Abandoned Property

"Unclaimed property consists of abandoned financial assets such as checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks, and the proceeds of safe deposit boxes that are without activity for a certain period of time. It does not include real estate or vehicles." "The New Hampshire State Treasury’s Abandoned Property Division’s foremost priority is reuniting owners with their unclaimed property. This includes items such as bank accounts, shares of stock and associated dividends, insurance benefits, wages, security deposits and other funds that remain unclaimed for periods of three years or more."

"Every sovereign state has power to take charge of apparently abandoned or unclaimed property provided it has "sufficient contacts" with the transaction which give rise to the abandonment to justify its action. States as sovereigns may take custody of or assume title to abandoned personal property as bona vacantia through a process commonly called escheat."

"This title discusses the reversion of property, either real or personal, to the state, for want of persons legally competent to hold or take it, or as being abandoned property or bona vacantia." "At common law "escheat" referred to real property while "bona vacantia" referred to personal property which the crown took because it was without an owner; escheat now includes personal property as well as real property and is considered an incident of sovereignty."

"Local governing bodies and law enforcement agencies are often called upon to deal with various forms of forfeited and abandoned property. However, not all property is the same. It is important for all municipal officials to understand the different sources of this property and the ways in which municipalities can properly use and dispose of it." Contact the NH Law Library for a copy of this article.