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What are Unclaimed Funds?
Unclaimed funds are funds held by the court for an owner or recipient who is entitled to the money, but who has failed to claim ownership or who cannot be located and payment has been returned. Unclaimed funds may arise from a wide variety of circumstances. Some of the more common circumstances that give rise to unclaimed funds in a bankruptcy court are below.
When a claimant contacts the court to request unclaimed funds the claimant must submit a petition to the court [and upon notice to the U.S. Attorney and full proof of the right thereto], requesting the release of the funds.
Claims [or Requests] for the Release of Unclaimed Monies
Three types of entities request the release of unclaimed funds. Owners of Record: the person shown in the court’s records as the owner of the funds. Successor Claimants: business successors, decedent’s estates, assignees, judgment creditors, etc., who now have direct claims to the funds but are not the owners of record. Representative Claimants: typically fund locators who act on behalf of owners of record/successor claimants. Fund locators are private enterprises that seek to identify unclaimed funds, locate entities that may have potential claims, make claim to the funds on the behalf of the entities and collect a percentage of the funds recovered as a fee.
In addition to the individual items required below the owner of the record is the party who is shown in the court record as the owner of the funds. The owner of the funds must prove their identity by providing the court with a photocopy of photo identification, such as driver's license or passport of the party entitled to the funds; and certificate of service to U.S. Attorney’s office must be filed or submitted.
How the Process Works
Determine Ownership - Review List of Unclaimed Funds
Submit - Affidavit and Request for Release of Unclaimed Funds, IRS Form W-9, Affidavit of Service.
Remember - The owner of the funds must prove their identity by providing the court with a photocopy of photo identification, such as driver's license or passport of the party entitled to the funds; and proof of notice to U.S. Attorney’s office must be filed or submitted.
Timing - Please be patient, this process may take time. Call the court for specifics 414-297-3291.