The Legal Process Behind Abandoned Property

Abandoned property is considered an asset that the owner has voluntarily given the right of title, claim and possession to express his intent to terminate the ownership of said asset. Because it has the term abandoned, there should be no other person who may stake a claim of this property now and in the future. By law, if a property falls under this category, all businesses, financial institutions and organizations must report this to their State Treasury or the Division for Unclaimed Properties.

If you have a business or a part of a financial institution, you must always comply with this law. If there are returned checks and money orders due to your client’s relocation, a mix up in the postal address or perhaps due to death and name change, you must report this first as unclaimed property, otherwise this will lead to complications with the agency known as the Uniform Disposition of Unclaimed Property. You must always remember to report all of and not partial of whatever unclaimed property in your possession. You must always perform the state-required due diligence when it comes to these things.

On the other hand, if you are a claimant, you have several ways to conduct a search if you suspect that you have any abandoned property according to the definition stated earlier. You have every right to this unclaimed asset, but you must first go through the right process.

First, you must look at the State’s website where your last known address is located. Make sure to type in a search through their database and use various combinations of your name including your middle name, initials and even your maiden name if you are already married. Next is to download and print a claim form and attach the corresponding documents when you submit this to the Division for Unclaimed Property of the State. If you want a more thorough search, then you can go to an accredited agency by the federal government to seek for their help.

The last stop would be to go to State Fairs where you can inquire with the State Treasury for the abandoned property that you’re looking for. Once you’ve tried all these means, prepare the necessary documentation that will provide proof that you are the rightful owner of the said property.