Types of Property

• People may have unclaimed property held by organizations due to special circumstances. The most common types of unclaimed property include dormant bank accounts, dividend checks, unclaimed safe deposit boxes and tax refund checks. Depending on the state law based on federal regulations, this property can become the property of the state, including any principal or interest that the property can accrue.
  
  

Reasons for Escheated Property

• According to state statues, depositories, registries, officers of the court and the United States Treasury may hold escheated property due to the death of the property owner without leaving heirs or having kin to possess the property. Other reasons property may become unclaimed include the person having no knowledge of the property's existence, such as not receiving the proper notification.
  
  

Dormancy Period

• The unclaimed property can come into possession of the state if no claim becomes made to acquire it. The dormancy period the unclaimed property must go through varies depending on the type of property, the length of time and the particular state laws. Such dormancy periods include tax refunds and rebates.
  
  

Reporting Responsibility

• Banks, insurance companies, local governments and commercial businesses are the most common holders of unclaimed property, although these agencies may not be aware that this property must go through reporting standards. Most property becomes written off, increasing the assets of the agencies. Most states require holders of unclaimed property to contact the owner by every means possible for the length of the dormancy time. Once all attempts of locating the owner has failed, the agencies must give this property over to the state government.