How to Keep Property From Becoming Unclaimed Unclaimed Property Act The Disposition of Unclaimed Property Act protects the rights of owners of abandoned property and relieves those holding the property of the continuing responsibility to account for the property. The State serves as the custodian for any property remitted under the Act allowing the owners or their heirs an opportunity to claim their property in the future. Anyone holding abandoned property must remit it to the State when they have held the property for longer than the holding period. Companies located out of State and companies not incorporated in Georgia must remit abandoned property belonging to an owner having a Georgia address to this State. Companies in Georgia must remit any unclaimed property of owners having an incomplete, unknown or foreign address to this State.
Unclaimed property is reported and remitted annually after the holding period has expired.
The holding period is the time that must elapse before the property is considered abandoned and reportable to the State. Individuals or companies that locate unclaimed property for a fee are known as locators. They often approach Georgia citizens. Signing an agreement with a locator can be costly.