Unclaimed property refers to financial assets that have had no owner activity for a specific period of time. These may include dormant bank accounts, uncashed checks, insurance proceeds, refunds, dividends, escrow balances, and other assets that have been turned over to the state for safekeeping.

Property becomes unclaimed when the owner cannot be contacted or has not responded to notices from the holder for a legally defined period, known as the dormancy period. Common reasons include address changes, lost records, business closures, or uncashed payments.

No. Unclaimed property is never owned by the state. States hold the assets in custody until the rightful owner or heir comes forward to claim them.

The original owner, an authorized representative, or a legal heir may file a claim. Businesses may also recover unclaimed assets owed to their organization.