Unclaimed funds are monies paid by the bankruptcy trustee to the Bankruptcy Clerk, who then is the custodian of those funds until the person entitled to those funds files an application to pay the unclaimed funds to them. In bankruptcy cases that have assets, the trustee or the estate in Chapter 11 cases pays out money he collects from the debtor to creditors who have filed claims in a particular case. Sometimes, the money paid out by a trustee, always issued as a check, is returned by the post office as undeliverable or the check is not cashed within 90 days. By law, the trustee is required to deposit those funds to the court as unclaimed. Also, in some cases the trustee pays monies as unclaimed funds to the court where the funds are due the debtor, such as in a dismissed case. In either example, the claimant or debtor did not receive the check and it was returned to the trustee as undeliverable typically because they had moved and did not report their change of address to the court and the trustee.
Unclaimed funds paid into the court are to be deposited with the Treasurer of the United States or a designated depository, in the name of and to the credit of the court. 28 U.S.C. § 2041. A court order is necessary before any money deposited under Section 2041 can be withdrawn, and thus the clerk should not release any unclaimed funds without an order from the court. 28 U.S.C. § 2042. Accordingly, to try to obtain such an order, a claimant entitled to payment of the funds must petition the court for payment, provide notice of the request to the United States attorney, and, after providing full proof of the right thereto, may obtain an order from the court directing payment to the claimant.
You may search the unclaimed funds list by completing the form below. If your name, or the name of your business appears on this list, you may be entitled to a refund. Please click here to see the requirements in our District to obtain an order directing payment. There is no charge for this service and, after our verification of your right to unclaimed funds in your name, you will be paid the amount that appears on the list. Commencing August 1, 2014, if an unclaimed fund locator submits an application for release of unclaimed funds on your behalf, checks only will be issued to you, the rightful owner, unless the power of attorney authorizes that the check may be made jointly to you and the fund locator. In no event will checks issue solely in the name of the fund locator.
Contact the Finance Department with any questions at Cob_UnclaimedFunds@cob.uscourts.gov