State Personal Property Auctions
Watches,
rings, coins, these are the kinds of items that people find important enough to
store in a safe deposit box. With the passage, sometimes these treasures may become
lost to their owners or their heirs. At a recent Washington State Department of
Revenue auction over 70 pocket watches, some 120 rings, jewelry, coins, gold pieces,
and a tourmaline collection sold. It can become a very large problem for states
to hold this merchandise. California currently holds 3.2 billion in unclaimed
property.
All states at varying intervals have to sell the contents of their
unclaimed safe deposit boxes and other unclaimed personal property, usually in
three year intervals. Most state laws require the property to go unclaimed for
three years before it can be sold. Some states have online auctions to sell unclaimed
items. California's
ongoing online safe deposit box auction started last December. Texas has held
an unclaimed property auction by internet simulcast.
What the states do
with the proceeds of the sale varies. Some place the money in a special fund for
schools. Others hold the money until someone can claim it. Here is a sample of
how various states handle unclaimed merchandise.
Other states that
auction off abandoned safe deposit boxes or other property online include:
Pennsylvania
has an ongoing sale
using eBay
Colorado also sells their items on eBay
when available
Nevada
started selling unclaimed items online Nov. 10, 2003
