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 Ohio, property is typically deemed abandoned or unclaimed if there has been no activity or contact with the owner for a period that is often three years, though this period can vary depending on the type of property. This includes items such as inactive bank accounts, unclaimed stocks and bonds, uncashed checks, unpaid insurance benefits, uncollected wages, and contents of safe deposit boxes. Businesses holding such property are required to attempt to contact the owner and, if unsuccessful, must turn the property over to the Ohio Division of Unclaimed Funds. The Division then acts as the custodian of the property until the rightful owner or heir claims it. Individuals seeking to reclaim their property must file a claim with the Division, providing proof of ownership. Ohio's unclaimed property laws are designed to protect the property rights of the owners and to provide a centralized system for reuniting owners with their lost or forgotten assets.