Ferrari Mailing List: Re: OT - NFC

You asked:<<would you prefer as the outcome -- once it's clear

assets are abandoned?   That a bank keep them?>>

Hi Larry -

   Not no, but H$LL no!  ;-)  but I do believe the state or whoever, should 
have to make a reasonable effort to find the people who are about to lose 
their assets.  You're right about the length of time - it could be debated 
all day.  But the search for owners part seems straight forward.  For 
instance, in Va., a list of people/entities who have assets that are being 
considered for

"Abandoned" status have the information published in the newpaper twice a 
year I believe and on the internet.  And there may be additional steps taken 
that I;m not aware of.  After all, I  *know* where all my money is - since 
it's such a small amount it;s easy to keep track of. ;-)  But my M-I-L 
opened savings accounts for each o f our kids when they were very little - 
she opened them with $5 IIRC and they stayed that way for a while.  I 
believe after 7 years they were closed.  And I think the bank kept the money 
since it was such a small amount.
   Not sure about the details but I believe the state could make a 
reasonable effort to locate the owners.   Don't know  if all the details are 
correct in the article, but it seems if the Fongs who owned the Berkshire 
Hathaway stock had been paying for the safe deposit box that would qualify 
as activity.  But who knows.
   Thx for the comments -
Larry T (67 MGB, 74 911, 78 240D, 91 300D)
www.youroil.net for Oil Analysis and Weber Parts
Test Results http://members.rennlist.com/oil
PORSCHE POSTERS!  youroil.net
Weber Carb Info http://members.rennlist.com/webercarbs
.
----- Original Message ----- 
From: "Larry B" <larrybard [at] hotmail.com>

To: "Larry Turner" <l02turner [at] comcast.net>

Cc: "The FerrariList" <ferrari [at] ferrarilist.com>

Sent: Thursday, July 26, 2007 9:30 AM

Subject: Re: [Ferrari] OT - NFC - State Gov Confiscates Bank Accts ?
I believe all -- or at least most -- states have similar escheat laws.

Forgetting for a moment about the sinister view expressed in the article, 
I

think the concept is that once assets may reasonably be regarded as

abandoned (and we can debate all day how many years that should take with

complete inactivity or other indicia of continued exercise of ownership,

etc., and what sort of search should be conducted for the owner), the

financial institution should not be able to continue to have custody of, 
and

even use (in the case of cash deposits) those assets, but they should 
revert

to the state.  What would you prefer as the outcome -- once it's clear

assets are abandoned?   That a bank keep them?
From: "LarryT" <l02turner [at] comcast.net>
To: larry <larrybard [at] hotmail.com>
CC: The FerrariList <ferrari [at] ferrarilist.com>
Subject: [Ferrari] OT - NFC - State Gov Confiscates Bank Accts ?
Date: Thu, 26 Jul 2007 09:06:52 -0400
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)
www.youroil.net for Oil Analysis and Weber Parts
Test Results http://members.rennlist.com/oil
PORSCHE POSTERS!  youroil.net
Weber Carb Info http://members.rennlist.com/webercarbs
.
_________________________________________________________________
To unsubscribe or modify your subscription options, please visit:
http://lists.ferrarilist.com/mailman/options/ferrari/larrybard%40hotmail.com
Sponsored by BidNip.com eBay Auction Sniper
http://www.BidNip.com/
and F1 Headlines
http://www.F1Headlines.com/

_________________________________________________________________
To unsubscribe or modify your subscription options, please visit:
http://lists.ferrarilist.com/mailman/options/ferrari/l02turner%40comcast.net
Sponsored by BidNip.com eBay Auction Sniper
http://www.BidNip.com/
and F1 Headlines
http://www.F1Headlines.com/

--

No virus found in this incoming message.

Checked by AVG Free Edition.

Version: 7.5.476 / Virus Database: 269.10.20/919 - Release Date: 7/26/2007 
9:56 AM

Re: OT - NFC - State Gov Confiscates Bank Accts ?	<– Date –> <– Thread –>
From: LarryT (l02turnercomcast.net)
Date: Thu, 26 Jul 2007 08:44:44 -0700 (PDT)