Unclaimed property in the corporate world typically refers to intangible property and are funds owed to another party that have remained unclaimed or uncashed for a specific time period. Normally a period of
one, three or five years, known as the dormancy period. After this dormancy period expires, the property is required to be reported and remitted to the Owner’s State of last know address or State of Incorporation if the address is unknown.
– The property must be fixed and under certain legal obligations.
– The States take custody of these unclaimed funds and hold the property until the rightful Owner comes forward to claim them.
– All States have reporting requirements including D C , Guam, Puerto Rico & the Virgin Islands.
– Unclaimed Property Reporting is NOT a tax – traditional NEXUS does not apply.
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