Highlight In Legal New Jersey Abandoned Property Forms For Free

No, after property is escheated to the State the reported property owner never relinquishes ownership. If property is not claimed it remains in the Unclaimed Property Trust Fund in perpetuity or until a valid claim is submitted and processed.

Anyone can search for their name on or for free to determine if a state is holding their property. Individuals are encouraged to search their name, a maiden name, or the name of a business or nonprofit.

If the abandoned property is not removed, landlord may sell the personal property at a public or private sale or may destroy or otherwise dispose of the personal property if landlord reasonably determines that the value of the personal property is so low that the cost of storage and conducting a public sale would ...

New Jersey Dormancy Periods Most property types in New Jersey have a dormancy period of three years. 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.

4. Interest. Unclaimed Property Administration and the Holder both agree that a one-time interest charge, at a rate of 1.38% will be assessed on the property that is past due on the report.

In New Jersey, a law called the Abandoned Tenant Property Statute requires landlords to give written notice to former tenants if the landlord wants to dispose of property left by the tenants after they have moved out. The notice must state that the landlord considers the property left behind abandoned.