Common Glossary of Terms

Here is a glossary of commonly used terms about unclaimed property:

Abandoned/Unclaimed Property – Tangible or intangible property that is unclaimed by its rightful owner after a significant period of time, usually 3 years. (Traditionally, assets such as real estate, animals and vehicles are not grouped in this definition.)

Affidavit – A written declaration of facts made under oath before a notary public or other authorized officer of the court.

Claimant – An entity or individual making the claim for unclaimed property.

Claim ID – A unique record identifier in the claims database.

Dormancy Period – The period of time, also referred to as the abandonment period, during which an owner of property does not take action on his property.  The dormancy period is determined by the type of property and may vary from 1 to 15 years.

Escheat – Legal term for the transfer of title of property to the state, making the state the legal owner.

Heir – A person who inherits or is entitled by law or by the terms of a will to inherit the estate of another.

Heirfinder/Locator/Finder – An entity that assists owners or heirs to locate and/or recover unclaimed property (sometimes for a fee).

Holder – The entity or person who controls the unclaimed property until it is transferred to the owner or the state on behalf of the owner.  Also known as custodian.

Owner – A person having legal or equitable claim to the unclaimed property.

Property ID – A unique record identifier in the property database.

Rightful Owner – A person who has the legal right to property.  Sometimes, this legal right may have to be proven before unclaimed property will be returned.

Tangible Property – Personal property that is physical in nature. A wedding ring and an old silver coin are examples.

Tracer – An investigator who is employed to find missing persons or missing goods.

Underlying Shares – Shares of stock that have been issued by a business association, banking or financial organization. The original certificate for the shares is in the possession of the shareholders, who have failed to either cash the dividend checks or correspond with the issuing corporation.

Warrants – Uncashed checks issued by state agencies or departments during their normal course of business.

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