Lost + Found: NC Holder Seminar, WV Lawsuits, Bona Vacantia in the UK
North Carolina to Offer Holder Education Seminar — The North Carolina Treasurer’s Department is offering a “Holder Education and Reporting” seminar on July 17th at the Quorum Center in Raleigh. A complete copy of the agenda, and registration information, can be found here. The seminar is free, but according to the website, limited to the first 150 registrants.
West Virginia Sues Insurers — In October of 2012, West Virginia sued 10 insurers over their attempts (or lack thereof) to notify beneficiaries of payable benefits. Now, according to an article on LifeHealthPro, West Virginia has brought suit against 69 more insurers alleging violations of that state’s unclaimed property act. According to the article, insurers were identified by market share.
UK Bona Vacantia Pot Doubles in Past Year — As we’ve mentioned before, modern US unclaimed property laws have their source in the old common law doctrine of bona vacantia (“ownerless goods”). Historically, the most typical example of such goods are the assets of a person who dies without a will or any known heirs. In the UK, this common law doctrine is still alive and well.
Indeed, almost too well – according to a recent blog post on the UK edition of the Huffington Post, the mount of funds held on account of estates with no wills or known heirs in the UK has doubled in the past year to about 33.5 million Pounds (appx. $51.2 million).