Unclaimed Money

Unclaimed Money, and things left without an apparent owner, were assigned by the Roman jurists to the first person who took possession of them. According to feudal law land left without an owner escheated or fell back to the superior of whom it was held, and movables to which no person could make out a claim were given to the crown as bona vacantia. By modern rules of law facilities are given to persons claiming to be entitled to money in court or government stock; subject to any rightful claim, the money or stock is transferred to some public account. Thus, for example, the National Debt Act, 1870, provides that stock on which no dividend has been claimed for ten years shall be transferred to the National Debt Commissioners. A list of names, out of which stock has been transferred, is to be kept, and the list is open for inspection. Re-transfer is made to any claimant who can show his right, public notice being given to enable other claimants to appear. The court will not as a rule direct a re-transfer without an inquiry as to persons interested. Expense is sometimes incurred by persons who put forward claims as next of kin to owners of stock, &c. who have died intestate. In such cases it is well to remember that similarity of name, or vague evidence of relationship, is not enough to establish a title to property.