Indiana Attorney General Launches Unclaimed Property Campaign

08/15/2003

Press Release

Indianapolis - Raising awareness of the more than $285 million in financial assets waiting to be claimed by citizens is one of the goals of a public awareness campaign launched this week in Central Indiana by Indiana Attorney General Steve Carter.

"Remember how it feels to find an unexpected dollar or two in a pocket of jeans you haven't worn in a while, or last season's jacket?" Attorney General Steve Carter said. "Well, that's what unclaimed property is, except you can't find it in an old suit jacket - it's been lost or forgotten at some institution and may not be as easy to track down. That's why we want to remind everyone to regularly do a quick search at IndianaUnclaimed.com."

There are more than 405,000 properties equaling more than $79 million (1998 - 2004) with last known addresses from a 32 county area of Central Indiana. There are nearly 300,000 properties from Marion County and its 7 adjacent counties totaling more than $45.7 million alone. Nearly ninety percent (90%) of these assets are unclaimed investment earnings, insurance proceeds and benefits, wages, and savings and checking accounts.

Unclaimed property may also include items from safe-deposit boxes turned over to the state.

"The enhanced website makes it easy for someone to make a quick search for themselves or someone they know. It also gives people information about unclaimed property - how it may have gotten to the state and what they need to do to get it back," Attorney General Carter added.

"We are committed to finding creative ways to ensure the public knows about lost and forgotten assets. Raising awareness of unclaimed property may help someone who could really use those extra funds right now just to get by, or may be a nice surprise for someone not expecting a little windfall."

Last year the Attorney General's Unclaimed Property Division returned more than $21 million to its rightful owners, an increase of $2 million from the year before.

The public awareness campaign will be followed during the weeks of June 6 and June 13 with listings of unclaimed property owners in local newspapers. These listings are statutorily required and only list the properties turned over to the state in 2004.

The public awareness campaign, which includes billboard, newspaper, television and radio ads, highlights that there is much more than just the annual listing of properties waiting to be claimed. It focuses on the excitement associated with finding money and assets, even if they were already yours. And it is designed to let consumers know that a wide array of property is waiting to be found.

Under Indiana law, in most cases unclaimed property is held by the State of Indiana for 25 years. During that period, entitled individuals may file a claim for unclaimed property. After 25 years, unclaimed property can no longer be claimed and becomes the property of the State.

Unclaimed property includes certain abandoned financial assets, such as