In today’s business environment, companies may hold intangible property that is owed to customers, vendors, employees and other creditors. It is very common for these liabilities to remain unsatisfied on a company’s books. Every state in the country has laws in place for the proper disposition of property held by businesses when the rightful owners cannot be located; commonly referred to as Unclaimed Property Laws.
Some of the most common situations that lead to an unclaimed property reporting situation include lost or un-cashed checks, unsettled credit balances, wages owed or incorrect contact information of the owner. And furthermore, each state is free to administer it’s own unclaimed property reporting programs and procedures which makes navigating the different laws challenging.
