TREASURER PUSHES UNCLAIMED PROPERTY

Until contacted by the state treasurer's office, Sonny James of Sikeston had no idea he was due more than two hundred dollars in uncashed bonds that had been turned over to the state.

At the Cape Girardeau Municipal Airport Wednesday, State Treasurer Bob Holden presented James with a check for $232.84. Holden has been holding news conferences around the state this week making presentations and trying to make Missourians aware of the fact that millions of dollars in unclaimed property await many of them.

A state law passed earlier this year shifted the responsibility for unclaimed property from the Department of Economic Development to the treasurer's office.

"We like to call it Missouri's largest lost and found," Holden quipped before presenting the check to James.

Until recently, James operated Sikeston Wood Truss Co. for 18 years. Sometime during that period, the money was not claimed by James and a bank or insurance company eventually turned it over to the state.

Missouri law requires that unclaimed property, mostly from financial institutions and insurance companies, be turned over to the state after seven years. State officials spend 12-18 months trying to find the rightful owner. If not successful, the property is auctioned off and proceeds sent to the general revenue fund.

Even if property is sold, owners who are located still are entitled to the proceeds.

In presenting the check to

James, Holden requested that he try to spend it in Missouri, since the state needs the revenue. James said it's likely the money will be spent within the state.

While it isn't a large sum, James said, he appreciates the money.

"The government doesn't give you much - generally they take it."

He added, however, that the check will be reported on his state income tax return next year.

Holden explained that the state is intent on returning money and property to the rightful owners. "The state currently holds an estimated $40 million in unclaimed property and funds, and we want to link Missouri businesses, citizens and organizations with the money due them."

Holden said the money and property generally come from people who have died, or have moved away and have forgotten about their bank accounts or items left in safe deposit boxes.

To receive any money due them, residents need to fill out a form and actually request the money. Among those who have funds due are Ronald Reagan, August Busch, and Rush Limbaugh - though all for only a few dollars.

There are 350,000 claims that could be filed, Holden said.

"One out of every 15 Missourians has money or property in the state's Unclaimed Property Section, with claims ranging from one cent to $71,000," said Holden. "We do attempt to reach the people with abandoned accounts, even advertising their names in papers across the state, but many have moved away or are unaware they are heirs to unclaimed funds."

On Tuesday, Holden handed the senior citizens center in St. Joseph a check for $44,000. Even Gov. Mel Carnahan is in on the act, receiving a check for 96 cents.

At Wednesday's press conference, Holden displayed some of the items being held, including several silver bars worth $5,000, stock certificates, medals and coins.

A set of documents signed by Abraham Lincoln soon will be returned to a woman in Illinois. Other items have included cremated remains, wooden false teeth, and a 2-carat diamond solitaire ring.

To inquire about whether a person has unclaimed property or is entitled to property as an heir, an inquiry can be sent to: Unclaimed Property Section, P.O. Box 1272, Jefferson City, Mo. 65102. Claims take 60-90 days to process.

Holden said he hopes to work with county treasurers to help citizens recover property due them, and may also set up booths at fairs for people to inquire whether they are due anything.

Each year, Holden said, cash and property valued at $2-3 million are returned to owners. The state's general revenue fund receives $9-11 million a year from unclaimed property.