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 Utah, property is typically deemed abandoned or unclaimed if the owner cannot be located for a specified period, usually 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 such property are required to attempt to contact the owner, and if unsuccessful, they must turn the property over to the Utah Unclaimed Property Division of the State Treasurer's Office. The state then acts as the custodian of the property until the rightful owner or heir claims it. Individuals who believe they have unclaimed property held by the state can search the Utah Unclaimed Property database and file a claim to recover their assets. The process is governed by the Utah Uniform Unclaimed Property Act (Title 67, Chapter 4a of the Utah Code), which outlines the procedures for reporting, turning over, and claiming abandoned property.