If the owner does not maintain contact with the broker or the company in which the funds are invested. The investment accounts will be turned over to that particular state’s unclaimed poperty division and will be liquidated upon receipt. The proceeds from the sale of the stock will be credited to an account in the owner’s name. The funds are held until the rightful owners, beneficiaries, or heirs claim them.
Here are some ways stock or investment accounts can become abondoned or unclaimed.
- If you moved and forgot to notify your bank, broker, employer, etc of your new address.
- If your forwarding order with the post office expired.
- If you left a job and and lost track of investment accounts and stock you had with the employer.
- If a regular account statement was marked as undeliverable.
- If you had a distant relative who passed on, leaving the stock and investment accounts.
- If you have failed to make any postive contact against the stock or investments accounts for an extended period of time.
- If you have failed to make contact with you broker or the company in which the funds are invested for an extended period of time.