Lawsuit Seeks to Stop Sale of Unclaimed Property - VOA Story

The State of California is delaying the sale of more than five billion dollars in forgotten and unclaimed assets. A property rights group is suing the state, claiming it has not tried hard enough to find the legal owners of the unclaimed property.

Property owners attorney William Palmer accuses California's Bureau of Unclaimed Property of theft. He is suing the state for failing to give proper notice to the more than eight million owners whose property is now in the state's custody.

The items include family heirlooms, rare coins, stocks and bonds and even rare Hollywood memorabilia -- property that Palmer says the state now claims as its own. "I don't know how you reunite people with their property if you don't even tell them that you've taken their property."

California officials argue the lost items were turned over to the state by insurance companies and banks after three years of inactivity. Robin Johansen, an attorney for the state says California has the right to liquidate the assets. "As all of these statutes provide, and as the U.S. Supreme Court has said, "It's perfectly constitutional; the state gets the use of it - not the bank.""

Revenue from the sale of unclaimed property is used to boost the state's budget. California's new state controller has imposed a moratorium on the sale of unclaimed property while the state considers ways to improve the search for owners. The state estimates the delay will cost an estimated $127 million in lost revenue.

Category:

News & Politics

Tags:

• Lawsuit
• California
• Unclaimed
• Property

[marktsheppard]

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[marktsheppard]

...and I don't want to point any fingers... yet I am NOT going to follow in Saddam Hussein foot-steps... becase some times... you will not be given a choice... and the people-at-the-top will peer-pressure you to play... and to gamble everything... and you can either win big... or loose everything... hmmm... so lets NOT gamble with our kids-money... becase the Wall-Street-Casino is NOT for good-for-kids... and it's NOT for those who are trying to save their nation from an economical-disaster...

[marktsheppard]

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[marktsheppard]

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[marktsheppard]

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[marktsheppard]

...Trillions ...and a trillion has twelves zeros... and that is how the System is set-up... becase Mr. Rumsfeld is NEVER going to get in any kind of trouble... becase Mr. Rumsfeld is a all-American-HERO... and he is on the right-side-of-the-law... yet if your dumb-enough to steal a slice of pizza... then the US Authorities feel as if you need to be punished for your ignorance... becase you have to steal-the-right-way... and to steal with a pen-and-paper... and with the blessing-of-the-Judge!

[marktsheppard]

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[marktsheppard]

...so again... the Court System is ONLY interested in punishing boys and teenagers and simple-men... and they go-after easy-pray... and they go after easy-pickens... and they go after those who ONLY wanted to work... yet no... becase those who look as if they work-for-a-living... then in the eyes of our modern Unionised-Law-Enforcement... then me and those who look strong are automatically GUILTY... and the cops and deputies and Judges pray and feed on those who have no idea what's going on...

[marktsheppard]

...my internet conection is continuesly being interupted and my spell check also keeps getting interupted and blocked...

[marktsheppard]

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