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So it turns out my father in law bought some stock under my wife's name years ago and it ended up with the state of California as unclaimed property. According to the web site:

"As required by law, the State Controllerís Office (SCO) is required to sell securities no sooner than 18 months, but no later than 20 months, after filing of the unclaimed property report by the business. Because the value of securities can vary depending on whether there has been a corporate action, the SCO will research the stock history and determine the actual property value after your claim has been approved for payment. The payment of this claim could include a combination of cash and share(s), cash only, or share(s) only."

This particular stock has varried wildly over the last 15 years so it all really depends on when it was actually sold for me to figure out the amount and see if it's worth persuing (it's going to take some effort to come up with all the necessary documentation). Is there any way to find out when a state took ownership of the stock? Or should I try calling the state controller's office and see if they'll tell me? The above statement makes think they won't...not until the request is submitted and approved.

Thanks!

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rated:
chriskast said:   So it turns out my father in law bought some stock under my wife's name years ago and it ended up with the state of California as unclaimed property. According to the web site:

"As required by law, the State Controllerís Office (SCO) is required to sell securities no sooner than 18 months, but no later than 20 months, after filing of the unclaimed property report by the business. Because the value of securities can vary depending on whether there has been a corporate action, the SCO will research the stock history and determine the actual property value after your claim has been approved for payment. The payment of this claim could include a combination of cash and share(s), cash only, or share(s) only."

This particular stock has varried wildly over the last 15 years so it all really depends on when it was actually sold for me to figure out the amount and see if it's worth persuing (it's going to take some effort to come up with all the necessary documentation). Is there any way to find out when a state took ownership of the stock? Or should I try calling the state controller's office and see if they'll tell me? The above statement makes think they won't...not until the request is submitted and approved.

Thanks!

† Google search is your friend - you can search for the lost property records online.

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Thank you for the responses. I know about the https://ucpi.sco.ca.gov/UCP/ web site (that's how I found the property to begin with). But it doesn't tell you when the state actually took possession of the securities. I figure if I knew that, I could figure out approximately when it was sold and what the value is. Does that make sense?

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Call them/

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Maybe it is different on stocks, but when I go through the "ucpi.sco.ca.gov/UCP/" search it lists a "Cash Reported" value.

Regardless I would suggest just getting it claimed and done with. Otherwise every 3 months a new relative is going to hear about "those unclaimed money" sites from their local news, look up your last name and then tell you about it. Then you'll have to explain why you DGAF about the $14, then your aunt is going to scold you about not wasting money, yada yada.

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If the stock was sold then they would have a cash balance. It would be straight forward.

It sounds like the stock was not sold and they still have the shares. They're saying you can claim the shares. Thus it hasn't been sold.

What stock is it? Do you know how many shares?

Its usually not very hard to make these claims so I don't know why you'd debate doing so unless the stock is nearly worthless.

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Can you ask your father-in-law or wife when they stopped getting notices about the stock? Did your father-in-law move during the last 15 years? Did he die
within that time frame? The state †is supposed to get †stocks after three years of dormancy.†

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