Making the most of unclaimed property in Maryland will require you to determine the holder of the property. Cities and counties may serve as custodians of unclaimed property until certain criteria are met. At that time, custodianship of the property is then turned over to the state. This allows claimants to search for their property in a central location.

Unclaimed property in Maryland can be an inexpensive way to obtain business equipment as companies frequently lose property through misfortune or carelessness. The appropriate agency will require specific forms and procedures in order to approve your claim on the property. Unclaimed property generally falls into one of the following categories:

1. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.
2. Maryland abandoned property that the original owner is unlikely to claim. This is commonly a wrecked vehicle or real estate with delinquent taxes, but may also include a treasure trove. Property owners usually have a superior claim to a treasure trove than a trespasser who discovers the property.
3. Maryland state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.
   

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

Find agencies that handle state of Maryland unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.

I recommend: The Comptroller of Maryland keeps track of unclaimed property and allows you to search by name. The Police Department for Baltimore County outlines its procedures for disposing of unclaimed property in its possession.

Learn more about the laws regarding Maryland unclaimed properties

Each state has laws regarding the disposition of unclaimed property. These laws should specify the conditions that allow the state to assume custodianship of the property and any conditions that allow the property to revert to the state.

I recommend: Michie's Legal Resources contains Title 17 of the Maryland Code which covers the disposition of unclaimed property. KBST&M provides instructions on accounting for unclaimed property in Maryland.

Buy a vehicle in a MD unclaimed property auction

Look at the various auctions that occur regularly throughout Maryland if you are interested in bidding on a car. Vehicles are typically the mainstays of unclaimed property auctions and consist of abandoned vehicles, vehicles seized by law enforcement and surplus vehicles.

I recommend: BCS America is a government contractor that sells abandoned vehicles in Bel Air. AuctionZip provides a list of upcoming auctions for abandoned vehicles in Maryland.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in MD to the state is called escheatment and legal documents may therefore refer to the property as escheat. Businesses usually encounter escheat in the form of an unclaimed pay check and are generally required to make a good faith effort to find the owner.

A court may classify unclaimed property in Maryland as abandoned, lost or mislaid. These classifications have their origins in common law and can therefore be difficult to interpret under modern legal systems. Property that the original owner fails to claim after a specified number of years generally belongs to the finder. However, a property owner usually has a superior claim to property that a trespasser discovers.

There are specific forms and procedures to follow when claiming Maryland abandoned property. Generally, the state serves as the custodian for Maryland unclaimed properties until the appropriate agencies review and approve the finder’s claim. Companies frequently lose property through misfortune or carelessness. Unclaimed property can be an inexpensive way to obtain equipment for your business.

There are general types of Maryland state unclaimed property:

1. Liquid assets such as a dormant bank account, safe deposit contents, unclaimed deposits or refunds, uncashed checks and unused insurance benefits;

2. Abandoned property the original owner is unlikely to return to claim. Certain property such as wrecked cars, ships or aircraft may belong to the state;

3. Property confiscated by law enforcement or repossessed by a loan company. These items are frequently auctioned off to the public.

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

Find agencies that handle state of unclaimed property in MD

Beware of sites that charge you a fee to help you find contact information for the Maryland unclaimed property division. This information should be available from your state government at no charge.

I recommend: Sign up to use the National Unclaimed Property Database for free. It offers a search of both federal and state agencies. The Maryland Unclaimed Property Unit keeps a database of unclaimed property that is searchable by first and last name.

Participate in a state of Maryland unclaimed property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.

I recommend: JustStolen.net provides a service that allows police departments to auction unclaimed evidence. Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service.

Conduct a Maryland unclaimed property search in your city

Most communities in Maryland have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.

I recommend: The City of Belair allows 60 days for the owner to reclaim property and it must also run an ad for the property in a local paper. Baltimore County uses Propertyroom.com to auction off unclaimed property.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in Maryland to the state is called escheatment. In business, this is most commonly an unclaimed pay check and each company must file an unclaimed property report. The company must also make a good faith effort to find the owner.

Unclaimed property in Maryland laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

Maryland state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:

1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in MD is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
3. Maryland abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.
   

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

Study the laws that relate to owners of Maryland unclaimed properties

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The Comptroller of Maryland is in charge of locating unclaimed property for an individual.

I recommend: The National Institutes of Health provides its regulations concerning the ownership of unclaimed property in Maryland. The Maryland and District of Colombia Credit Union Association provides the laws on returning unclaimed credit union accounts in Maryland to their owners.

Review the laws that are specific to holders of state of Maryland unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.

I recommend: The National Association of Credit Management in Maryland provides an overview of the laws that apply to holders of unclaimed property. The Maryland General Assembly has laws for financial institutions that hold unclaimed funds.

Examine state of MD unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.

I recommend: The Town of Bel Air specifically addresses the rights of finders of unclaimed property. Title 4, Subtitle 3 of the Howard County Code provided by Municipal Code Corporation contains the rules for finders of unclaimed property in Howard County.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects Maryland unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

Unclaimed property in Maryland basics define unclaimed property as property that has not been claimed for a specified period of time, known as the abandonment period. Financial institutions and other businesses routinely report unclaimed property to the state of Maryland and are generally required to turn it over to the state once the abandonment period expires.

The state is required by federal law to administer Maryland state unclaimed property once the abandonment period has expired. Maryland has state laws that specify the procedures for locating the owners of unclaimed property that is in its custody. There are generally three types of information sources for unclaimed property in Maryland:

1. The state government. The official Maryland abandoned property site maintains the state’s property database, and other government departments may offer basic information on unclaimed property.
2. Third parties. Businesses and other private organizations may provide free information on unclaimed property, in addition to selling unclaimed property services in Maryland.
3. Local jurisdictions. Generally, each county and city in Maryland has specific procedures for locating owners of unclaimed property before the abandonment period expires.
   

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

Find state agencies that deal with unclaimed property in MD

The state of Maryland administrates unclaimed property that it receives from businesses and government entities throughout the state. Maryland also has specific laws that regulate unclaimed property.

I recommend: The Comptroller of Maryland provides an online search for the unclaimed property it's currently holding. Title 17 of the Maryland Code published by Michie's Legal Resources details the disposition of abandoned property in Maryland.

Learn about Maryland unclaimed properties from private sources

There are many businesses that provide searches of MD abandoned property. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Maryland.

I recommend: KBST&M provides an overview of the process for disposing of unclaimed property in Maryland. Your4State.com has a recent report on the use of tax rolls to return unclaimed property in Maryland.

Look for state of Maryland unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.

I recommend: The Baltimore County Police Department provides its procedures for handling unclaimed property in its possession. The Police Department of Howard County holds regular auctions of unclaimed property.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  MD state unclaimed property is administered by the state as a result of the Uniform Unclaimed Property Act. This act was last revised in 1995 and specifically deals with unclaimed property that is in the custody of businesses. These funds frequently can be located in databases that contain the property of more than one state.