Michigan Notice of Sale of Abandoned or Unclaimed Personal Property at Public Auction - Abandonment

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Abandonment is the act of intentionally relinquishing, without reservation, a known right without reference to any particular person or purpose. In some jurisdictions, carriers, innkeepers and other designated parties are authorized by statute to sell abandoned or unclaimed freight, baggage or other personal property under specified conditions. These statutes generally require that the property remain unclaimed for a designated period and that notice of the sale be given.


A notice of sale of abandoned property must be given in strict compliance with the terms of the governing statute. Notice of a public sale of unclaimed or abandoned property is typically required to be published in a newspaper of general circulation in the county where the sale is to be held.


Most states have enacted legislation providing for the escheat of abandoned and unclaimed property, or giving custody of such property to the state. These statutes generally set forth procedures, whereby the owner may file a claim and obtain restoration of the property within a designated period of time.

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FAQ

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.

It's a scam. Under Michigan's unclaimed property laws, banks, insurance companies, corporations and other entities are required to submit customers' property to the state when no activity is reported over a certain period of time, usually three years.

Here's how to get claim missing money in Michigan: Go to unclaimed property.michigan.gov. Hit "get started" and search to see if the state lists any properties under your name. If so, fill out an online form to start a claim. The state will email you a PDF.

A tenant's abandonment may be determined by the return of keys, the substantial removal of their personal property, notice by the tenant, the extended absence of the tenant while rent remains unpaid, or any evidence which would cause a reasonable person to believe that the tenant has surrendered possession of the ...

In addition to exclusions, may states have de minimis exemptions that permit the holder to exclude from reporting, any property valued under a specified dollar amount. One example of a de minimis exemption is Michigan's exemption of items $25 or less.

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.

Property is considered ?abandoned? at the expiration of an applicable dormant period. 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.

The money usually comes from uncashed checks like forgotten refunds from a utility, a credit balance, money left in an inactive bank account past a typical dormancy period of three years, a period of time determined by Michigan's 1995 Uniform Unclaimed Property Act.

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Michigan Notice of Sale of Abandoned or Unclaimed Personal Property at Public Auction - Abandonment