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Do You Have Lost Treasure in Michigan?

Contact: Terry Stanton (517) 335-1356

Close Up View of an American Penny

October 10, 2002

 

The Michigan Department of Treasury will publish its annual Unclaimed Property list in the October 13, 2002, edition of the Detroit News/Free Press. This year’s publication includes a record 87-thousand names of individuals and entities that have abandoned property with the state. Under Michigan law, the Department of Treasury acts as custodian of unclaimed property until claimed by its rightful owner. There is no statute of limitations for claiming property, which generally consists of shares of stock, uncashed checks, and dormant bank accounts as well as contents of safe deposit boxes.

 

In each of the last two years, the Unclaimed Property Division has paid out record amounts to Michigan citizens. "In Fiscal Year 2002, more than $27 million in abandoned property and cash has been returned to Michigan citizens," says State Treasurer Douglas B. Roberts. "We can only hope that a record listing in this weekend’s Unclaimed Property publication will lead to another record payout in 2003."

 

The Department of Treasury Web site, at www.michigan.gov/unclaimedproperty continues to offer the easiest access to the extensive database of unclaimed property. A search engine is available to see if an individual’s name might be included on the list. While the statewide publication includes only those properties turned into the state within the last year, the online database contains several years. An inquiry form is also available online.

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