FAQS OF UNCLAIMED PROPERTY & ASSET RECOVERY

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What is Unclaimed Property?

Unclaimed Property or Deposit Recovery are funds that have not been returned or claimed by an organization/business or an individual. This article will focus on “business” only and the asset recovery process. This article will not discuss the requirements of an organization/business to escheat assets to be returned. This article is written with general information, to inform and understand the topic of escheated assets. State statutes/regulations and claim requirements change frequently.

What is Asset Recovery?

This is the process by which an owner of unclaimed property can recover the property/asset. This term is sometimes used to mean the retrieval of property by businesses or property belonging to them. What are examples of properties/assets not received?

  • Deposits for leased space
  • Deposits for leased equipment (modems, routers, medical equipment etc.)
  • Carrier services where basic monthly fees are paid one month in advance (AT&T, Verizon etc.)
  • Deposits for returned one-time equipment rentals (tents, table, chairs, etc.)
  • Deposits for multiyear electrical /gas /cable/cellular tower contracts
  • Entertainment refunds (If a performer cancels – the return of their initial payment to perform)
  • Escrow funds
  • Unknown bank account funds (interest that was posted after an account was closed or the banking institution acquired)
  • Interest payments on investments (stocks, bonds etc.)
  • Stock certificates
  • Tax return payments
  • Vendor credits/overpayments

READ THE FULL ARTICLE BY TAMI WANKOFF IN THE FALL 2020 EDITION OF GAMING & LEISURE MAGAZINE.

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