Purchasing Resources for Unclaimed Property In New Mexico

Unclaimed Property in New Mexico

Locate NM unclaimed property to use in your business
By Emmet McMahan A court may classify unclaimed property in New Mexico 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 unclaimed property in NM. Generally, the state serves as the custodian for abandoned property in New Mexico 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.

There are general types of New Mexico 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.

Find agencies that handle state of New Mexico unclaimed property

Beware of sites that charge you a fee to help you find New Mexico unclaimed funds. This information should be available from your state government at no charge.
Try: MissingMoney.com allows you to search for unclaimed property by name and by city and state. The Taxation & Revenue Department keeps a database of unclaimed property that is searchable by name.

Participate in a New Mexico abandoned property auction

Most states have their own auctions to allow prospective buyers to bid on unclaimed or otherwise abandoned property.
Try: Policeauctions.com has auctions on a range of seized property and offers free sign-up. Bid4assets.com offers auctions on a variety of property that has been seized or forfeited to the U.S. Marshal’s Service.

Search for NM escheat in your city

Most cities in New Mexico have a department that attempts to reunite unclaimed property with its owner. This department can answer specific questions regarding lost or abandoned property.
Try: The Sheriff's Department for Dona Ana County uses Propertyroom.com to auction off unclaimed property. Unclaimed Funds Processing provides a list of unclaimed property owners in New Mexico.

• The process of turning over unclaimed property in New Mexico 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 of New Mexico escheat.