This document outlines key concepts related to unclaimed property, including business holders, dormancy periods, due diligence, escheatment, and reporting requirements.

Business

The entity which holds inactive property that is payable or distributable to another. Also called a holder.

Dormancy period

A specific period of time in which the property owner doesn't act on their property. Also known as the abandonment period or escheat period, the dormancy period begins on the date of the last activity by the owner. The duration of dormancy periods varies by state and property type.

Due date

The date when the property must be reported to the state. Due dates vary by state and business category. The ReportMyUP software calculates the property's due dates based on the dormancy period and date of last activity by the property owner.

Due diligence mailing window

The window of time when it's acceptable to send official due diligence letters. The dates vary by state and company type. Letters sent before the window of time are considered courtesy letters.

Due diligence letter

A state-required notice sent to the last known address of the property owner. The holder of the property must attempt to contact the property owner before the unclaimed property can be reported to the state. This gives the owner an opportunity to claim their property before it is turned over to the state. Due diligence can be done through letter, email, or advertisement, depending on the requirements of the state, but mailing letters is the most commonly required format. Some states have electronic mail requirements when an email is on file

Note:

To find state specific due diligence requirements, download the Due Diligence by State document on the Compliance Resources page.

Escheatment

The transferring, remitting, or payment of unclaimed property to the state.

Negative report

A report stating you have no property to report for the filing period. Also called a zero property report. Some states require this type of report. A negative report should only be considered for states where you have a reporting history. You can send these to states that accept them whether they are required or not to maintain a reporting history without gaps.

Note:

To find state specific negative report requirements, download the Negative Report Summary document on the Compliance Resources page.

Owner

The person or entity to which property belongs or is payable.

Report year

The report year is based on reporting periods. For example, if a state's reporting period is from January 1, 2024, to December 31, 2024, the report year is 2024, even if you are reporting in the spring of 2025. You can find the report year and reporting period for each state in the Filing Dates section on the By State/Province tab of the Compliance Resources page.

Unclaimed property

Property or accounts a business holds where there has been no activity or contact with the property owner for an extended period of time. Also called abandoned property.

Note: For specific property field, owner field, and property status definitions, go to the Property details, Owner details, and Property statuses articles. For more key concepts, read the UPPO Glossary of Terms.