October is the month when unclaimed properties must be reported to the Oregon Division of State Lands. Examples of unclaimed properties include non refunded cash deposits for rent, bank accounts, savings accounts, stocks, bonds and even the contents of safe deposit boxes.
Organizations and agencies who hold such properties are required by law to make a conscientious search for the person or persons whose property they are left in possession of. After three years, in most cases, the organization or agency is required to report and turn in the money to the Division of State Lands, which will continue the search if the value exceeds $100.
Those funds are due in the month of October.
Monte Turner of the Division of State Lands encourages individuals to spend a few moments on DSL's Web site to determine if they have any unsuspected money coming. "Some people discover thousands of dollars they did not know they are entitled to," said Turner.
Heirs who move without forwarding addresses are another common source of unclaimed properties. A surprising number of persons move without forwarding addresses, leaving their last paycheck behind. DSL's Web site can correct that oversight.
Turner says that in the event of safety deposit boxes the contents, after being held for a set period of time, are sold at auction with the proceeds listed on their Internet data base, waiting for the rightful owner to claim the money.
The only two entities in Wallowa County who report to DSL, said Turner, are Community Bank and Wallowa County Treasurer Ernestine Kilgore. Turner says that Community Bank reports on abandoned safe deposit boxes and cash from dormant checking and savings accounts. Kilgore says that she primarily reports on uncashed checks, especially checks given out for the county fair.
Kilgore reports on a no minimum basis.
Turner noted that chain businesses such as Les Schwab Tires would not report locally, but might do so out of their corporate office.
The Web address to determine if anyone has DSL money waiting for them is www.oregonstatelands.us.