Thursday, July 24, 2008

Massachusetts Abandoned Property Division

How a property becomes abandoned?

  • Massachusetts Abandoned Property Act declares that property becomes abandoned when the owner can not be contacted for a 3 year period by the holder of the asset, or for 15 years in case of traveler’s checks.

For every 10 persons there is one who abandoned property.

Why do states have abandoned property laws?
  • Property laws protect the property rights of owners.
  • Laws reunite right owners with their funds.
  • Owners can easily claim abandoned funds.
  • Property laws relieve holders of liability.

How do you file a claim for my property?
  • Start by searching - enter a Last Name or the Name of a Business in the first field below and select "Search".
  • Check your claim status here.
  • Proper documentation check
  • Eligibility to make a claim
  • Final approval
It takes approximately 12 weeks to process a claim.

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