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View Full Version : Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance Their Budgets



Tylerdurden
05-14-2008, 04:46 PM
The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets.

State governments are seizing contents and auctioning off citizen's valuables.
Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies.

Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.


Not-So-Safe-Deposit Boxes


San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

Continued....http://abcnews.go.com/GMA/story?id=4832471&page=1

Phillip Allen
05-14-2008, 04:58 PM
cash grabbing...taxes and more...CASH GRABBING FOLKS...GET IT?

(not all that different from the gun grabbing in New Orleans)

boylesboats
05-14-2008, 10:46 PM
Mark,
I could not believe that... I guess they do anyway...
Them government are greedy basturds ain't they?


It better off to have your own personal safe at home

L.W. Baxter
05-15-2008, 12:00 AM
Um, actually, it would cost the state money to search for the rightful owners. They would spend my tax money to hunt down somebody who didn't make the effort, or couldn't be bothered, to claim their stuff.

I also know for a fact that the state I live in keeps a database of unclaimed property. I don't know for how long items remain on the list but I'm sure it's reasonable. How long would you like the state to hold onto your stuff for you?

The Bigfella
05-15-2008, 12:13 AM
I just found a bank book of mine - last action was January 1980. Its got $5 in the account. They can have it.

epoxyboy
05-15-2008, 12:20 AM
Um, actually, it would cost the state money to search for the rightful owners. They would spend my tax money to hunt down somebody who didn't make the effort, or couldn't be bothered, to claim their stuff.

I also know for a fact that the state I live in keeps a database of unclaimed property. I don't know for how long items remain on the list but I'm sure it's reasonable. How long would you like the state to hold onto your stuff for you?

Given that the state doesn't have to physically "store" anything, at least ten years doesn't seem unreasonable.
There was a property here in Christchurch NZ (my home town) that had been purchased by an American guy who had returned to the US, and passed away. After ten years of trying unsucessfully to track down NOK, the town council was finally able to sell the place off to recover unpaid rates (the annual water/garbage etc service fee). In the mean time, it had been rented out by some enterprising local to a couple of unsuspecting tenants!!
Funny thing is that when it hit the news, the local (NZ) TV people were able to locate this guys ex-wife (in the States) in two days. Go figure - our govt would have got the balance of the house sale if the news crew hadn't done a little bit of work.

Pete

L.W. Baxter
05-15-2008, 12:29 AM
I am philosophically disinclined to be disturbed if people lose stuff they don't need, don't know they have, or can't be bothered to look for.

Ironic that "Tylerdurden" would post this. He must have missed part of the movie.

Spin_Drift
05-15-2008, 12:59 AM
Boy, that's really something. :(

What a crooked scam it had became. :mad:

I've heard it's safer to bury your valuables than keep in a bank...:eek::)

boylesboats
05-15-2008, 01:14 AM
Boy, that's really something. :(

What a crooked scam it had became. :mad:

I've heard it's safer to bury your valuables than keep in a bank...:eek::)

you got that right :D
Only if I could remember where

Paul G.
05-15-2008, 03:35 AM
I am philosophically disinclined to be disturbed if people lose stuff they don't need, don't know they have, or can't be bothered to look for.

Ironic that "Tylerdurden" would post this. He must have missed part of the movie.

I think you miis the point in your hurry getting to the ad hominem part.

Safe deposit boxes are for safekeeping your personal valuables, since when do you give the state moral and legal authority to seize your private property; ergo your estate should you be dead, because x amount of time has lapsed.

The Bigfella
05-15-2008, 04:49 AM
since when do you give the state moral and legal authority to seize your private property; ergo your estate should you be dead, because x amount of time has lapsed.

I'd say that's pretty obvious. Its when you die intestate, so, make sure you look after those testaticals

Tylerdurden
05-15-2008, 05:21 AM
Well at least we know who the thieves really are and who supports them.

paladin
05-15-2008, 05:32 AM
This has been going on for many years.....roughly 20 years ago I had an account in a California bank...It was used regularly when I travelled as much of my business was spent in Cal. There were a few hundred dollars in the account, and I had only made deposits when I knew that I would be travelling through and the balance was too low. After a couple of years I sent acheck to be deposited and received back the notice that the account had been closed and the 700 plus bucks had been claimed by the state....a bit P1$$ed I was to say the least.
Their reasoning was that no deposits or withdrawals had been made in 36 months so they claimed it as an abandoned account.....It took a bit of paperwork and a few months but the money was returned....so now.....I have no U.S. bank accounts......and they tried to do the same thing to overseas banks that have accounts to known American Citizens...some co-operate, some don't..

