Purchasing Resources for Unclaimed Property In Maryland

Unclaimed Property in Maryland

Locate MD unclaimed property to use in your business
By Emmet McMahan 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.

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.
Try:  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.
Try:  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.
Try:  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.

• 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.

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