What in the World is “UNCLAIMED PROPERTY”? …and Why Does it Matter to Your Business?
Every state in the U.S. has some form of an unclaimed property law, or UPL. State UPLs generally require businesses that are holding property due and owing to another (i.e., usually money) to hand over that property to the appropriate state government if the business loses contact with the owner for a statutory period known as a "dormancy period." Dormancy periods for various property types range from one to seven years. So, if businesses are [...]