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Massachusetts Unclaimed Property |
Massachusetts Unclaimed Property is a financial asset that has been declared abandoned on account of no activity by its owner for a longer period of time. The Massachusetts Abandoned Property Division under the Department of State Treasurer has the responsibility to reunite unclaimed property with rightful owners and for this, there exists some unclaimed property programs in the state of Massachusetts.
The outreach program started by the MASS Abandoned Property Division is one such program, in which the staff of the Division visit various locations and events, such as fairs, to satisfy the queries of the citizens of the Commonwealth regarding unclaimed property in MA.Massachusetts Unclaimed PropertiesThe common forms of unclaimed property in the State of Massachusetts include unpaid wages or commissions, checking accounts, saving accounts, stocks, customer deposits, uncashed dividends, certificates of deposit, underlying shares, credit balances , money orders, safe deposit boxes and paid-up life insurance policies, to name a few. However, Abandoned Property in the state does not include Massachusetts real estate.
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The Massachusetts Abandoned Property Act requires business entities and other organizations to review their records annually in order to ascertain if they are holding any abandoned property, funds or money.Massachusetts Abandoned Property DivisionAccording to the law a property becomes abandoned if the holder fails to contact the owner for three years. The abandoned property must be reported to the Commonwealth of Massachusetts after this period. The Massachusetts Abandoned Property Division has a comprehensive list of owners of unclaimed property and it also makes this list available for the common public. You can search the list to find if you are one of those people who have unclaimed property with the State. For more information, visit the official website of the MA Abandoned Property Division.
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