A.2 Unclaimed property laws have evolved from English
Common Law, whereby all abandoned property reverted to
the Crown of England. The United States established unclaimed
property laws to protect society in regards to property
rights. Without these laws, holders of unclaimed property
would have no incentive to return property to the rightful
owner.
These laws require holders to attempt to locate the rightful
owner within a certain period of time ("dormancy
period"). If the holder is not successful in locating
the rightful owner, the law requires them to turn the
property over to the state, which would hold the property
until the rightful owner is found. The intent of the law
is to reunite the true holder or owner of unclaimed property
with their rightful claim.
