Hall v. StateAnnotate this Case
In this case involving the constitutionality of the Minnesota Unclaimed Property Act the Supreme Court held (1) owners of interest-bearing bank accounts have a constitutionally protected property right that is taken when the State does not compensate the owners for lost interest after transferring and holding unclaimed property under the Act; and (2) the notice provided under the Act to owners of such property valued over $100 is sufficient to satisfy the requirements of due process.
Appellants in this case were four property owners whose property was presumed abandoned under the Act and transferred to the State. Appellants alleged that they did not receive sufficient notice that their property had been remitted to the State, in violation of their due process rights, and that the Act effected an unconstitutional taking because they did not receive constructive interest on the unclaimed property after it was delivered to the State. The Supreme Court held that the State was not required to pay interest to some of Appellants in this case because the unclaimed property at issue was not interest bearing and that the notice provided to Appellants under the Act met the requirements of procedural due process.