What is “unclaimed” or “abandoned’ property?
Unclaimed property is property that is considered "unclaimed” or “abandoned" due to lack of contact by the owner to the institution in possession of such property. With respect to investors with accounts at Lending Club, Notes and Available Cash are both property that can be deemed unclaimed property. Lending Club may be obligated to remit unclaimed property to an investor’s state of residence if the property is deemed unclaimed. 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.
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.
What happens once the assets are considered unclaimed/abandoned?
Lending Club 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, to reclaim your assets you may have to go through a process with the agency in your state with authority over unclaimed/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.