How does property become abandoned ?
In accordance with the Massachusetts Abandoned Property Act, Chapter 200A of M.G.L., property becomes abandoned when the owner cannot be contacted for a three-year period by the holder of the asset, or for fifteen years in the case of traveler s checks. The Massachusetts Abandoned Property Law (M.G.L.c. 200A), requires business entities and others to review their records each year to determine whether they are in the possession of any abandoned funds, securities or other property which is reportable under Chapter 200A and to make an annual report of their findings.
