The amount and variety of unclaimed property in Maine is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding Maine unclaimed property and its reversion to the state, also known as Maine escheat or Maine escheatment, also mean that business owners have legal obligations if they come into possession of unclaimed property.

The list of unclaimed property in ME includes, but is not limited to, stocks and bonds, checking/savings accounts, death benefits, vendor checks, over-payments, CDs, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, credit balances, refunds, dividends, commissions, insurance payments, gift certificate and customer deposits.

1. Know the laws regarding escheatment in Maine and how it affects you as a business owner.

2. Search abandoned property in Maine to see if you have forgotten some assets.

3. Find a Maine unclaimed property auction.

Action Steps
The best contacts and resources to help you get it done

Know your obligations regarding ME unclaimed property

As a business owner, you're typically required to report and remit unclaimed property in Maine. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are regarding escheat Maine.

I recommend: Go to Maine's Office of the State Treasurer-Unclaimed Property to report ME unclaimed properties. You can also go to Maine's Office of the Revisor of Statues for information on holder reporting requirements. For an outside source on ME escheat reporting requirements, try the Business Owner's Toolkit.

Search Maine state unclaimed property to ensure that your business hasn't left some assets behind

It may be a long shot, but why not perform a Maine unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some ME unclaimed property or even some unclaimed land in Maine that still belongs to your business.

I recommend: Check out the State Treasurer's Unclaimed Property Search and Claim Online Service to find unclaimed property. Or search for Maine unclaimed property at MissingMoney.com or CashUnclaimed.com.

Find state of Maine unclaimed property at auctions

State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in Maine through auctions. If you like auctions, it can be a good way to save your business some money.

I recommend: PropertyRoom.com auctions unclaimed and seized property from police forces in Maine and elsewhere. JustAuctions and Government-Auctions-Guide.com feature unclaimed properties in ME, as well as foreclosures and seized property. The Maine Treasury Department also auctions its unclaimed property from time to time.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be wary if approached by someone who wants money in exchange for information on unclaimed property in the state of Maine; you can get the same information on your own for free.