Thursday, October 18, 2012

Lost & Found: Escheat's Ancient Origins, (e-)Bay State Auction, Spooky Deadlines Approaching

Unclaimed Property's Ancient Origins Alive & Well - As we've mentioned before, modern unclaimed property laws in the United States derive, in part, from the ancient doctrine of bona vacantia by which "vacant goods" (i.e., ownerless property) would become property of the sovereign.  Recently the London Telegraph ran an article describing how unclaimed estates in the Duchy of Cornwall ultimately become the property of Prince Charles.  In the U.S., the sovereign powers formerly belonging to the British royals have largely become the powers of state governments.  No word on whether Prince Charles will be retaining a contingency fee auditing firm to make sure that he is getting his share of unclaimed funds in the Duchy.  (Hat Tip to LinkedIn's Unclaimed Property Holder Forum).

 Bay State Unclaimed Property Auction Set to Begin -- From the former mother country to the Cradle of the Revolution.  This Saturday, Massachusetts is set to commence an unclaimed property auction on eBay.  According to MassLive, over 2,000 lots of items, including coins, jewelry and collectibles will be put up for auction.  The Commonwealth hopes to earn $500,000 from the auction, which will  run until December 22nd.

Fall Reporting Deadline Fast Approaching -- Beware!  It's nearly October 31.  The spookiest time of the year (at least in most states).  That's right, the fall unclaimed property reporting deadline is approaching in several dozen states.  Be sure to get those long forgotten treats reported to the state, lest you receive a trick in the form of an audit.


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