- unclaimed funds
Proceeds to creditors who were issued checks that did not clear, which are returned to the trustee. The trustee stops payment on the checks and writes checks to the clerk of the bankruptcy court. The clerk retains proceeds for 5 years and then escheats them to the U.S. Treasury, if unclaimed. (Bernstein's Dictionary of Bankruptcy Terminology)
United Glossary of Bankruptcy Terms 2012.
- unclaimed funds
Proceeds to creditors who were issued checks that did not clear, which are returned to the trustee. The trustee stops payment on the checks and writes checks to the clerk of the bankruptcy court. The clerk retains proceeds for 5 years and then escheats them to the U.S. Treasury, if unclaimed.
US Bankruptcy 2012.
Glossary of Bankruptcy.
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