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North Dakota Unclaimed Property

North Dakota Unclaimed Property Division holds about $23 million of unclaimed property, which belongs to a large number of people of the state of North Dakota. Such huge amount of money and funds are gathered through various banks, financial institutions, insurance companies and several other entities.

ND Unclaimed Property Law

It is the Unclaimed Property Law of the state that makes it compulsory for a business operating here to review its accounting records annually and report any instance of dormant accounts, credit balances, outstanding checks, unlcaimed securities, etc. to the ND Unclaimed Property Division. Even if a company has no unclaimed funds to remit, it has to report to the state as per the law of the state of North Dakota.

Unclaimed Properties In North Dakota

A property is declared abandoned or unclaimed if it remains inactive for a period of time, which could be two to five years depending upon the type of property. Some examples of unclaimed property in North Dakota includes unused bank accounts, stocks, uncashed checks, bonds and the likes.

The state acts as a mere custodian of North Dakota Abandoned Property and doesn't claim its ownership over such property. Contrary to this, it tries to reunite such property with its original owners or legitimate heirs. The North Dakota Unclaimed Property Division makes efforts to return unclaimed funds and money to their rightful owners through several ways.

Advertising in county newspapers, radio and television, displaying a list of unclaimed property owners in trade shows, and sending direct mails to the last reported addresses are some of the activities carried out by the Division. But, the most important services in this regard is the maintenance of a searchable website of North Dakota Unclaimed Funds and Property. This website is updated frequently and can be searched conveniently by name and city.

For more information, you can visit the official website of the ND Unclaimed Property Division.

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