File #: 18-500    Name:
Type: General Agenda Item Status: Consent Agenda
File created: 4/30/2018 In control: Board of Supervisors
On agenda: 5/15/2018 Final action:
Title: a. Authorize the Agricultural Commissioner to execute, on behalf of the County of Monterey, an Agreement with Clearwater Equities LLC to recover an Unclaimed Asset ("Funds") in the approximate amount of $13,400 to which the County appears to be entitled; and b. Authorize Agricultural Commissioner to execute Limited and Specific Power of Attorney to Clearwater Equities LLC substantially similar to Sample Limited and Specific Power of Attorney and to execute all necessary forms and documents and to provide any supporting documents necessary to collect said Unclaimed Asset ("Funds") on behalf of the County of Monterey.
Attachments: 1. Board Report, 2. Attachment 1 CEQ Follow-up Letter and Proposed Agmt d 4-24-18.pdf, 3. Attachment 2 CEQ Sample Ltd and Specific POA.pdf, 4. Completed Board Order, 5. Executed Agreement.pdf
Date Action ByActionResultAction DetailsSearchable Meeting DetailsVideo
No records to display.
Title
a. Authorize the Agricultural Commissioner to execute, on behalf of the County of Monterey, an Agreement with Clearwater Equities LLC to recover an Unclaimed Asset ("Funds") in the approximate amount of $13,400 to which the County appears to be entitled; and
b. Authorize Agricultural Commissioner to execute Limited and Specific Power of Attorney to Clearwater Equities LLC substantially similar to Sample Limited and Specific Power of Attorney and to execute all necessary forms and documents and to provide any supporting documents necessary to collect said Unclaimed Asset ("Funds") on behalf of the County of Monterey.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the Agricultural Commissioner to execute, on behalf of the County of Monterey, an Agreement with Clearwater Equities LLC to recover an Unclaimed Asset ("Funds") in the approximate amount of $13,400 to which the County appears to be entitled; and
b. Authorize Agricultural Commissioner to execute Limited and Specific Power of Attorney to Clearwater Equities LLC substantially similar to Sample Limited and Specific Power of Attorney and to execute all necessary forms and documents and to provide any supporting documents necessary to collect said Unclaimed Asset ("Funds") on behalf of the County of Monterey.

SUMMARY/DISCUSSION:
Clearwater Equities LLC (hereafter, CEQ) is a Colorado Limited Liability Company headquartered in Littleton, Colorado, which researches and locates unclaimed funds. Clearwater Equities has located and notified the Monterey County Agricultural Commissioner (MCAC) of an Unclaimed Asset ("Funds") in the approximate amount of $13,400.00 which are being held in the form of unclaimed, uncashed, dormant Funds or unpaid balances to which MCAC appears to be entitled. On or about March 19, 2018, CEQ notified MCAC of said unclaimed funds which CEQ will recover for a 25% fee of the amount recovered. No fee is due to CEQ unless funds are recovered. A...

Click here for full text