Florida’s unclaimed property law challenged

TALLAHASSEE – A St. Petersburg resident has filed a likely course-motion lawsuit hard the constitutionality of a regulation that directs the state’s dealing with of unclaimed home. 

Attorneys for Alieda Maron submitted the lawsuit Friday in federal court in Tallahassee in opposition to state Main Money Officer Jimmy Patronis, who oversees the unclaimed-property application. 

The method involves people’s home that is held by such items as banking institutions and coverage providers. 

When the property is believed to be unclaimed, it is turned about to the point out. 

Illustrations are money, unclaimed insurance policy proceeds and objects in harmless-deposit packing containers. 

Unclaimed dollars is deposited into what is regarded as the State School Have faith in Fund, which helps aid public faculties. 

The state also periodically holds auctions of unclaimed items. 

If homeowners or their heirs uncover out about the unclaimed property, they can recover money from the condition. But the lawsuit contends, in aspect, that the unclaimed property law is unconstitutional simply because it does not offer “just compensation” to the homeowners. 

It mentioned the law “prohibits the state from having to pay any curiosity reflecting the time value or other worth of an owner’s residence. Accordingly, the act correctly provides the state with an fascination-cost-free mortgage of unclaimed private residence cash that the act directs to be co-mingled with the state’s university fund though in the state’s custody.”