Lost Cash – Unclaimed Money in Texas
Lost cash is the unclaimed money by people in Texas. When people change their job or shift to other places they forget to collect their salary checks or insurance checks. Most of them forget even to leave back their forwarding address and so the money left remains unclaimed. In Texas if the money or the property remains unclaimed for five years it is declared as lost cash and it stays with Texas State Comptroller’s Office till the owner claims for them. This lost cash contains anything from forgotten bank accounts, stock and cash dividends, checks that have been not yet cashed, insurance benefits that have been un-collected and so on so forth. When Texas State Comptroller’s office turns over the lost cash then after two years it is auctioned off.
Usually the members or local people who had the idea used to participate and benefit the auction but now they are also putting them on Internet. This trend started round 2002 when one of the states switched from traditional way of disposing off the lost cash to live auction through Internet. Most often people get advantage of this auction and they have to pay quite less for a good fund or property. If you are interested in buying lost cash you can log on to its site and you are just few clicks away from the property. This saves a lot of time and effort of both the buyer and the concerned authorities that place the auction of lost cash on site.
These proceeds go back to the Comptroller’s office and remains there so that if the claimer of that property returns and claims he would at least receive the amount. So if the claimer of property or fund comes back he would not be in complete loss and this is good news for the residents who have shifted without any intimation. Lost cash contains anything from house, insurance checks, salary checks, and cars to piles of money. Everything remains with the Comptroller’s office until claimed or auctioned. There are still thousands of people who don’t even know that they might get back their property from lost cash.
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