Property is generally considered abandoned or unclaimed if the existence and location of the owner is unknown for an extended period of time—often three years. Common types of unclaimed property are bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and safe deposit box contents. Once abandoned property is turned over to the state by a business, an individual then has the burden of reclaiming it from the state.
In Massachusetts, property is typically deemed abandoned or unclaimed if there has been no activity or contact with the owner for a period of three years. This includes various types of property such as bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and the contents of safe deposit boxes. Businesses holding such property are required to report and turn it over to the state after this period of inactivity. The Massachusetts Unclaimed Property Law (General Laws Chapter 200A) governs the process of reporting, turning over, and claiming unclaimed property. Once the property is in the state's possession, it is the responsibility of the original owner or their rightful heirs to claim it from the state. The Massachusetts State Treasurer's office operates the Unclaimed Property Division, which maintains a database where individuals can search for and claim their unclaimed property.