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abandoned or unclaimed property

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 New Jersey, property is deemed abandoned or unclaimed when the owner cannot be located for a period typically extending to three years. This includes various assets such as bank accounts, stocks, bonds, uncashed checks, insurance benefits, wages, and the contents of safe deposit boxes. Businesses holding these assets are required to attempt to contact the owner, and if unsuccessful, they must turn the property over to the state's Unclaimed Property Administration (UPA). The UPA then serves as the custodian of these assets until the rightful owner or heir claims them. Individuals who believe they have unclaimed property held by the state can search the UPA's database and file a claim to recover their property. The process is governed by the New Jersey Unclaimed Property Act (N.J.S.A. 46:30B-1 et seq.), which outlines the procedures for reporting, remitting, and claiming abandoned property.

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Government

abandoned or unclaimed property

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New-Jersey State Code

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Government

abandoned or unclaimed property

New-Jersey State Code