Merge Legal Utah Abandoned Property Forms For Free

Unclaimed property can be any financial asset owed to another business or individual. Property is considered abandoned when there has been no activity and/or contact with an owner for a specific period of time. The property type will determine the abandonment period; however, it is typically three years.

The most common types of Unclaimed Property are: Bank accounts and safe deposit box contents. Stocks, mutual funds, bonds, and dividends. Uncashed cashier's checks and money orders. Certificates of deposit. Matured or terminated insurance policies. Estates. Mineral interests and royalty payments.

Unclaimed property is considered a liability for accounting purposes; that is, it is property you are holding but which is not your company's property.

Unclaimed funds are those assets where the rightful owner cannot be located. Typically unclaimed funds and property are handed over to the state the assets are located in, after a dormancy period has passed. When claiming unclaimed funds that have risen in value, taxes may be assessed at the time as ordinary income.

Unclaimed property scams take advantage of this process to try to steal your identity or assets. Typically, a scammer attempts to lure you into providing your information by pretending to be a government official. They may promise to reunite you with a large sum of money or some other asset, such as a car.

Utah Code Section 78B-6-812. If the premises are abandoned, the landlord may make a list of the tenant's personal property, remove it and store it. In order to legally remove the tenant's personal property, the landlord must post in a conspicuous place a notice that the personal property is considered abandoned.