How does property become unclaimed?

These assets become unclaimed property for a variety of reasons:

• Businesses lose track of owners due to a change of address.
• Owner may have forgotten about the asset and failed to notify the business of his new address. 
• Property becomes abandoned due to the death of the owner. 
  • The decedent’s family is often times not aware of these assets.
• Other assets become unclaimed property because of a custodial relationship experienced as a minor child. Parents establish accounts in the name(s) of minor children, then forget about the accounts. The children are usually unaware of them until:
  • Accounts are advertised in the newspaper.
  • claim form is received.
• Stock splits and other securities transactions account for a large portion of unclaimed property.
• Property is lost due to business dissolution or merger.
• Customers will overpay on their accounts, or send remittances with no indication as to which account to apply the payment towards.
  • These credit balances are often times just left on the books of companies.
• Checks have been lost in the mail or put in a drawer and forgotten.