TheTimesTribune.com, Corbin, KY

Local News

November 27, 2012

Unclaimed property totals $300M in Ky.

Treasury office coming to Knox County Dec. 6

CORBIN — By John L. Ross / Staff Writer

Looking for a chance to give money away without tapping into your own finances?

Then come down to the Knox County Courthouse Dec. 6 and sign up to volunteer.

Just what are you volunteering to do?

Those signing up will be able to help get unclaimed property into the hands of its rightful owners.

According to Kentucky State Treasurer Todd Hollenbach, there is more than $300 million in the state’s coffers waiting to be claimed.

Hollenbach said the traditional route of searching for claimants to this property was “a passive approach.” He said the previous administration’s eight-year run brought $48.5 million of unclaimed property to the hands of owners or heirs.

However, since Hollenbach took the seat in 2008, he felt the Commonwealth needed to take more of a “proactive” approach in finding claimants.

That’s how the Treasure Finders Kentucky program was born.

This program is designed as a collaborative effort between the state, locally-elected officials and much-needed volunteers to help expedite the process of locating claimants to unclaimed property.

Unclaimed property includes personal property or financial assets such as abandoned saving and checking accounts, disbursement checks which have yet to be cashed or even items which have been either willed or discovered after the owner had deceased.

According to Hollenbach, in the first four years of this program’s implementation, “we’ve returned over $70 million to people in Kentucky.

“That’s the power of going local.”

However, there are still millions waiting to be claimed — including more than a half million owed to Knox County residents.

And that’s where volunteers will come into play. From 10 a.m. until 2 p.m. Thursday, Dec. 6, at the Knox County Courthouse, people may come to review the list of thousands of people and either find someone they know or themselves.

“(This) allows local folks to help locate folks in their communities,” Hollenbach said. “The chance we (at the state level) could find (claimants) were slim to none.”

When the office comes on Dec. 6, they’ll have a computer database with them to help coordinate the effort.

“You’d be amazed when the volunteers start reviewing the lists,” according to Hollenbach. “The hit rate we get is phenomenal.”

While he said some claims are very large, “most aren’t. The average amount is in the $200 range.”

He explained when these properties become labelled “unclaimed,” the monies go into Kentucky’s general fund, labelled as “contingent liabilities.” This means the state can use the money as it sees fit, with the knowledge that if a claimant comes forward, that money will be returned to them.

“We know we have to pay it back,” Hollenbach said.

Some of the unclaimed properties include a funeral urn with ashes, stamp collections, gun collections, a set of false teeth and various military medals.

Hollenbach wants people to know this is not a scam. He said when the government calls, most people figure they owe money for back taxes or something like that.

“(I) can’t blame people for being cynical,” he said. “But this is not a scam. (We want) to reunite people with their property.”

If interested people looking to see the listing can’t get there on Dec. 6, Hollenbach says don’t worry. “We’ll train whoever (Judge Executive J.M. Hall) designates,” he said. “We’re not a ‘one-hit wonder.’”

There is no additional cost to taxpayers, he added.

According to the www.treasury.ky.gov website, eligible claimants will be helped through the identification process by Unclaimed Property Staff, and successful claims are usually processed in eight to 12 weeks.

For more information or to review the list, visit kytreasury.com or call 1-800-465-4722. Whitley County and Laurel County are listed on the site, however, there is no detailed listing as of yet. According to the website, those lists are still in process to be added.

The treasury does require evidence to claim property. That could include birth or death certificates, proof of residency or evidence of a business relationship with the reporting company. All claims vary and the Unclaimed Property Division staff will determine case by case the evidence needed to process the claim.

1
Text Only
Local News
  • 10 arrested for drugs after investigation

    Ten people were arrested Thursday following a three-month investigation of illegal drug activity, according to Kentucky State Police Post 11 —  London Public Affairs Officer Trooper Lloyd Cochran.

    April 18, 2014

  • Jury trial May 14 for man in murder case

    A man facing murder charges after the December 2012 beating death of a Corinth Community man appeared in Whitley County Circuit Court Thursday.

    April 18, 2014

  • Police Roundup - April 18, 2014

    Two parents were charged with child endangerment early Thursday after they walked to Wal-Mart in North Corbin with a toddler, according to Laurel County Sheriff John Root.

    April 18, 2014

  • Council members approve budget amendment

    Barbourville City Council members held the second reading of a budget amendment during a special-called meeting Thursday — with no one there to hear it.

    April 18, 2014

  • London-Laurel Tourism Commission budget approved

    The 2014-2015 budget for the London-Laurel County Tourism Commission was approved at Tuesday’s meeting, according to Co-Director Kim Collier.

    April 18, 2014

  • London-Laurel Chamber holds monthly meeting

    The London-Laurel County Chamber of Commerce held its monthly meeting Thursday afternoon at the Jackson Energy Cooperative Community Room.

    April 18, 2014

  • Budget amendment gets first read

    Barbourville City Council members held the first reading of a budget amendment during a special-called meeting Wednesday.

    April 17, 2014

  • Community garden meeting coming April 25

    Some folks in Knox County are looking at bringing some green space to Barbourville, and they need some help. But first, they’ll have an informational meeting on the community garden project next Friday, April 25.

    April 17, 2014

  • Crash on Wyan Road seriously injures two

    Two men remain in a Lexington hospital with serious injuries Wednesday, after they were involved in a one-car crash west of London Tuesday evening.

    April 17, 2014

  • Public meeting at Goldbug Vol. Fire and Rescue Dept.

    A public meeting is slated for 8 p.m. tonight at Goldbug Volunteer Fire and Rescue Department, located at 869 Highway 26, Williamsburg.

    April 17, 2014

Front page
Featured Ads
AP Video
Raw: More Than 100,000 Gather for Easter Sunday Raw: Greeks Celebrate Easter With "Rocket War" Police Question Captain, Crew on Ferry Disaster Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Twitter Updates
Follow us on twitter