Making the Most of Unclaimed Property in Massachusetts

Locate unclaimed property in MA to use in your business

Making the most of unclaimed property in Massachusetts 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.

Abandoned property in MA 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. MA lost property such as uncashed checks, a bank account or the contents of a safe deposit box.

2. MA 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. Massachusetts state unclaimed property that is confiscated by law enforcement. This is frequently the result of a drug or tax seizure.

 

Find agencies that handle state of Massachusetts abandoned property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try: The Abandoned Property Division of the State Treasurer for Massachusetts allows you to search for unclaimed property in the state. The Brookline Police Department describes its procedure for disposing of unclaimed property in its possession per city ordinance.

Learn more about the laws regarding Massachusetts unclaimed property

Each state has laws regarding the disposition of unclaimed property. The MA abandoned property division 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.
Try: USLegal has the complete text of the Uniform Disposition of Unclaimed Property Act for Massachusetts. The tax practice group for Partridge Snow & Hahn has specific experience with unclaimed property compliance.

Buy a vehicle in an MA unclaimed property auction

Look at the various auctions that occur regularly throughout Massachusetts 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.
Try: The Weymouth Police Department regularly auctions off unclaimed property in its possession. The Newbury Police Department conducts auctions of unclaimed vehicles as specified by town ordinance.

 

• The process of turning over unclaimed property in Massachusetts 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.

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