The Bigfella
05-15-2008, 05:34 AM
I had drinkies last night with someone who has been marketing manager for two of our big four banks. Damn, I forgot to ask her about this. Fancy forgetting the big issues eh?

Tylerdurden
05-15-2008, 05:43 AM
I had drinkies last night with someone who has been marketing manager for two of our big four banks. Damn, I forgot to ask her about this. Fancy forgetting the big issues eh?

I shared a PBR with a homeless guy down on the tracks last night.
Its refreshing to talk to real people who are not so boastful.

The Bigfella
05-15-2008, 06:44 AM
A PBR? Partly Broken Rubber? Pork Belly & Ribs? Petroleum-Based Ride? Portfolio of Bond Remains?

Boastful? In your mind maybe.

Milo Christensen
05-15-2008, 06:47 AM
Figures Mark'd be a pabst blue ribbon drinker. Tells some of us all we need to know. But anybody who'd cadge a half a beer from a homeless guy is pretty hard up.

The Bigfella
05-15-2008, 06:53 AM
The last half a beer I cadged was from a group of Pacific Islanders sitting in the long grass on Mellons Bay Beach (Auckland). I worked with one of them - he was actually a chief from Western Samoa that the company I worked for employed as a security guy (thereby cutting pilfering immensely due to the high regard in which he was held) - and certainly not homeless. He seem genuinely thrilled that I would sit down with his group and pass the bottle around.

So - if Mark supplied the beer, fine. If he cadged it - yeah, I'm with you on that one Milo.

Tylerdurden
05-15-2008, 07:09 AM
yeah, I'm with you on that one Milo.

I thought you were with Milo on that trip to Thailand?:eek:

The Bigfella
05-15-2008, 07:33 AM
Hey Milo - I think you hit the mark.

Tylerdurden
05-15-2008, 07:36 AM
Hey Milo - I think you hit the mark.

Seen any of my kids around Biggie? How old are your kids?

Paul G.
05-15-2008, 07:46 AM
open mind boys, an open mind......

Person A makes claim X.
Person B makes an attack on person A.
Therefore A's claim is false.

The reason why an Ad Hominem (of any kind) is a fallacy is that the character, circumstances, or actions of a person do not (in most cases) have a bearing on the truth or falsity of the claim being made (or the quality of the argument being made).

Milo Christensen
05-15-2008, 08:31 AM
Why is Pabst Blue Ribbon like sex in a canoe?

Because it is @#$%^&*too close to water.

Milo Christensen
05-15-2008, 08:38 AM
Talking about safe deposit boxes like we were, have you heard about the guy who had them make him a custom Pabst Blue Ribbon coffin? It's true, it's on the internet, isn't it?

L.W. Baxter
05-15-2008, 10:53 AM
Paul G., where did I make an ad hominem attack?

I merely noted that Mark seems awfully concerned about the sanctity of personal property, when the point of the movie from which he takes his nickname is the (supposed) need of a personal liberation from the same. I wasn't terribly impressed by that movie, but at least I remember what it was about.

And Mark, there is a difference between the state siezing the contents of a safe deposit box that I am paying for, and the state assuming responsibility for a safe deposit box I have ceased to pay for or monitor. Or maybe you think that a bank should safeguard your valuables for free, indefinitely? Failing that, the state should pick up the tab, because you are owed a lifetime of service from the rest of us?

George Roberts
05-15-2008, 11:19 AM
The are 2 choices for who should "keep" the property after the owner vanishes ---

The government or the bank. Either way someone is unjustly enriched.

I guess one could auction off the property to pay for the box rental.

Paul G.
05-15-2008, 08:19 PM
Paul G., where did I make an ad hominem attack?

I merely noted that Mark seems awfully concerned about the sanctity of personal property, when the point of the movie from which he takes his nickname is the (supposed) need of a personal liberation from the same. I wasn't terribly impressed by that movie, but at least I remember what it was about.

And Mark, there is a difference between the state siezing the contents of a safe deposit box that I am paying for, and the state assuming responsibility for a safe deposit box I have ceased to pay for or monitor. Or maybe you think that a bank should safeguard your valuables for free, indefinitely? Failing that, the state should pick up the tab, because you are owed a lifetime of service from the rest of us?

I am pointing out that no matter Marks history in providing an abundance of left field posts or his nom de plume's reference to motion pictures, it doesnt count when we discuss the subject. So why bring it up?