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What is Unclaimed Property????
Every state has unclaimed property laws (also referred to as "Escheat" laws) which declare money, property, and other assets to be abandoned after a period of inactivity of three to five years. During this abandonment period landlords, banks, utilities, hospitals, brokerage firms, mutual funds, insurance companies, and other organizations are required to try to return the valuables to their rightful owners. If they are unsuccessful, they then turn the property over to the state's abandoned-property division or unclaimed property office.