UNCLAIMED
PROPERTY
Current Laws
The initial Uniform Unclaimed Property Act was established
in 1954. Since that time, all fifty states have modified
or enacted additions to the act.
Legal standards and requirements
vary state to state which include:
- The time in which property can
remain idle before it would be considered abandoned.
- Formats and standards used for
reporting escheating idle property to the state.
- The Legal standards and requirements
for enforcing Due Diligence in the attempt to locate
rightful owners.
- The penalties enforced for failure
to report or fulfill due diligence requirements.
- The details of each state's authority
when auditing.
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