• Prepared Statement of the Securities Industry Association [SIA]
• HOW SECURITYHOLDERS BECOME ``LOST''
  • Abandoned property is tangible or intangible property that is
    unclaimed by its rightful owner. Although it seems inconceivable that a securityholder would ``abandon'' their property, for a variety of reasons, a considerable number of securityholders are ``lost'' each year when dividend or interest payments, or other correspondence sent to the securityholder, are returned as undeliverable. Although abandoned property is not unique to the securities industry, lost  securities have been the subject of several news reports over the last several years.³
  • Other forms of abandoned property include, for example, savings and checking accounts, uncashed payroll checks, utility and rental deposits, retirement benefits, safe deposit box contents, tax and fee refunds, old life insurance policies, and accident benefits.
  • Indeed, virtually every industry contributes to the hundreds of millions of dollars turned over to states each year under abandoned property laws.

2000 1004 - GOV (House) - LOST SECURITY HOLDERS: REUNITING SECURITY HOLDERS WITH THEIR INVESTMENTS

House - Committee on Commerce - SUBCOMMITTEE ON
FINANCE AND HAZARDOUS MATERIALS