Purchasing Resources for Unclaimed Property In New Jersey

Unclaimed Property in New Jersey

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

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.
Try:  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.
Try:  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.
Try:  The Township of Egg Harbor stages regular auctions for unclaimed property that has value. The City of Asbury Park auctions unclaimed property periodically.

• 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.

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