Delete Pages From Legal Maine Abandoned Property Forms For Free

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

The Escheatment Process Under government regulations, all financial institutions need to report any property that's been abandoned or left unclaimed after a period of usually five years. But before they do it, the firm must make an active effort to locate the owner of the abandoned property.

Our office requires all holders of unclaimed property to file an electronic report annually through our website, , using our online upload tool. The tool can also be used by organizations that have no property to report by filing a 'negative report.

Unused amounts on gift cards, for example, are presumed abandoned after two years. (Here's an earlier post on Maine gift certificate regulations.) For unpaid wages, the period is one year. For most types of tangible property, the period is three years.

Any funds which have "escheated" to the State of Maine may be recovered by the owner by contacting the State Treasurer's Office at (207) 624-7470 or toll-free in Maine at 888-283-2808. To send e-mail or learn more about abandoned property, visit the State Treasurer's Unclaimed Property Division web site.

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.