|Oregon Unclaimed Property consists of financial assets that have not reached the owners, but are held by the state of Oregon for them. Unclaimed property in Oregon usually includes intangible assets, cash and money, but it does not include real estate, abandoned vehicles or lost and found items. The most common forms of Oregon Unclaimed Funds are dormant checking accounts, saving accounts, refunds, dividends proceeds, stocks, paid-up life insurance policies, money orders, contents of safe deposit boxes and utility deposits.
Oregon Unclaimed Property ReportingBefore coming into the possession of the state of Oregon , the unclaimed property remains with the holder who is a person or business that owes money to the actual owner. After a certain period of financial inactivity, the holder tries to locate the owner. In case of their failure to contact the owner, the property becomes unclaimed and must be turned over to the state. It is the Oregon Department of State Lands that is responsible for Unclaimed Property Reporting and claim processes.
Unclaimed Property AuctionThe OR Unclaimed Assets are kept safe with the state until the original owners or legitimate heirs make claims. Some items of safe deposit boxes, however, are sold through auctions after a year in safekeeping and the proceeds are kept aside for the owners. The Common School Fund (CSF) is a special account where Unclaimed Money in Oregon is held.
Oregon Unclaimed Property DatabaseThis Fund is maintained to finance Oregon's public schools, however, the money is always available for the original owner or legitimate heir. Every year, the Department of State Lands receives approximately $30 million in various kinds of unclaimed properties of which about $10 million is returned successfully to owners. To help people find their money, the department maintains a database of unclaimed funds and property, which can easily be accessed to conduct unclaimed property search. Assistance is also provided to the claimant in claiming a found property. An alternate way is to seek the support of a professional finder or heir-searcher, who provides services for a fee.