What is Escheatment or Unclaimed Property?
Every state has unclaimed property laws which declare securities, and other assets to be abandoned after a period of inactivity of three to five years. During this abandonment period banks, brokerage firms, mutual funds, and other organizations are required to try to return the valuables to their rightful owners. If they are unsuccessful, they then turn the property over to the state’s abandoned-property division or unclaimed property office. The unclaimed property is returned to the state of the property owner’s last known address. If no address is known, it is returned to the state in which the business holding the funds is incorporated. The unclaimed property office then tries to find the rightful owners, by placing advertisements in newspapers and trying to trace the owners. Unfortunately, many states only advertise the new additions to their files. There is no time limit on claiming your property. Abandoned property has been reunited with its rightful owners 30, 40, and even 50 ye
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