Draw On 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.

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.

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.

The law says your landlord must store your property in a safe, dry, secured place. Then they must mail a notice to your "last known address," saying they plan to get rid of your things and listing the items. Leave a forwarding address if you want to get the notice.

In Michigan, the dormancy period for payroll checks is one year. For most other checks, the dormancy period is three years. The Michigan Unclaimed Property Act allows for specific amounts to be excluded from reporting, including wages of $50 or less and non-wages of $25 or less.