What is unclaimed property?

Unclaimed property can be any item of value including but not limited to:


+ checking accounts


+savings accounts


+ dividends


+ certificates of deposit


+ gift certificates


+ insurance benefits


+ unpaid wages


+ commissions


+ uncashed checks


+ death benefits


+ insurance payments


+ money orders


+ tax refunds


+ stocks


+ safe deposit box items


Every state has it's own laws concerning unclaimed property and money but basically they all work like this:


A company or organization discovers themselves with assets that have not been used or claimed by the owner. The company is obligated to report this information to the state after a giving amount of time and, if not claimed by the states deadline, must turn over the assets to the state. The state then places the assets on hold.


This is generally done by the treasurers department. The funds may just sit and collect interest which the state is entitled to use..or the assets themselves may be used but the state must always make the assets available to the owner if a claim is ever filed. This is an open ended arrangement and there is no expiration..simply meaning that you can file a claim for assets any time and the state must guarantee that you will be able to collect on your claim.

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