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Making the Most of Unclaimed Property in New Jersey

Locate NJ state unclaimed property to use in your business

By Emmet McMahan
Making the most of unclaimed property in New Jersey 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.

NJ treasury unclaimed property 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. Liquid assets such as uncashed checks, a bank account or the contents of a safe deposit box.
  2. New Jersey 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. New Jersey 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 New Jersey unclaimed property

Start at the state level if you are looking for property that belongs to a specific person and work down.
Try: The New Jersey Department of the Treasury holds unclaimed property in New Jersey until the owner can be located. Somerset County provides information on turning unclaimed assets over to the state.

Learn more about the laws regarding state of NJ unclaimed property

Each state has laws regarding the disposition of unclaimed property. These laws 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: The NJ State Library provides a report on the Uniform Unclaimed Property Act of New Jersey. USLegal has the complete text of the Uniform Disposition of Unclaimed Property Act in New Jersey.

Buy a vehicle in a NJ unclaimed property auction

Look at the various auctions that occur regularly throughout New Jersey 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 Randolph Township Police conducts regular auctions of abandoned vehicles as specified by city ordinance. The Denville Township Police Department provides its procedure for auctioning unclaimed vehicles.

 

  • The process of turning over unclaimed property in New Jersey 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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