Compress Legal Hawaii Abandoned Property Forms For Free

Ing to Hawaii Revised Statutes Section 523A(15), generally speaking, property is presumed to be abandoned five years after the owner had a right to demand the property or after the obligation to pay or distribute the property arises.

Property is escheated to the State of Hawaii Unclaimed Property Program when a company, business, corporation, professional association, non-profit organization, government entity or private organization loses contact or communication with the rightful owner.

Hawaii Dormancy Periods Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the property owner has not indicated any interest in the property, or if no contact has been made by the owner for the allotted dormancy period for that property.

Escheat is a legal term that refers to what happens to property (real estate or otherwise) when a property owner dies without any inheritors. The concept of escheat allows property such as real estate or bank accounts, even renter's security deposits, to revert to the ownership of the government.

The State of Hawaii Unclaimed Property Law requires ?holders? such as corporations, financial institutions, insurance companies, and business associations to annually report and deliver abandoned property to the Unclaimed Property Program.

Unclaimed property owners may file a claim upon a successful completion of a name search. A claim consists of a claim form and required documentation. Claims are reviewed for required documentation. Claimants will be notified if additional documentation is necessary.