Unclaimed Property in Massachusetts Basics

Locate MA unclaimed property for your business

Unclaimed property in Massachusetts basics include the fact that a financial asset that has been abandoned for a certain amount of time may be considered unclaimed property. Businesses, such as financial institutions, may hold unclaimed property for a specified period of time before turning it over to the state of Massachusetts. The period of time that a business may retain this property is known as the abandonment period.

The state must attempt to locate the owners of MA lost property. These methods are specified by law and typically include mailing letters to the last known address of the owner and taking out advertisements in local newspapers. There are generally three types of information sources on unclaimed property in Massachusetts:

1. Government websites. These sources of Massachusetts abandoned property have official information on recovering unclaimed property in Massachusetts.
2. Commercial websites. These sources may be commercial sites that sell unclaimed property services and also provide a summary of Massachusetts unclaimed property.
3. Websites of local governments. Counties in Massachusetts may attempt to locate the owners of unclaimed property on their own before handing it over to the state.
   

 

Find state agencies that deal with unclaimed property in MA

The state of Massachusetts administrates unclaimed property that it receives from businesses and government entities throughout the state. Massachusetts also has specific laws that regulate unclaimed property.
Try: The Commonwealth of Massachusetts Department of State Treasurer offers a FAQ with basic information on unclaimed property in Massachusetts. The Commonwealth of Massachusetts provides the legal definitions of terms that relate to abandoned property in Massachusetts.

Learn about MA abandoned property from private sources

There are many businesses that provide searches of unclaimed property in Massachusetts. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Massachusetts.
Try: The Better Business Bureau in Massachusetts offers basic information on recovering unclaimed property in Massachusetts. The Massachusetts Bankers Association offers tips for avoiding Internet scams involving unclaimed property.

Look for state of abandoned property in MA in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try: The Wareham Police Department provides its policy for auctioning off unclaimed property in accordance with Massachusetts law. The City of Newton maintains an unclaimed property list and other information on unclaimed property in Massachusetts.

 

• A treasure trove is a specific type of Massachusetts abandon property in which currency is intentionally hidden by the owner. In order to be a treasure trove, the property must have been hidden sufficiently long ago that the owner is assumed to be dead or cannot be located. American common law generally holds that a treasure trove belongs to the finder.

Copyright © 2011 Business.com, Inc. All Rights Reserved.

---