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Why does the State of Ohio have unclaimed funds laws?

April 26, 2017funds Laws Ohio State unclaimed

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Why does the State of Ohio have unclaimed funds laws?

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A. • To protect the property rights of the owner and to reunite the owner with the funds; • To provide a centralized location of contact for potential owners of unclaimed funds; and • To provide the holders relief from liability. Before the unclaimed funds laws were enacted, corporation and financial institutions absorbed unclaimed accounts as profits and the money was lost forever to the rightful owners.