FREQUENTLY ASKED QUESTIONS < back to the FAQS main page Q.4 What happens to Unclaimed Property remitted to the state? A.4 When unclaimed property is turned over to the state, the holder must submit the last known address of the rightful owner if that information is available. The state will then attempt to notify the rightful owner of the existence of the property through means such as publishing lists in newspapers and on the Internet. Until the rightful owner has been located by the state, they retain use of the property and can use any interest owned by the property, but it cannot utilize the property itself. In some states, the property may permanently transfer to the state for the benefit of the general public if it is not claimed by the rightful owner within a specific timeframe.