Utah state Treasurer David Damschen announced that his office has some $54.8 million in property lost during 2018 that is awaiting claim by its rightful owners.
“We receive tens of millions of dollars in new unclaimed property each year, so the odds are good that you or a relative have unclaimed property,” Damschen said in a prepared statement. A news release Monday said unclaimed property can be anything from a forgotten utility deposit to a deceased relative’s life insurance.
While much of the property is money, the treasurer’s office said it often receives various collector’s items from abandoned safe-deposit boxes. Though nonmonetary items are periodically sold at auction, the proceeds are still available to rightful owners.
If the holder of a property has not had contact with its owner for three years, by law it must be turned over to the treasurer’s office. As of Nov. 1 — the latest reporting deadline — the office has possession of unclaimed property with a total value of more than $370 million.
“Despite our aggressive education campaigns, many people still don’t search for property because they don’t think they could have lost any,“ said Dennis Johnston, unclaimed property division administrator.
The department encourages Utahns to check for unclaimed property by visiting mycash.utah.gov or calling 801-715-3300.