Below is a brief synopsis of unclaimed property and escheatment.
What is Unclaimed Property?
Unclaimed property to property held by companies and financial institutions that has remained unclaimed due to no owner-generated activity or direct contact for a specific period of time.
What is Escheatment?
Escheatment is the process of turning over the unclaimed (abandoned) property to the correct state, in turn making the state the legal owner of the property until claimed by the rightful owner.
When is property considered abandoned?
Property is considered “abandoned” when a company or other entity has had contact with you for a specified amount of time. The amount of time is determined by each state.
How do I avoid this happening?
To prevent your accounts from becoming unclaimed or abandoned, keep accounts active by voting your proxy, cash all checks for dividends, update your contact information, or contact the issuing company or the transfer agent at least once every three years about your shares.
What happens if my property is escheated?
If you have had any property escheated to a state, you will need to contact the state your property was turned over to. If you find property and need to make a claim with a state, follow the instructions provided by each state.
There are several websites, including the Unclaimed Property Departments for each state, where you can search for unclaimed property. The site below allows you to search by each state.