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Monday, September 22, 2008
Unclaimed property auction refers to abandoned or lost property. If the owner of the property is not known for many years then that property is referred as unclaimed property. An unclaimed property name arises when it is left for a period of three to five years. Some of the unclaimed property includes stock certificates, safe deposit box contents, unclaimed security deposits, certificates of deposit, insurance payments, court deposits, utility deposits; uncashed stock and mutual fund dividends, paid up life insurance payments, dormant savings and checking accounts, insurance payments, unused gift certificates etc. A property is declared unclaimed when the owner is untraceable or it is inactive for a period of 5 years. Some states like California, Pennsylvania, Colorado, and Nevada sell unclaimed property through online auction. Unclaimed property law protects unclaimed property until it can be returned. The state can go in for auction if the property is not claimed within 5 years.
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