Unclaimed Property in New Hampshire Laws and Regulations

Know your responsibilities in turning over New Hampshire abandoned property

An inactive bank account - for example, when the account holder has moved and the financial institution has lost contact - can signal the need to re-classify those assets as State of New Hampshire unclaimed property. Homes, land, stocks, savings bonds, even gift cards can become unclaimed property. As a business owner, educate yourself on your obligations. Pay attention to regulations regarding the safekeeping of that property and proper notification to regulatory bodies.

Unclaimed property in New Hampshire laws and regulations read much like those in other states. The law details how long the property must be unaccounted for before it can be considered abandoned or unclaimed as well as the general procedure to turn over the property. Consider the following:

1. The division of unclaimed property in New Hampshire suggests businesses evaluate their records annually to determine if they are holding abandoned property.

2. Abandoned property in New Hampshire is governed by NH RSA 471C. That's the law defining abandoned property and how consumers can recover it.

3. The Unclaimed Property Act explains how the state treasurer's office must protect the unclaimed property in NH and what steps must be taken to give the property back to its rightful owner.

 

Find applicable New Hampshire unclaimed property rules

Educate yourself on your responsibilities through New Hampshire government websites dealing with unclaimed property. If you still have unanswered questions about a specific type of abandoned property, contact the New Hampshire Treasurer's Office for more information.
Try: Check out the official site of the New Hampshire Treasurer's Office at NH.Gov and find forms, rules and other important information on abandoned property. Find the exact statute language on abandoned property through the New Hampshire General Court.

Learn the NH abandoned property rules that apply to gift certificates

Retailers may have to field questions from customers about lost gift cards or gift certificates. New Hampshire law allows a gift certificate valued at less than $100 to be issued without an expiration date. Gift cards valued at $100 or more expire in five years. After five years, those gift cards or certificates are considered abandoned property.
Try: For more details about the gift certificate law, check out the New Hampshire Department of Justice and NewHampshire.com.

Research federal court cases that impacted New Hampshire unclaimed property laws

Courts dealt with unclaimed property long before most modern unclaimed property laws were formed. Through those cases, both federal and state policymakers formed legislation and with that, federal and state regulatory agencies developed as well.
Try: Review these court cases that involve nearby states: Connecticut Mutual Life Insurance Co. v. Monroe and Delaware v. New York. These cases established a precedent and served as a backbone to the development of federal and state unclaimed property laws.

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

---