Unclaimed property

Delaware officials confirmed funding for the Edgemoor container terminal project using unclaimed property to address a $189 million shortfall. The state's contribution increased to $325 million for phase one, with Enstructure providing $225 million and federal funds adding $119 million. The project, aimed at shifting shipping traffic from Philadelphia and New Jersey ports, faces challenges including invalidated permits, court challenges, and rising costs.

A KXAN analysis found over $40 million in unsearchable unclaimed properties in Texas, including financial assets like uncashed checks and abandoned stocks. These assets are held in a multi-billion-dollar fund without an owner's name, as explained by KXAN's David Barer in an investigation.

The author discovered their cousin had nearly $30,000 in unclaimed money from a forgotten tax refund, revealing a broader issue of states holding over $100 billion in unclaimed property. The article criticizes the system for making it difficult to reclaim funds, with states using the money to fill budget gaps.

Illinois State Treasurer Mike Frerichs returned $8.65 to Pope Leo XIV, a former PayPal account holder in Illinois, during a personal trip to Vatican City. The Pope, a Chicago native, received the money from Illinois' unclaimed property account, which Frerichs administers. Frerichs, who is facing Max Solomon in the general election, highlighted his office's success in returning over $2.5 billion to residents.

Federal lawmakers are taking bipartisan action to prevent states from profiting off unclaimed property, following a CBS News California investigation. The investigation highlighted how states quietly benefit from people's forgotten investments.