(Part 2 of 2)

Unclaimed property in Texas covers anything from forgotten bank accounts, savings accounts, stock and cash dividends, uncollected insurance benefits and money orders to gift certificates, un-cashed checks and contents of safety deposit boxes which are determined to be abandoned by their owners. The latter is the sole example of tangible assets covered under the Texas Unclaimed Property Law and and they are sold off on eBay after two years of being being held by the State Comptroller's office. So if you're looking for family heirlooms or antiques that your Texan relatives may have lost track of over the years, your best bet is to search soon or risk allowing them to show up on eBay.

Texas unclaimed funds division manager George Tamayo says "From our experience, we determined we were getting the most bang for our buck on eBay." to which he adds "It's more cost-effective, because we are able to do the auctions ourselves." His state was one of the earliest to use the online auction web site early in 2002, changing from the old method of selling off abandoned property through live physical auctions. According to Jackie Schroeter, manager of safe deposit boxes in Texas, selling items on eBay saves her office a lot of time and effort. With the live physical auctions, the Unclaimed Property office would've had to close down to coordinate them, due to lack in manpower. It just takes a couple of clicks of your mouse now.

The proceeds from the online auctions are returned to the Texas unclaimed property fund where they still can be claimed by the rightful owners at any time. "The Unclaimed Property List contains the names of Texans with property valued at $100 or more that was reported to the state within the last year.", says Texas Comptroller Carole Keeton Strayhorn who went on to say in a recent report, "Since I took office, I have returned more than $532 million in unclaimed property to its original owners,"

This is good news indeed for people living in the Lone Star State, but don't expect that the State Comptroller show up at your front door and hand deliver your lost assets to you. Unless you don't have an immediate need for extra bucks in your hands, you should start your search for unclaimed property in Texas or other states now!

–

Watch: Unclaimed Money: Mom Cashes In
Cameras were there when pair received their huge check.

Ask Kim: How do I find out if the IRS has a refund for me?
You may also discover

$77m Powerball ‘Lottery’ Ticket Still
In Georgia, all

$2 Billion In Gift Cards Will Go Unused This Year
But what happens to that

Lawmaker doesn't want TSA to pocket change left at checkpoints
One lawmaker has his sights on the