Oregon State Treasurer to Host Online Unclaimed Property Auction
SALEM, Ore. (KTVZ) – The Oregon State Treasury will celebrate National Unclaimed Property Day by hosting an online auction of items from abandoned safes received by its Unclaimed Property team .
Auctions are open now on first-edition books, art, coins and currency, jewelry, and other unique treasures from vault contents collected through Oregon’s Unclaimed Property Program, with a sale live online auction scheduled for Thursday, February 3.
“Events like National Unclaimed Property Day and our online auctions help remind people to go online and check to see if Oregon has any money that belongs to them,” the treasurer said. Oregon State, Tobias Read. “We received our largest amount of unclaimed funds this fall, and we want to give back every dollar to the people of Oregon.”
The live auction will begin at 4 p.m. on Thursday, February 3. Capitol Auction & Estate Services will host the auction on its website, and pre-bidding on items is available now at capitolauction.net. This is the second fully online auction that the Treasury has conducted. The first, held in November, raised more than $25,700 for Oregon’s unclaimed property program. Well in advance of any auction, program staff attempt to contact safe owners before items go up for sale. Items such as military medals or other insignia are never auctioned; instead, people can search for unclaimed medals on the website: oregon.gov/treasury.
The date of the auction was chosen to align with National Unclaimed Property Day on Feb. 1, which shines a light on the millions of people across the country whose unclaimed property is protected by programs like this. from Oregon. Oregon’s Unclaimed Property Program protects assets in the name of the original owners or their heirs in perpetuity.
“These convenient online auctions help us reach potential buyers across Oregon and the country while reducing our inventory of older unclaimed items,” said Claudia Ciobanu, director of Trust Property. “The program as a whole and special projects like auctions are designed to ensure that we protect people’s unclaimed money until they step in to claim it.”
For safe auctions, proceeds from all items sold are held in trust in the Common School Fund, an investment fund overseen by the Oregon State Treasury. The fund generates interest income that is distributed to Oregon K-12 public schools, while the principal amount of each sale is recorded in Oregon’s unclaimed property program for school owners. article may claim it. The ability of Oregonians to submit claims over unclaimed money held on their behalf never expires.
Each fall, businesses, nonprofits, and state government agencies must report and turn over unclaimed property to the Oregon State Treasury. During the 2021 reporting period last October – the first since the program was transferred to the Treasury – a record $80.8 million was reported, representing assets such as uncashed checks, unreturned deposits, forgotten bank accounts and abandoned safe deposit boxes.
Since the program arrived at the Oregon State Treasury in July 2021, more than $13.3 million has been returned to nearly 11,000 claimants. Oregonians who want to see if the state holds unclaimed property in their name can visit unclaimed.oregon.gov and find their name.