(Part 1 of 2)

The Beaver State is known for being the home of the massive, 11,000 foot Mt. Hood, but it is also home to one lesser known mountain that should be of greater interest to Oregon residents. As it stands today, Oregon unclaimed money totals more than $250 million. That's right, more than a quarter of a billion, owed to more than 1 million people. This translates in to roughly 30% of Oregonians, which means the odds that any given citizen is due a chunk of this money are 1 in 3.

Each year, the state of Oregon takes in between 30 and 40 million dollars in unclaimed money, but only returns roughly 10 million dollars to the rightful owners. Since the owners of the other $20 to $30 million weren't found, that cash gets added to the total, so that $250 million will obviously grow. While it is certainly tough to accept that 1 out of every 3 Oregon residents are due a claim, these monies really come from sources that we all use everyday. The OR Department of State Lands describes some of the most common sources as follows:"Unclaimed property includes savings accounts, checking accounts, unpaid wages or commissions, stocks, dividends proceeds, refunds, money orders, paid-up life insurance policies, utility deposits and contents of safe deposit boxes."

Each type of property can become "unclaimed" after it has been deemed abandoned. To be considered abandoned, the asset must lie dormant for a period of 1, 2, 3, or 5 years, or in certain cases, 7 or 15 years (for money orders and traveler's checks, respectively). Usually though, 1 to 5 years is general dormancy period range for most of these monies. After the dormancy period has passed, the holder is required to pass the missing money along to the state, which then holds on to it until the actual owner is able to find it.

(to be continued)

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