What is unclaimed property?
Unclaimed property is typically defined as "unclaimed or abandoned property held or owing in the ordinary course of business which has not been claimed for a specific amount of time.

Key terms: "property", "holder", "owner", "dormancy period"

Examples of unclaimed property: uncashed checks such as payroll checks, accounts payable checks, self-funded benefits, dividends. Also includes customer credits in accounts receivable, royalty suspense accounts, and unclaimed shares.

Priority rules determine which state gets the money.  See Texas vs. New Jersey, 379 U.S. 674 (1965) which says the state of owners last known address should be told about the property, unless owners address is unknown, or if that state does not consider the property unclaimed, then the state of incorporation of the business should be told about the property.

Read More