Unclaimed Property Story Archives - Page 2 of 3 - West Virginia Public Broadcasting

State Identifies Millions in Unclaimed Life Insurance

A little over $16 million in life insurance proceeds have gone to the State Treasurer’s Unclaimed Property Division in the past four years, and West Virginians who’ve lost family members since 2012 may have money owed to them.

In 2012, the State Treasurer’s office filed a lawsuit against dozens of life insurance companies, alleging the firms were either not paying beneficiaries their due proceeds or failing to report the money as unclaimed property. That litigation is ongoing today, according to a press release from the State Treasurer’s office.

West Virginia Treasurer John Perdue says over the past few years, several court cases have been filed against insurance companies for not notifying families who were owed money or for not reporting unclaimed property. In June 2015, the West Virginia Supreme Court ruled that the death of the insured triggers a duty to locate beneficiaries or report proceeds as unclaimed.

Before 2012, only $2.5 million in life insurance proceeds had been reported, which is more than five times less than the current number at $16.4 million.

Purdue is encouraging West Virginians who’ve lost family members since 2012 to check the unclaimed property list if they believe a family member may have passed away with life insurance money due to them.

Charleston Man Gets $170K in Unclaimed Stock Dividends

A Charleston man has received nearly $170,000 in unclaimed stock dividends owed to his late father.

State Treasurer John Perdue gave a check to Gary Cohen on Tuesday at a ceremony in Charleston.

According to Perdue’s office, Cohen’s father, Marvyn, amassed shares of Taro Pharmaceuticals, but the company lost track him over the years and transferred the shares to the state treasurer’s unclaimed property division.

Perdue says state officials were able to track down Cohen, who says he’ll use the money to pay off the mortgages of his two daughters.

Perdue says $13.8 million in unclaimed property was returned last year to current and former state residents.

West Virginia Treasurer to be Featured on News Show

The West Virginia treasurer’s program to locate owners of unclaimed property will be featured on a weekend national news program.

Treasurer John D. Perdue’s office said he will be featured during the “60 Minutes” program on CBS Sunday night, returning an unclaimed life insurance check to a West Virginia man whose sister died 25 years ago.

Perdue said in a news release that it’s an issue he and others in similar posts have been focused on for some time. Perdue has worked with the legislature and the courts to make sure insurance companies report unclaimed property.

The release said Perdue has returned some $150 million in unclaimed property funds since taking office 19 years ago.

Unclaimed Property Returns Increase to $9 Million

The state treasurer’s office returned $9 million in unclaimed property to West Virginians last fiscal year.

Treasurer John Perdue says that’s higher than previous years. The Charleston Daily Mail reports that Perdue attributes the increase to a database that tracks down property owners.

Examples of unclaimed property include forgotten utility deposits, a final paycheck from an employer or safety deposit box contents.

To search for unclaimed property, West Virginia residents can go to go towww.wvtreasury.com and click on the unclaimed property icon. A partial list of rightful owners is also published and inserted in newspapers twice a year.

Unclaimed Property Auction Includes Rare Penny

West Virginia’s latest unclaimed property auction features a rare penny that Treasurer John Perdue expects will draw attention from coin collectors.

The 1909-S VDB penny is among a variety of items that will be offered for sale. The penny is ranked 14th in the second edition of “100 Greatest U.S. Coins.” Its appraised value is $500.

Karen Plunk with Lone Star Auctioneers says in a release from Perdue’s office that the coin is the most famous Lincoln penny that can still be found.

Lone Star will conduct the auction for Perdue’s office from June 3 to June 18.

Perdue says all items to be sold come either from safe deposit boxes or law enforcement seizures.

W.Va. Treasurer Irked by Governor Tapping Unclaimed Property Cash

State Treasurer John Perdue is criticizing Gov. Earl Ray Tomblin for banking on $15 million from an unclaimed property account to balance the next budget.

The Charleston Gazette reports Perdue thinks the move would make it difficult to pay claims to unclaimed property owners or survivors within 90 days, as required by law.

The $21.5 million fund includes various liquidated assets, like sold unclaimed stock and mutual funds, and insurance company payments for unclaimed benefits.

Perdue said Tomblin used $6 million from the account this budget.

Unclaimed property ranges from dormant bank accounts to jewelry in abandoned safe deposit boxes.

Tomblin spokesman Chris Stadelman told The Associated Press that agencies were asked to operate with less money, and this program is no exception. He said the transfer is normal.