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Unclaimed Property in New Jersey Laws and Regulations

Use NJ state unclaimed property laws and regulations to return and locate unclaimed property

By Emmet McMahan
Unclaimed property in New Jersey laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

New Jersey state unclaimed property laws that are relevant to a particular case depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:
  1. Lost property is found where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in NJ is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
  2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
  3. New Jersey abandoned property is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.

 

Study the laws that relate to owners of New Jersey unclaimed property

Laws on unclaimed property commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The New Jersey Department of the Treasury is in charge of locating unclaimed property for an individual.
Try: Somerset County provides a summary on the rules for an owner to retrieve unclaimed property before it is turned over to the state. Discover Network offers an overview of the laws in New Jersey for notifying an owner of unclaimed property.

Review the laws that are specific to holders of state of New Jersey unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.
Try: The State of New Jersey Department of the Treasury provides extensive resources for holders of unclaimed property in New Jersey. The Living Trust Network provides the intestacy laws of New Jersey, including the handling of unclaimed property held by a fiduciary.

Examine state of NJ unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.
Try: The Voorhees Township Police Department has procedures for finders of abandoned vehicles in that township. Township of Egg Harbor Police Department provides its rules for turning unclaimed property over to the finder.

 

  • The Uniform Unclaimed Property Act is a key piece of federal legislation that affects New Jersey unclaimed property. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

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