UNCLAIMED PROPERTY General Description: The current unclaimed property laws enforced within the United States came from long-standing English laws put in place so that people/businesses could benefit from the value derived from abandoned property. Many companies are unfamiliar with the government’s unclaimed property laws, or simply have ignored them. Knowledge of these laws, and taking the necessary steps in protecting yourself, is crucial to any company. Because of the complexity of state laws and the statutory variations among the states, even businesses that have historically tried to comply with the law could suffer significant additional assessments as a result of a comprehensive state audit. Most businesses hold outstanding checks, forgotten credit balances and unapplied receipts. In addition, stockholders may fail to cash dividend checks and report new addresses, leaving stock portfolios legally “unclaimed”. The law requires that each business attempt to return this property according to specific legal standards. This process can be costly while taking a very long time due to the Uniform Unclaimed Property Act. Penalties for noncompliance can equal $50,000 per instance, regardless of property value. Many states have begun to aggressively enforce escheatment laws due to tax cuts and other diminished fee collections. Additionally, third-party audit firms are eager to assist the states to become more sophisticated in their approach to enforcing these laws. ::: Current Laws ::: ::: Your Legal Responsibilities :::