The Office of the Indiana Attorney General’s Unclaimed Property Division has ventured into a new method of monetizing physical items — offering them for auction on eBay.
“Our top priority with unclaimed property is to get those assets back to the rightful owners,” Attorney General Todd Rokita said in a news release. “To that end, we want to use the most efficient and effective processes to achieve that mission.”
The only tangible items received by the division are the contents of dormant safe deposit boxes. All other property is unclaimed money from such origins as closed bank accounts, court deposits, insurance, utility companies, old paychecks, closed estates or from stock and securities.
Once unclaimed property is in its custody, the division conducts an outreach effort to locate the rightful owners or heirs. It pursues rightful owners through mailings, social media, advertisements and local media coverage.
Individuals and/or businesses have 25 years in which to claim money once it is held by the division. They must supply proof of rightful ownership.
The physical property from safe deposit boxes offers a unique challenge in terms of storage and caretaking.
“By statute, we have the option of liquidating those items after three years,” said Amy Hendrix, director of the division. “And eBay is certainly the most reasonable and sensible option. We started the eBay auctions this summer, and they have done very well so far. We’ve gotten favorable feedback.”
Selling the items on eBay offers one of the most effective means for getting top dollar for Hoosiers who might eventually claim the property.
“Each November, we receive a new batch of safe deposit boxes,” said Valerie Jones, the division’s project manager. “Items are then inventoried, appraised and authenticated. Then we will be listing them on the eBay auction site.”
To follow the division’s eBay auctions, visit indianaunclaimed.gov/app/auctions.
Be sure to search your name and the names of friends and family at the Unclaimed Property Division’s database at indianaunclaimed.gov.
Year to date, the Indiana Unclaimed Property Division has returned more than $35 million with the average claim amounting approximately $990.