NOT found in a paper published in California
Celebrities including Kate Winslett, Dame Helen Mirren, Clive Owen, Sir Michael Caine and the Irish actor Colin Farrell have all fallen victim to legislation that allows California’s state government to take possession of bank accounts, stocks and the contents of security deposit boxes if they are dormant for longer than three years.
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State records seen by The Daily Telegraph reveal a number of high-profile names whose property is now in the hands of the state. While the sums lost are not likely to dent the fortunes of their celebrity owners, they have been seized without any notification. If they were property held in deposit boxes, rather than cash, they may have been sold by the state and their value cannot be reclaimed once they discover it is missing.
The actor Clive Owen has had five unclaimed amounts seized, with a total value of $4,658.84 (£3,215), while Colin Farrell has lost $1,113.93 (£769). The British actress Thandie Newton and Americans Angelina Jolie and Reese Witherspoon have also fallen victim to the law.
Bill Palmer, an American lawyer leading a class-action lawsuit against California – which has major financial problems – is representing six million people from around the world who have allegedly had money or stocks seized under the Unclaimed Property Law.
Yes, every state in the union has one of these useless laws (with varying numbers of requirements for “account inspection”), which are passed to “help” ordinary citizens from having these assets “lost” during bankruptcies or mergers or some other type of financial switcheroo.
But the only people these laws “help” are the bureaucrats. What business is it of theirs if I want to let a handful of gold coins collect dust in a safe deposit box for five years?Or if I want to stuff $50K into a low yield savings account?
Sure, it is a bad savings practice, but why should someone be punished for twidling their own money away?
Found via CCinZ
Unconstitutional taking?
Welfare is theft