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Ohio – In a recent Supreme Court ruling declared unconstitutional a provision of state law that considers interest on unclaimed funds not payable to those who claim it.

“The provision that dubbed interest nonpayable “strikes at the core of the concept of private property because, at a stroke, the General Assembly severed the link between the owner of an asset and the income produced by that asset,” Justice Paul Pfeifer wrote in the unanimous decision.” As reported by the Columbus Business First.

This is one more reason why you should check your name for unclaimed balances. As economy tightens more states will follow.

“The appeals court contended that unclaimed funds are abandoned property and subject to the government taking interest without compensation. Pfeifer wrote in this week’s ruling that Ohio statute doesn’t support that position.”

Latest estimate as of April 2009 predict Unclaimed Balances in United States alone reaches more then $32 Billion.