Add Comments To Legal Michigan Abandoned Property Forms For Free

Dormancy periods depend on the nature of the check and the state in which the check was issued and, in most cases, starts on the date the check was issued. In Michigan, the dormancy period for payroll checks is one year. For most other checks, the dormancy period is three years.

Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 365 days days before the unclaimed property report is filed.

The period starts with the last time the property owner had any contact with the holder and during which the owner takes no other actions related to the property. Most unclaimed property in Michigan has a three (3) year dormant period, including: Checking and savings accounts. Cashier's, certified and registered checks.

2. (1) A person who finds lost property shall report the finding or deliver the property to a law enforcement agency in the jurisdiction where the property is found. This shall include all property found in an abandoned vehicle.

Property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority that remains unclaimed by the owner for more than 1 year after becoming payable or distributable is presumed abandoned. History: 1995, Act 29, Eff. Mar. 28, 1996.

While there's no time limit on claiming property, tangible items in the possession of the state for longer than a few years are usually auctioned off after an appraisal, with the equivalent value still remaining claimable.