Unclaimed Property Intangible Assets : A Money Treasure Trove Beyond Lost Cars or Stray Animals
Unclaimed Property: “unclaimed property,” state law defines it as intangible property– meaning it’s not a physical object you can hold.
Unclaimed Property Laws
WHAT IS THE PURPOSE OF THE UNCLAIMED PROPERTY LAW?
The purpose of unclaimed property laws is to protect the property rights of the lost/rightful owner and to ensure benefit to the public.
UNCLAIMED PROPERTY LAWS: WHAT ARE THEY 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.