How does property become unclaimed?
A. Ohio Revised Code Chapter 169 states that accounts become unclaimed when, over a specified period of time there has been no activity, and the holder of the funds cannot locate the owner. The time frame varies depending on the property but in most cases, it is three to five years. One exception is payroll checks, which are only held for one year. The funds are then turned over to the State, which acts as custodian of the funds until they can be returned to the rightful owner. All states have unclaimed property laws, however, the dormancy periods vary from state to state.
In accordance with Indiana law, property is considered “unclaimed” when the holder of the asset, after a legally specified period, is unable to find or contact the owner. The law requires business entities and others to review their records each year to determine whether they are in possession of any abandoned funds, securities, or other property that is reportable, and to prepare an annual report of abandoned property.
In accordance with the Uniform Disposition of Unclaimed Property Act, Title 55, Chapter 11.1 Sections 55-210.1 – 55-210.30 of the Code of Virginia, property becomes unclaimed when the holder has not had contact with the owner of the property for a specified period of time. After the passage of the dormancy period, if there has been no activity generated by the owner, the property is then considered abandoned.
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