Unclaimed property put up for auction

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by General Reporter

Story Created: Sep 16, 2012 at 10:08 PM CDT

Story Updated: Sep 16, 2012 at 11:18 PM CDT

Nebraska is putting unclaimed property left in safe deposit boxes up for auction on eBay.

State Treasurer Don Stenberg says there are 272 lots, including coins, jewelry and collectible sports cards.

The auction begins Monday and will last for one week.

Stenberg says state law allows the auction.

Banks hold onto the items for five years, before turning them over to the state, which then keeps them for another five years before holding an auction.

He says the property is put on the auction block only after various efforts to find the original owners have failed.

Stenberg says they don't have the storage space to keep the items forever.

Proceeds from the sales are recorded in the original owner's name and are held indefinitely, or until it's claimed.

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