What Is Unclaimed Property?
Unclaimed Property consists of tangible and intangible property that has been abandoned, such as:
- Bank accounts
- Utility deposits
- Insurance policy proceeds
- Contents of safe deposit boxes
- And others
Who is a “Holder” of Unclaimed Property?
Any business entity in possession of unclaimed property is a potential holder.
This includes, but is not limited to:
- Banks, insurance companies, utilities, corporations, partnerships, LLCs sole-proprietorships, government agencies, and not-for-profit organizations
- Estates and trusts
- Fraternal or cooperative associations in possession of property belonging to another
When Is a Property Considered Abandoned?
By law, the property is considered abandoned or unclaimed when there has been no documented transaction or contact with the owner and the holder for a period of time known as a dormancy period.
The Dormancy Period and Holder Responsibilities
A dormancy period can be between one and 15 years, depending on the property type. If the holder is in possession of unclaimed property, they are required to perform “due diligence,” which is a process that involves an attempt to locate rightful property owners.
If the holder is unsuccessful in locating the owners, the holder is required to remit the property, along with a report, to the Department of State Treasurer.