I've recently started working for a bank that had never had an audit done on its collateral vault. When I did my audit, I found items in the vault without any collateral receipt, many of which were no longer securing any loans. I immediately addressed the fact that all collateral in the vault no longer securing loans needed to be returned to the proper owner, making sure we adequately documented its disposition.

One item left in the collateral vault without a receipt was stock for a local variety store. Here's the problem:

- The loan paid off decades ago.
- The variety store no longer exists.
- The owner of the collateral passed away over twenty years ago, and we have no record of any family.

Now our loan operations staff is wondering what to do with these worthless stock certificates since I told them we should no longer be holding them. Any advice on how to dispose of them correctly?

You might have to look at your state's unclaimed property rules.

That totally makes sense. Thanks!