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The origin of the unclaimed property law dates back as far as the colonization of America. Since that time, states have revised and refined their various unclaimed property laws, resulting in over $35 billion in collections; currently held for the benefit of owners whose whereabouts are at least temporarily unknown. The custodial nature of the unclaimed property law obliges each state to maintain unclaimed funds and related owner information for claim by the rightful owner. All states make a diligent effort to locate and refund these funds to the rightful owner, at no cost to the owner.
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