With all state jurisdictions having unclaimed property reporting laws & requirements and them being aggressively enforced through fines and interest penalties, you hear the question a lot, “What is unclaimed property?” Is it abandoned cars/vehicles? Abandoned land or livestock? What is it? Well, it can be, but in this case it is unclaimed intangible property (with the exception of Safe Deposit Box contents). Considering the unclaimed property world, most unclaimed property involves the following types of intangible properties (but these are just examples and not all inclusive):
– EXAMPLES of UNCLAIMED PROPERTY –
– Unclaimed Vendor/AP checks
– Unclaimed payroll checks or direct deposits gone wrong
– Customer overpayments
– Unapplied cash accounts
– Aged Accounts Receivable credit balances
– Most Refunds due
– Unredeemed gift card/certificate balances
– Unclaimed bank accounts (checking, savings, retirement, CD’s)
– Life insurance proceeds due
– Uncashed benefit checks
– Utility deposits
– Lost shareholders or uncashed dividend checks
– Safe deposit box contents
Again, the above list are just examples of unclaimed intangible property and not meant to be all inclusive. Most companies/Holders are going to want to a look at their Accounts Payable, Payroll and Accounts Receivable areas, depending on the type of holder they are (corporation, bank or financial institution, life or non-life insurance company, etc.)
To talk further about all the unclaimed property reporting requirements and what your obligations are, and how to navigate through them, please contact the professionals at PEACC for a no obligation consultation at 410.303.5510.
WHAT IS UNCLAIMED PROPERTY? January 9th, 2025peaccadmin
