Unclaimed Property in Arizona
Tips & Advice to help you make your decision on Unclaimed Property in Arizona
Arizona businesses may not have to spend a fortune on business equipment. For many companies, purchasing unclaimed property in Arizona for bargain prices can provide a cost-effective solution to business shopping.
Nearly every state government has millions of dollars in unclaimed property. There are many reasons why items might be up for grabs. Sometimes assets are seized by law enforcement. Other times they are abandoned in homes lost to foreclosure. Public schools and other agencies may surrender desks, chairs, and other furniture and equipment when they are replaced by new items. Every so often local and state agencies sell off these unclaimed items in public auctions to generate revenue. Some businesses make a point of locating and participating in auctions for unclaimed property in Arizona. Another option is to utilize the services of a third party website that allows people to search for unclaimed property. Besides distributing property to new owners, these sites also allow businesses and individuals to search for property that is rightfully theirs, such as forgotten deposits or accounts.
Business.com is reliable resource that brings businesses together with information on business topics like unclaimed property. For more information, visit the links to trusted providers located to the left.
Unclaimed Property in Arizona Key Terms
Learn some terms associated with unclaimed property in ArizonaBy Jason Wood The Department of Revenue within the state of Arizona is charged with recovering and returning unclaimed property to the rightful owner. Unclaimed property can range from abandoned bank accounts, stock certificates and safe deposit boxes to cars, boats and real estate.
Take the time to learn about some of the terms commonly used when dealing with unclaimed property in Arizona so that you can keep your business in compliance. Here are some of those terms along with some quality resources to help get you started.
Holder
The holder, according to Arizona state unclaimed property law, refers to the individual, business, organization or other entity that is in possession of unclaimed property.
Try: Visit the website for the Arizona State Legislature for more information on the holder and the responsibilities associated with the title.
Electronic reporting
Electronic reporting is a method of reporting whereby the holder downloads compatible software, fills in the appropriate information recording the unclaimed property (including the nature of the property and the rightful owner), and submits it to the state of Arizona. This process eliminates paperwork and expedites reporting.
Try: Check out the official Arizona Unclaimed Property site for additional information on electronic reporting and the policies and procedures that a holder must follow within the state of Arizona.
Presumptions of abandonment
Presumptions of abandonment are legal guidelines that the state of Arizona follows to determine when a piece of property may be deemed unclaimed or abandoned. The state then has the right to claim that property in an effort to return it to the rightful owner. The timeline for abandonment varies depending on the nature of the property in question. For instance, traveler's checks are considered abandoned after 15 years while a money order is considered abandoned after seven years.
Try: Visit the website for Law Digest for a full explanation of presumptions of abandonment under Arizona state law.
Penalties
Penalties, in terms of Arizona unclaimed property law, refer to the amount of interest that may be charged to a business for failing to comply with the unclaimed property law. Generally this penalty is between 18% and 25%. The individual in charge of reporting may also be charged with a misdemeanor crime.
Try: Visit the website for Toolkit.com for additional information associated with the penalties a business or organization may face if they do not report the unclaimed property in accordance with state law.
Unclaimed property list
An unclaimed property list refers to a document that lists and details tangible unclaimed property in the possession of the city, county or state. These lists are published in the hopes of reuniting owners with their property. However, after a certain amount of time, these items may be auctioned to the highest bidder. The proceeds then go to the city or state government.
Try: Visit the website for Gilbert, Arizona for an example of an unclaimed property list commonly published by a town or municipality.
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