Missouri woman gets $6.1 million from unclaimed property

Reuters News
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Posted: Dec 14, 2011 12:58 PM
Missouri woman gets $6.1 million from unclaimed property

KANSAS CITY, Mo (Reuters) - The holidays this year will be especially memorable for a Kansas City woman who has received a state record $6.1 million from a Missouri unclaimed property fund consisting of a single security.

The Missouri state treasurer maintains some $600 million of unclaimed property, most of it cash from bank accounts, the contents of safe deposit boxes, stocks and bonds, according to the treasurer's office. The average payout is about $300.

"While we aren't disclosing this person's name, what I can tell you is we found this person and worked quickly to get the money back in her hands," Missouri Treasurer Clint Zweifel said on Wednesday in a statement.

Zweifel said assets become unclaimed property for many reasons in Missouri, whether a death in the family, misplaced documents or changes in address. The woman's name and other details were not disclosed for privacy reasons.

In Missouri, financial institutions, insurance companies, public agencies and other businesses are required to turn over to the state treasurer assets that belong to customers, clients or employees if there have been no documented transactions or contact with the owner for five or more years.

Thirty-eight accounts of more than $100,000 each remain unclaimed in Missouri.

Brandon Fuhr, a spokesman for the treasurer, said all states keep unclaimed property and he encouraged residents to contact their state treasurer or comptroller or look at their websites for details.

(Reporting by Kevin Murphy and Greg McCune)