How does property become unclaimed?

Q. How does property become unclaimed?

A. Property becomes unclaimed when over a specified period of time there has been no activity, and the holder of the funds or property cannot locate the owner. The time frame varies depending on the state it’s being held in and the type of property it is. However, in most cases it’s one to five years. The funds or property are then turned over to the State, which acts as custodian of the funds until they can be returned to the rightful owner or heirs. All states have unclaimed property laws. However, the dormancy periods vary from state to state.