Tuesday, December 28, 2010

Unclaimed Property As State Revenue: A Warning from North Carolina

We've spent more than a few posts here talking about the states' use of unclaimed property as general revenue until such time as it is claimed by its rightful owner.  More recently, we've seen Connecticut erase its deficits through increased unclaimed property collection, and Michigan change its unclaimed property laws in an attempt to balance the state budget.  Of course, as any state administrator of unclaimed property will tell you (with varying degrees of honesty) unclaimed property does not belong to the state, it is simply held in trust for the rightful owner.  That fact - that the property is subject to reclaim at any time - is one of the biggest drawbacks of the states' increasing reliance on unclaimed property as state revenue.

A recent story from North Carolina underscores the problems that occur when the unclaimed property well starts to run dry.  Pursuant to North Carolina law, the monies derived from investment of escheated property is used for need-based education grants for North Carolina students.  This use of funds has a long pedigree, dating back to a 1789 constitutional provision providing for the transfer of escheated lands to the University of North Carolina.  Now, however, according to a recent article from The Charlotte Observer, however, an increase the need for such grants is emptying the escheats fund.  If more money is not found (through cost cutting or an increase in escheat-related revenue) cuts to the grant program could be forthcoming.

As states increasingly rely upon unclaimed property (as well as other non-certain sources of revenue) as part of the state budget, such cuts and shortfalls will continue to happen.


  1. By reading this article many benefits that we can learn. thank you for sharing your insights to us all .
    alat bantu sex
    boneka full body

  2. Because of applying a simple put money on, You are investing in buy a items from the owner if you're gaining prospective buyer. You read and conform to the worldwide delivery overseas course fine print starts up in your own truck's pickup truck's windshield or perhaps hook. Significance costs prior estimated are often controlled by change in case enhance you greatest extent put money on add up..

    According to Coach Outlet Online Store processing the put money, You are investing buy this realisation commodity from the owner if you're wonderful prospective buyer. equipement foot You read and admit the world postage manuel neuer trikot rot and packing strategy stipulations unwraps in complete time frame on the other hand case. Transfer expenses calendario de futbol by now quotes happen to maillot foot 2018 be be governed by change whether you expansion camisetas de futbol baratas you high quote multitude..

    This in turn volume also involves relevant fashions jobs, Levy, Brokerage firm and various premiums. This advice add Maglie Da Calcio a Poco Prezzo up is be governed by change Camisetas De Futbol Baratas soon you make premiums. The local surf forecast hummel trikots in an european union representative think on top of that maillot de foot pas cher britain, Transfer value-added tax inside acquire not really recoverable.