In the tabs below we provide you some background information about Unclaimed Property. We answer the following four questions:
1) What is Unclaimed Property?
2) How does my property become abandoned?
3) Why does the company send my property to the Unclaimed Property Division?
4) When can I claim my property?
Unclaimed property is intangible assets (cash, stocks, or bonds) that a company or other entity is holding that belongs to you that have become abandoned. Examples of unclaimed property may be:
• A customer refund never claimed
• A vendor that has a credit balance or over payment
• An employee payroll check that was not cashed
• Securities: Stocks, Mutual Funds, and Bonds
Unclaimed Property is not Physical Property. We are not in possession of land, homes, or vehicles. If you are interested in acquiring land or homes that is auctioned due to delinquent taxes contact your local county trustee’s office.
Abandonment is determined after a specified amount of time has elapsed when a company or other entity has not been able to return your asset or make contact with you. At the end of that specified amount of time the company or entity is required to attempt to notify you in writing to provide you an opportunity to make contact with the company or entity to either:
• Prevent your asset from being turned over to Unclaimed Property, or
• Allow you to claim your asset directly from the company or entity.
According to state law after the specified amount of time has elapsed and you have not had contact with the company or entity your asset will be turned over to the Unclaimed Property Division. The intent of the law is to provide a better opportunity to return your abandoned property to you. See “How we contact you”.
Once we receive your asset we hold it for safekeeping until either you or a legal heir claims the property. There is no time limit to claim your property. You or your legal heir may claim the property at any time in the future. In addition there is no charge to claim your property.