in a letter to Gov. Brian Sandoval and the Legislature.

In the letter, Marshall said: “This past fiscal year, my office initiated Operation Claim It, another component of our aggressive campaign aimed at reuniting rightful owners or heirs with abandoned property being safeguarded by my office’s Unclaimed Property Division. As a result of Operation Claim It and other outreach initiatives, we were able to increase our return rate to rightful owners to 37 percent in FY12.”

Efforts included targeting owners of U.S. Savings Bonds and the contents of safe deposit boxes held by the Treasurer’s Office on behalf of rightful owners.

Examples of abandoned/unclaimed property include: bank accounts; uncashed payroll checks, insurance checks, traveler’s checks; utility deposits; gift certificates; stocks, bonds, mutual funds, dividends; insurance policy benefits, or claim payments; safe deposit box contents; oil and gas royalties; and court deposits. Abandoned/unclaimed property does not include real estate or land, automobiles, boats, taxes, or most other tangible properties.

Anyone wanting to check to see if the office is holding unclaimed property can visit the Treasurer’s Office website and perform a search.