The 1981 and 1995 Acts authorize the use of estimation and statistical sampling techniques to determine amounts that should be escheated
if a holder fails to maintain adequate and accurate records.
13 GREEN BAG 2D 73, 75 (2009) ("If no heir was immediately identifiable, a legal officer held a proceeding known as an inquest of office to determine if the property had escheated
, that is, reverted to the Crown 'from defect of heirs' (propter defectum sanguinis).
Instead, most escheated
gift card money reverts to the state's general fund.
Specifically, our investigation concerns whether the officers and directors engaged in a scheme to ignore information known or reasonably available to the company resulting in the retention of monies and accounts that should have been paid out to beneficiaries of Prudential's policyholders or escheated
to the relevant state authorities after the expiration of the dormancy period.
71 "without explanation as to why this money was not escheated
to the state of Illinois when the dividend monies were escheated
, or explaining with any degree of certainty what the check was for.
The complaint alleges that, as a result of MetLife's death benefits practices and procedures, during the Class Period, defendants caused the Company to issue materially false and misleading statements concerning the Company's current and future financial condition and its potential liability to policyholders, their beneficiaries or relevant state authorities for millions of dollars in benefits that should have been paid out to policyholders or escheated
to the states.
1 The subject property was escheated
to Alachua County Tax Sale Certificate no.
In fact, unclaimed property is one of the fastest growing sources of state revenue, with the total value of escheated
properties in state custody valued at approximately $35-40 billion nationwide.
Getting that asset back from the state once it's been escheated
is very difficult.
brokerage accounts decreased by 2,392 in the month, including a reduction of 5,870 escheated
Earlier this year, ING DIRECT helped nearly 40,000 customers who were in danger of having funds escheated
to their state get their money back through a careful and effective new notification process to its account holders.