Most abandoned property comes from dormant accounts from financial institutions, insurance and utility companies, safe deposit box contents and trust holdings. Individuals will need to submit a claim form and may be asked to provide certain documents. The Comptroller's office has 90 days to approve or deny claims, once received. Names of people with property remaining unclaimed are maintained on a database.
Unclaimed money is deposited into a state school fund, and is used for public education.
There is, however, no statute of limitations. Citizens have the right to claim property, at no cost to them, at any time, regardless of the amount. Comptroller Milligan wants to get this money in the hands of its rightful owners.