Unclaimed property
Unclaimed Finance LLC , heir locators/finders who specialize in reuniting unclaimed property with their rightful owners. We have made a short interview with them: What is Unclaimed Property? Unclaimed property is defined as property that has gone through the following process: abandonment, and escheatment. A property is considered “abandoned” by the property owner whereby there has been no account activity or communication a period of time required by State law, oftentimes this period is 5 years. The process of escheatment applies to all financial institutions, brokerage firms, and recently retail institutions since the passing of law requiring abandoned gift checks and gift cards recorded on abandoned property reports. Prior to the property being transferred to the State’s Treasury department, the institution must make a good faith effort to locate the property owner. If they are unable to locate the owner, the property is escheated and/or transferred to the State in which ...