General Overview

Unclaimed Property is a financial asset owed to an individual or business. Property is considered unclaimed when there has been no owner contact for a specified period of time, usually between 1 and 5 years.

When efforts by the holder to locate the owner fail, the funds must be turned over to the Department of Revenue who is then responsible for safeguarding the funds, attempting to locate the owners, publicizing the names of apparent owners who cannot be located otherwise, and returning the assets to the owners as they come forward.