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Unclaimed Property Law

Unclaimed property is generally defined as a liability a company owes to an individual or entity when a debt or obligation remains outstanding after a specified period of time. An uncashed payroll or dividend check is a common type of unclaimed property. Most unclaimed property becomes abandoned as a result of a change of address (the owner moved), a name change (the owner got married or divorced), or death of the owner (the estate was unaware of the money or the heirs could not be located). Every state has unclaimed property laws which declare money, property, and other assets to be abandoned after a period of three to five years of inactivity.