| A recent report by the Chattanooga Times | | | | stocks and mineral deposits, and others to be |
| announced that millions of dollars in Georgia lottery | | | | turned-over to the hands of the state after a |
| winnings go unclaimed in Georgia and Tennessee. | | | | specified 'dormancy period'. This period for |
| Lottery officials say this is mostly due to people | | | | Georgia is 5 years and less for other financial |
| that buy lottery tickets while passing-through and | | | | assets. "Dormant funds are remitted to the State |
| either forget to check if they've won or not. | | | | of Georgia. Demand deposit accounts are deemed |
| According to another news report though, a | | | | to be dormant after 12 months and time and |
| larger amount of Georgia unclaimed money is in | | | | savings accounts are deemed to be dormant |
| the hands of the state's Treasury Department. | | | | after a period of five years without activity", |
| Hundreds of millions of dollars in forgotten funds | | | | according to an official statement from Georgia's |
| are held by the state government and most | | | | State Treasury. In a press release from the |
| Georgians are unaware of its existence. Catherine | | | | Georgia Department of Revenue's Unclaimed |
| Westbrook, an elderly resident of the state was | | | | Property Unit, "The time that must elapse for |
| very aware though and became frustrated when | | | | property to be determined "abandoned" and |
| she tried getting a $1200 check from an old | | | | turned over to the state varies depending on the |
| life-insurance policy. "When I didn't get it for two | | | | type of property. For example, unclaimed wages |
| or three weeks, then I called and they would say, | | | | and company liquidation proceeds must be turned |
| 'No, the check wasn't written, hasn't been written' | | | | over to the state after one year. The vast |
| -- that's all they would tell me." said Westbrook | | | | majority of unclaimed property must be turned |
| who adds after getting the check 5 months after: | | | | over to the state five years after the last |
| "I don't know why they take so long to write a | | | | contact with the rightful owner. Time frames for |
| check." | | | | other types of property are: safe deposit box |
| Georgia's Unclaimed Property Law or escheat law | | | | contents must be forwarded to the state two |
| which originates from feudal laws in England | | | | years after the box was opened by the holding |
| require abandoned and forgotten assets such as | | | | financial institution; money orders seven years |
| bank accounts, income tax refunds, uncashed | | | | after the issue date; and traveler's checks 15 |
| checks, uncollected wages, insurance premium | | | | years from the issue date. |
| overpayments, gift certificates, cash dividends on | | | | |
