Where does unclaimed property go?
A. Every state and the District of Columbia have an unclaimed or abandoned property laws. It is each state’s responsibility to administer its law accordingly. In Ohio, the responsibility lies with the Department of Commerce, Division of Unclaimed Funds. In other states, that responsibility may lie with the Treasurer, Comptroller or various state agencies. In all cases, the property is held by the state for the owner or heir in a custodial nature. In almost all cases, including Ohio, the money never reverts to the state, but is held forever until the rightful owner claims it .
A. Every state and the District of Columbia have an unclaimed or abandoned property laws. It is each state’s responsibility to administer its law accordingly. In Ohio, the responsibility lies with the Department of Commerce, Division of Unclaimed Funds. In other states, that responsibility may lie with the Treasurer, Comptroller, or other State agencies. In all cases, the property is held by the state for the owner or heir in a custodial nature. In almost all cases, including Ohio, the money never reverts to the state, but is held forever until the rightful owner claims it.
Related Questions
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