Unclaimed Property Compliance Training
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UNCLAIMED PROPERTY: WHAT’S IT ALL ABOUT?
Unclaimed property involves intangible property, normally cash, checks or securities. The only
tangible property involved would be safe deposit box contents that goes unclaimed if the
holder/bank may have lost contact with the owner. This would constitute unclaimed property
when the state dormancy/holding period has been met.
COMMON AREAS A STATE WILL INVESTIGATE WHEN PREFORMING AN UNCLAIMED PROPERTY COMPLIANCE REVIEW
Prior to a full-fledged unclaimed property audit, a state may decide to perform a basic review of a holder to see if it may be cost effective to spend the money and resources on a complete audit of a holder. State funding is low so many states are turning