Are holders obligated to report and remit unclaimed property to other states?
Yes. The Supreme Court ruling in Texas vs. New Jersey dictates that unclaimed property must be reported and remitted to the state of the owner’s last known address. If that state does not have an applicable law regarding the property, the property must be sent to the holder’s state of incorporation. If the owner’s last known address is unknown, that property would also be reported to the holder’s state of incorporation.
