A warrant is issued by the state and is payable on the state's treasury. A check is payable on the banking institution at which the account is held. Generally, warrants and checks function the same way.
Escheated property refers to anything of value belonging to an individual who dies leaving no will and having no heirs thereby becoming property of the state.
No. If you die without leaving a will, but you have heirs, then in effect the state will write a will for you.
Cash left in bank accounts or other places is deposited into the state's General Fund. All personal property is sold and the sale proceeds are deposited into the General Fund. Real property is either sold and the proceeds are deposited into the General Fund or the property is managed by the applicable state agency and becomes part of the assets of the state.
An agency pays a bill by requesting Minnesota Management & Budget to issue (print) a warrant, which is payable to the person or organization to whom the money is owed.
A warrant can be presented for payment to any financial institution; however, each financial institution may have its own requirements for acceptance. The financial institutions must then present the warrant to the state treasury for payment.
You should contact the agency that issued the payment. If you have questions, contact Minnesota Management & Budget. You will be required to complete an "Affidavit of Lost Warrant."
The Accounting Division is responsible for the state's cash management and makes sure there is enough money in the state's bank accounts to honor all payment.
You must contact the state agency with which you are dealing. For example, if you are waiting for a tax refund, you would contact the Department of Revenue. If you are wondering about a general assistance or child support payment, you would contact the Department of Human Services. If you are inquiring about a payment for goods and services, contact the agency for which the goods and services were provided.
In general, the state agency that created the obligation is responsible for authorizing and paying the bill.
The Minnesota State Board of Investment (SBI) is established by Article XI of the Minnesota Constitution to invest all state funds.
110% of the amount on deposit.