Small claims? (Wall Street West).Probably most investors know that unclaimed bank deposits eventually become state property. But uncashed vendor checks? Some merger deals have nearly been scuttled when audits revealed large amounts of uncashed vendor checks, said Steve Wiodychak, a state and local tax expert with Ernst & Young in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . "On one $50 million merger, there turned out to be several million (dollars) in unclaimed property," he said. As it turns out, uncashed vendor checks, just like bank deposits, become state property if the vendor cannot be located. Sometimes vendors go out of business and cannot be found. Other times they can be located, but in any event, the money does not belong the to issuer of the check. Contributing columnist columnist, the writer of an essay appearing regularly in a newspaper or periodical, usually under a constant heading. Although originally humorous, the column in many cases has supplanted the editorial for authoritative opinions on world problems. Benjamin Mark Cole Mark Cole is a multi-instrumentalist blues and roots musician based in Gloucester, UK Music Mark primarily writes and performs blues music but also writes and performs music influenced by other American roots music genres such as americana, cajun, zydeco, bluegrass and writes about the local investment community for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Business Journal. He can be reached at sevencontinents@mindspring.com. |
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