Erase In Legal Maine Abandonment Forms For Free

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.

Whoever finds lost money or goods of the value of $3 or more shall, if the owner is unknown, within 7 days give notice thereof in writing to the clerk of the town where the money or goods are found and post a notification thereof in some public place in said town.

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.

For the purposes of this subchapter, a vehicle is considered "abandoned" if the owner or lienholder does not retrieve it and pay all reasonable charges for towing, storing and authorized repair of the vehicle within 14 days after the notices to the owner and lienholder are sent by the Secretary of State or 14 days ...