Making the most of unclaimed property in New Jersey 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.

NJ treasury unclaimed property 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. New Jersey 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. New Jersey 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 New Jersey 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 New Jersey Department of the Treasury holds unclaimed property in New Jersey until the owner can be located. Somerset County provides information on turning unclaimed assets over to the state.

Learn more about the laws regarding state of NJ unclaimed property

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: The NJ State Library provides a report on the Uniform Unclaimed Property Act of New Jersey. USLegal has the complete text of the Uniform Disposition of Unclaimed Property Act in New Jersey.

Buy a vehicle in a NJ unclaimed property auction

Look at the various auctions that occur regularly throughout New Jersey 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: The Randolph Township Police conducts regular auctions of abandoned vehicles as specified by city ordinance. The Denville Township Police Department provides its procedure for auctioning unclaimed vehicles.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in New Jersey 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 New Jersey 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 New Jersey abandoned property. Generally, the state serves as the custodian for abandoned property in New Jersey 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 New Jersey state unclaimed property:

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

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 New Jersey unclaimed property

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

I recommend: UnclaimedMoney.us.com allows you to search for unclaimed property by name or to select city and state. The New Jersey Department of the Treasury keeps a database of unclaimed property that is searchable by first and last name.

Participate in a state of NJ unclaimed property auction

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

I recommend: SeizedLuxuryHomes.com allows you to search for seized homes by zip code. You may bid on these homes at local or online auctions. Policeauctions.com offers auctions on a range of seized and abandoned property and has free sign-up.

Search for NJ state unclaimed property in your city

Some communities in New Jersey 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 Township of Egg Harbor stages regular auctions for unclaimed property that has value. The City of Asbury Park auctions unclaimed property periodically.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The process of turning over unclaimed property in New Jersey 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.
• •  NJ abandoned property that the owner deliberately hides or conceals may be a treasure trove instead of mislaid property. The property must remain concealed long enough for the owner to be dead or undiscoverable. A treasure trove may belong to the finder or the property owner.

Unclaimed property in New Jersey 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.

New Jersey 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 where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in NJ 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. New Jersey 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 New Jersey unclaimed property

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 New Jersey Department of the Treasury is in charge of locating unclaimed property for an individual.

I recommend: Somerset County provides a summary on the rules for an owner to retrieve unclaimed property before it is turned over to the state. Discover Network offers an overview of the laws in New Jersey for notifying an owner of unclaimed property.

Review the laws that are specific to holders of state of New Jersey 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 State of New Jersey Department of the Treasury provides extensive resources for holders of unclaimed property in New Jersey. The Living Trust Network provides the intestacy laws of New Jersey, including the handling of unclaimed property held by a fiduciary.

Examine state of NJ 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 Voorhees Township Police Department has procedures for finders of abandoned vehicles in that township. Township of Egg Harbor Police Department provides its rules for turning unclaimed property over to the finder.

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 New Jersey 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.