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434.22 Duty of person finding lost property; procedure for receiving property if not claimed; inspection and classification of property; storage. Sec. 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.

Claimants may also call 517-636-5320 between 9 a.m. and 2 p.m., Monday through Friday. "Everyone should take advantage of Unclaimed Property Day," said State Treasurer Rachael Eubanks. "One in seven people has unclaimed property nationally. Take a little time today to search by name or business.

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.

The Michigan Department of Treasury is the custodian of these assets and reunites them with their owners -- or the owners' heirs -- when they are rightfully claimed. Individuals are encouraged to search their name, a maiden name, or the name of a business or nonprofit.

The law requires that unclaimed property, of which the most common are uncashed payroll and vendor checks, be turned over to the state after a certain dormancy period. The Michigan Department of Treasury is the custodian of these assets, from whom owners can claim their rightful assets.

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.