(Part 1 of 2)

The Beaver State is famous for being the home of the massive, 11 thousand foot Mt. Hood, but it is also home to one lesser known mountain that is likely of greater interest to Oregon residents. Currently, Oregon unclaimed money totals more than $250 million. That's right, more than a quarter of a billion, owed to more than a million people. This translates in to approximately 30% of the population, which means the chances that any given citizen is due a chunk of this cash are 1 in 3.

Every year, the state of Oregon takes in between 30 and 40 million dollars in unclaimed money, but only returns approximately $10 million to the rightful owners. Since the owners of the other $20 to $30 million were not found, that money gets added to the total, so that $250 million will obviously grow. While it is certainly difficult to believe that 1 out of every 3 Oregon citizens are owed 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 asset can be classified as "unclaimed" after it has been deemed abandoned. To be deemed abandoned, the asset must sit dormant for a period of 1, 2, 3, or 5 years, or in less common cases, 7 or 15 years (for money orders and traveler's checks, respectively). Generally speaking though, 1-5 years is the assumed dormancy period for the majority of these monies. After the dormancy period has passed, the holder is required to pass the abandoned assets along to the state, which then holds on to it until the rightful owner is able to locate it.

(to be continued)

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Mass. treasurer says unclaimed monetary property is available
For local municipalities, it’s the equivalent of finding money in the pocket of a forgotten pair of pants. State Treasurer Steven Grossman announced Thursday that his office’s Unclaimed Property Division returned nearly $425,000 in unclaimed monetary property owned by 124 cities and towns, including most of the communities in the Fall River area.

Area towns get share of state's unclaimed property
Local towns are among the 124 municipalities receiving a share of the unclaimed property money from the State Treasurer's Office.

How to Find
When I found out the city of Pasadena, Calif., had more than a quarter of a million dollars-worth of people's missing