How should a company handle funds owed to a business, when the original holder no longer exists, for example in the case of a bank merger, and the newly formed entity has no previous owner records?
When, in the process of performing due diligence, a holder cannot return assets to the original business owner because: 1) that owner cannot be found; 2) the owner is no longer a legal entity; or 3) owner information is otherwise insufficient, the holder should remit the property to the State Treasurer’s Office in accordance with the dormancy periods and reporting requirements stipulated on the Connecticut Treasurers website Holders – Reporting Forms & Instructions.
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