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1 Swiss Bankers Assoc.
        - July 23, 1997
        - October 29, 1997

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The most frequent question is, "What is abandoned or unclaimed property?"

While state laws vary in periods of dormancy (inactivity), a wide range of reportable property includes dormant checking and savings accounts, uncashed money orders, cashiers checks, unclaimed insurance benefits, mineral royalty payments, safe deposit box contents, unused gift certificates, unclaimed security deposits, cash dividends, stock, court deposits, and utility deposits.

A second question frequently asked is, "Where or what state should receive the property once it is identified?" An important U.S. Supreme Court decision, Texas vs. New Jersey, 379 U.S. 674 (1965), provides a guideline in reporting unclaimed property. Briefly summarizing, unclaimed property is to be returned to the state of the property owner's last known address. If there is no owner's address associated with the property, then it should be returned to the state in which the business remitting the funds is incorporated.

States regularly exchange property and related information. This is known as "reciprocity". Through reciprocity and streamlined reporting, assets are properly reported and placed in the custody of the state of the owner's last known address.

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