Description: Call 1-847-757-5636 Bing Owens, founder and operating principal, decades of corporate accounting experience. MBA Loyola U., B.A. U. of Colorado.
texas (12614) california (12134) new (10898) property (9867) illinois (4064) york (1865) abandoned (199) recover (148) unclaimed (11) escheat (4)
Unclaimed or abandoned property is simply property that has been turned over to the states after financial institutions and companies (holders) have lost track of the rightful owners. The rightful owner is considered lost when there has been no activity on the property for an extended period of time.
Forms of unclaimed property include outstanding / uncashed checks (of any kind - payroll, AP, loan etc), bank accounts (savings, checking, money market etc), stocks. Even non financial assets are remitted to the states as unclaimed/abandoned, examples of these assets gift certificates, annuities, certificates of deposit, mineral royalty payments, and contents of safe deposit boxes.
Companies are required by law to turn over unclaimed property after a certain amount of time. The length of time until the asset is considered abandoned is definition by each state, most states define Abandoned as 3 to 5 years, a few states use 7 years for this definition. Once the states have this property, this property becomes an interest free loan to the States until the property is recovered by the rightful owner(s).