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Abandoned Property

What is 'Abandoned Property'

Assets such as cash, stocks, bonds, mutual funds, uncashed checks, land, life insurance policies and the contents of safe deposit boxes that have been turned over to the state after several years of inactivity. Some states hold onto such property and allow the original owners and heirs to claim it indefinitely. In other states, if the property goes unclaimed for too long, it may become the state's property through a process known as escheatment. One purpose of abandoned property laws is to relieve the asset holder of liability.

Explaining 'Abandoned Property'

In the United States, state laws determine when an asset is legally considered abandoned. In Massachusetts, for example, a bank account that has seen no activity for more than three years will be turned over to the state, but owners can file a claim to collect their abandoned property at any time. To locate abandoned property, also called unclaimed property, individuals can do a free search through state-sponsored websites or they can contact the state treasury or comptroller's office. States may also try to locate owners of unclaimed property through letters and newspaper announcements.


Further Reading


The impact of abandoned properties on nearby property values
www.tandfonline.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Deconstructing to redevelop: a sustainable alternative to mechanical demolition: the economics of density development finance and pro formasDeconstructing to redevelop: a sustainable alternative to mechanical demolition: the economics of density development finance and pro formas
www.tandfonline.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Abandoned housing projects in Malaysia: Pressing issues during the rehabilitation processAbandoned housing projects in Malaysia: Pressing issues during the rehabilitation process
search.proquest.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Data-driven organizing: A community–university partnership to address vacant and abandoned propertyData-driven organizing: A community–university partnership to address vacant and abandoned property
www.tandfonline.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

An economic analysis of housing abandonmentAn economic analysis of housing abandonment
www.sciencedirect.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Predicting abandoned housing: does the operational definition of abandonment matter?Predicting abandoned housing: does the operational definition of abandonment matter?
www.tandfonline.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Addressing the vacant and abandoned property problemAddressing the vacant and abandoned property problem
onlinelibrary.wiley.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Regulatory treatment of abandoned property: Incentive effects and policy issuesRegulatory treatment of abandoned property: Incentive effects and policy issues
www.journals.uchicago.edu [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Abandoned housing projects in Malaysia and the prospect of DP: an overviewAbandoned housing projects in Malaysia and the prospect of DP: an overview
www.sciencedirect.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …

Reuse of abandoned property in Detroit and Flint: Impacts of different types of salesReuse of abandoned property in Detroit and Flint: Impacts of different types of sales
journals.sagepub.com [PDF]
… on nearby property value differ depending on how long the property has been abandoned … an empirical study of housing abandonment and its impact on nearby property values in … has been home to a leading manufacturing and shipping industry (EIR Economics Staff, 2006) …



Q&A About Abandoned Property


Are there different types of property?

Yes, there are different types.

What is the definition of property?

Property is what belongs to or with something, whether as an attribute or a component.

Why does the government hold onto abandoned property?

The government holds onto it so that original owners and heirs can claim it at any time. If they don't claim it for too long, then it may become the state's property through a process known as escheatment. One purpose of this law is to relieve the asset holder of liability.

Is tangible property and intangible property both considered real estate?

No, they are not.

What is abandoned property?

Abandoned property is an asset that has been turned over to the state after several years of inactivity.

How can you locate abandoned property?

You can do a free search through state-sponsored websites or contact the state treasury or comptroller's office.

Are there different types of abandoned property laws?

Yes, there are different types.

What happens if you find out about unclaimed money from an inheritance or other source?

You should try to collect your money immediately because states have strict deadlines for returning unclaimed assets to their rightful owners .

What does abandoned mean in this context?

Abandoned means that the owner has no intention of using it for themselves anymore.

Where can you find information on how much money might be owed to you by various states ?

Most states offer online databases where individuals can search for unclaimed assets .

What are some examples of abandoned property?

Some examples include cash, stocks, bonds, mutual funds and uncashed checks.

Can anyone use these databases ?

Yes , but only U . S . citizens and residents who have lived in their current state for at least one year may access them .

How do you define ownership in this context?

Ownership refers to the right to possess something and exclude others from possessing it.

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