Uniform Unclaimed Property Act

The act governs property that has gone unclaimed by its owner — deposits and other funds held by financial institutions, insurance and annuity proceeds, travelers checks, money orders, and similar obligations held by businesses. It establishes presumptions of abandonment that fix when such property is deemed unclaimed and becomes subject to the custody of the state, and it obligates holders to report and deliver that property to a state administrator, who is empowered to adopt rules implementing the scheme. Compliance is backed by interest and penalties for failing to report, pay, or deliver on time and for fraudulent reporting, along with limits on the service charges a holder may impose, a bar on agreements that would defeat the act's requirements, and mechanisms for coordinating enforcement and claims with other states.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.