What is unclaimed or abandoned property?
"Unclaimed" property is property that is considered unclaimed or “abandoned" due to a lack of contact by the owner with the institution in possession of such property.
With respect to investors with accounts at LendingClub, Notes and Available Cash are both property that can be deemed unclaimed property. LendingClub may be obligated to remit unclaimed property to an investor’s state of residence if the property is deemed unclaimed.
Why do states require this process?
All states have unclaimed or abandoned property laws with the intention of returning unclaimed or abandoned assets to their owners. Unclaimed property rules vary by state, so please contact the appropriate authority in your state of residence for details on unclaimed property law in your state.
What happens to assets considered unclaimed or abandoned?
LendingClub may be required under state law to turn over abandoned assets to an investor’s state of residence if the property is deemed abandoned or unclaimed.
If that happens, you may have to go through an asset reclamation process with your state's agency that has authority over unclaimed or abandoned property.
We make efforts to help investors avoid their assets being deemed abandoned or unclaimed. Please contact the appropriate state authority in your state of residence for more information.