According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and unclaimed property, which falls slightly below the annual average from 2009-2014 of $99,935. While Michigan state’s record of exactly how much revenue has been generated from unclaimed property is not public record, the Michigan Department of Treasury claims the state has millions of dollars in lost or forgotten assets from unclaimed property.
Types of Unclaimed Property
Unclaimed property, also known as escheated property, is essentially property that has gone unclaimed beyond the dormancy period. Types of unclaimed property can vary, according to the Michigan Department of Treasury, to include uncashed payroll checks, inactive stocks, court funds, dividends, checking and saving accounts, estate proceeds and a number of other types of property. When property accounts go unclaimed, they are turned over to the state for a number of reasons including the death of the account holder, failing to register a forwarding address after changing residence or simply forgetting about an account.
Revenue From Escheated Accounts
The amount of revenue derived by states from misplaced accounts totals more than $62 billion nationwide. There is no limit to account size although 50% of unclaimed accounts hold less than $100. Michigan Treasurer Nick A. Khouri through the Michigan Department of Treasury manages the list of unclaimed accounts in Michigan. While unclaimed accounts are absorbed into and used by state general funds, they are still recorded and maintained as debt owed to the original account owner.