State of Indiana stoops to new low...

[BugI02]

the institution sets the rules. maybe a phone call, maybe an email, maybe a form you have to submit. best to ask.
-rvb

Actually, I'm pretty sure the state sets the rules and the SEC makes the requirement (probably at the behest of avaricious politicians). I think they mostly are sniffing around those who die intestate. In the old days I think the financial institution could have claimed the money but the state doesn't like the competition when it comes to raping you one last time

https://www.sec.gov/fast-answers/answersescheathtm.html

Accounts – Abandoned or Unclaimed


The Escheatment Process
All states require financial institutions, including brokerage firms, to report when personal property has been abandoned or unclaimed after a period of time specified by state law — often five years. Before a brokerage account can be considered abandoned or unclaimed, the firm must make a diligent effort to try to locate the account owner. If the firm is unable to do so, and the account has remained inactive for the period of time specified by state law, the firm must report the account to the state where the account is held. The state then claims the account through a process called "escheatment," whereby the state becomes the owner of the account.


As part of the escheatment process, the state will hold the account as a bookkeeping entry, against which the former account owner may make a claim. States tend to sell the securities in escheated accounts and treat the proceeds as state funds. When a former account owner makes a valid request, however, the states will normally provide the former owner with cash equaling the value of the account at the time of escheatment. This amount of cash does not include any dividends or interest covering the time after escheatment.

 

[rvb]

Actually, I'm pretty sure the state sets the rules and the SEC makes the requirement (probably at the behest of avaricious politicians). I think they mostly are sniffing around those who die intestate. In the old days I think the financial institution could have claimed the money but the state doesn't like the competition when it comes to raping you one last time

https://www.sec.gov/fast-answers/answersescheathtm.html

you may be right, I'm certainly no expert. But no where at least in the text you quoted does it say how account holders keep their accounts in an "active" state...

-rvb

 

[NKBJ]

They (Fed/Local) have outgrown their intended purpose and now exist only to rape and pillage.

Prove me wrong.

That pretty well sums up one of the points that got William Cooper to ambient temperature.