Ferrari Mailing List: OT - NFC - State Gov Confiscates Bank Accts ?

[LarryT (l02turner]

Hi ya'll,
   Sorry about the off topic stuff - but I respect this lists depth of 
knowledge greatly and was hoping someone could exolain if this is true.  I 
checked Snopes without luck.

Seems too bizarre even for Ca standards.

Anyway, here's the story that appeared on a list I lurk on -

<<<<<In 1958, the California controller was empowered by the state 
legislature to implement a process called "Escheatment". In effect, this 
permitted the controller to steal bank accounts, safe deposit boxes, stocks, 
etc that were deemed "inactive" for a period of seven years or longer.
Yes, you read that correctly. Under the original implementation of the law, 
a account can be deemed "inactive" by the state of California if there has 
been no activity for a period of seven years. In the state's budget crisis' 
of 1991 and 2003, the period of time was ultimately reduced to three years. 
Once a account has been deemed inactive, the state can assume (STEAL) 
possession of the account and the funds are deposited into the general fund. 
If the state assumes non-monetary possessions, they simply auction off the 
goods and then deposit the proceeds into the general fund.
According to Tom McClintock, Escheatment is actually a feudal concept that 
arose from the despotism of the dark ages. It stemmed from the principle 
that the feudal lord owned all within his realm, and when a person died or 
disappeared without heirs, his lands were property of the lord.
Although you won't find the words "theft", "steal", or "stolen" in the 
vocabulary of the state legislature in regards to Escheatment, make no 
mistake about it; Escheatment is nothing more than legalized theft by the 
Sacramento Mob. This author finds it rather ironic that the letters CHEAT 
exist within the word Escheatment.
So who might be a target of "Escheatment" you ask? Here are a few examples:

Let's say you have a safe deposit box with some family heirlooms in it. You 
have no reason to check on them from time to time, you assume they are safe 
with the bank. After four or five years, you decide to move your safe 
deposit box to another bank only to find out the state of California STOLE 
the contents of your safe deposit box a year before and, are you ready for 
this? SOLD THEM ON EBAY! Again, you read that correctly. The controllers 
office has a EBAY account in which they sell the items they've stolen. Worse 
yet, irreplaceable items such as family photographs have been SHREDDED!

Let's say you setup a savings account for your newborn baby with the 
intention your child will use this money for college someday. If there is no 
activity on this account (deposits, withdrawals) for a period of three years 
or more, the state can legally steal it.
All of this, without a notice, letter, phone call, nothing. Victims almost 
always find out months or years after the state has stolen their accounts.
Benny and Sally Fong invested in Berkshire-Hathaway, a company in which 
Warren Buffet is the largest shareholder. Benny and Sally's investment 
increased to over 1 million dollars in value. When they ultimately decided 
to redeem their shares, they were horrified to discover the state had stolen 
this account several years earlier and sold the shares for a mere $105,000. 
Unfortunately for Benny and Sally, there was no account activity other than 
the increase in value of the shares. The state deemed the account inactive, 
swooped in and stole the Fong's investment.
Fortunately, a federal judge has recently declared this practice 
unconstitutional because the state makes no effort to locate and contact 
citizens BEFORE stealing their accounts. However, the socialists in 
Sacramento are already looking for loopholes in the law so they can resume 
their pillaging of the people of California.
SB 270 attempts to strip some of the power of this mob-like practice by 
returning the waiting period to seven years and requiring the state to make 
efforts to locate citizens BEFORE stealing their property. Although a 
complete revocation of Escheatment would be in the best interest of the 
people, SB 270 will strip away some of the state's power to steal the 
peoples' possessions. If you live in California, it is time to contact your 
Senator and voice your disapproval of "Escheatment".>>>>

Thanks!

Larry T (67 MGB, 74 911, 78 240D, 91 300D)
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