Do You Have Any Unclaimed Money or Assets in New Mexico?
The New Mexico Uniform Unclaimed Property Act was established in 1995. The state’s Dept. of Taxation and Revenue is in charge of unclaimed and abandoned property. More than 200,000 names are in the database, and one in ten residents of the state is owed money. These unclaimed assets come from dormant accounts in banks, insurance companies, utility companies, and so forth.
To date, the state owes New Mexicans around $121 million. The holders (banks, businesses, insurance companies, etc.) must report information about accounts that have been inactive for a number of years, depending on the asset. Each year, the information concerning unclaimed property accounts needs to be reported to the state before November 1. The report must cover the 12 months prior to July 1 of that same year.
Holders of unclaimed intangible assets that include interest, such as royalty checks or commodity checks, have a special due diligence requirement. They must attempt to find the rightful owners during a 5-year period prior to the presumption of loss or abandonment. If a holder doesn’t do so, he or she is liable for all the interest which accumulates during the period before the amount is paid, whether to the state of NM or to the owner when it is successfully claimed.
For the most part, people and businesses in the Albuquerque area are owed money, although some of the unclaimed money belongs to people throughout the rest of the state and even the country. An owner’s last known address is taken into consideration in regards to New Mexico’s unclaimed assets. Some former residents of the state who now live elsewhere in the country are still owed money.
There are a number of reasons why money goes unclaimed in NM. Sometimes it’s due to a divorce and/or name change. Sometimes money is abandoned when businesses go bankrupt. Sometimes banks get dissolved, and accounts are lost. Unexpected job relocations or address changes can cause people to lose track of their assets. Sometimes people die without a will and none of their potential heirs are informed.
Those who suspect they might have property in New Mexico can search for their names online. They should try different combinations of their name. If money is located through the search, a claim can be filed online. The Dept. of Taxation and Revenue will provide information about how to file a claim, and which documents should be provided for proof of ownership. A claim can take up to 90 days after the initial filing date to be processed.