DUE DILIGENCE - Unclaimed · Page 4-1 © NAUPA 2011 DUE DILIGENCE The following summaries of...

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DUE DILIGENCE

The following summaries of individual state due diligence provisions are provided for

informational and reference purposes only. This synopsis is not to be considered the opinion of

the National Association of Unclaimed Property Administrators, or any state’s Unclaimed

Property office. The National Association of Unclaimed Property Administrators is not

responsible for any misinterpretation, difference in definition, or difference in interpretation of

these statutes in state law, federal law, or any court decision.

Alabama Section 35-12-76.

(d) The holder of property presumed abandoned shall send written notice to the apparent

owner, not more than 120 days or less than 60 days before filing the report, stating that

the holder is in possession of property subject to this article, if all of the following

requirements are met:

(1) The holder has in its records an address for the apparent owner which the holder's

records do not disclose to be inaccurate.

(2) The claim of the apparent owner is not barred by a statute of limitations.

(3) The value of the property is fifty dollars ($50) or more.

Alaska Section 34.45.280.

(e) Not more than 120 days before filing the report required by this section, the holder in

possession of property presumed abandoned and subject to custody as unclaimed property

under AS 34.45.110—34.45.430 shall send written notice to the apparent owner at the

owner's last address informing the owner that the holder is in possession of property

subject to this chapter if:

(1) the holder has in its records an address for the apparent owner that the holder

believes to be accurate,

(2) the claim of the apparent owner is not barred by the statute of limitations,

and

(3) the property has a value of $100 or more.

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Arizona A.R.S. 44-307.

E. Prior to one hundred twenty days before the holder of property that is presumed

abandoned files the report prescribed in this section, the holder shall send a written notice

to the apparent owner that states that the holder is in possession of the property subject to

this chapter if all of the following apply:

1. The holder has an address in the holder’s records for the apparent owner and

the records do not indicate that the address is inaccurate.

2. The claim of the apparent owner is not barred by any other law of this state.

3. The value of the property is at least fifty dollars.

Arkansas Section 18-28-207. Report of abandoned property.

(e) The holder of property presumed abandoned shall send written notice to the apparent

owner, not more than one hundred twenty (120) days or less than sixty (60) days before

filing the report, stating that the holder is in possession of property subject to this

subchapter, if:

(1) the holder has in its records an address for the apparent owner which the

holder's records do not disclose to be inaccurate;

(2) the claim of the apparent owner is not barred by a statute of limitations; and

(3) the value of the property is fifty dollars ($50.00) or more.

California California Code of Civil Procedure (1513.5, 1514, 1516, &

1520)

§1513.5. Notice of Escheat Given by Banking or Financial Organization

(a) Except as provided in subdivision (c), if the holder has in its records an address for the

apparent owner, which the holder's records do not disclose to be inaccurate, every

banking or financial organization shall make reasonable efforts to notify any owner by

mail or, if the owner has consented to electronic notice, electronically, that the owner's

deposit, account, shares, or other interest in the banking or financial organization will

escheat to the state pursuant to clause (i), (ii), or (iii) of subparagraph (A) of paragraphs

(1), (2), or (6) of subdivision (a) of Section 1513. The holder shall give notice either:

(1) Not less than two years nor more than two and one-half years after the date of last

activity by, or communication with, the owner with respect to the account, deposit,

shares, or other interest, as shown on the record of the banking or financial organization.

(2) Not less than six nor more than 12 months before the time the account, deposit,

shares, or other interest becomes reportable to the Controller in accordance with this

chapter.

(b) The notice required by this section shall specify the time that the deposit, account,

shares, or other interest will escheat and the effects of escheat, including the necessity for

filing a claim for the return of the deposit, account, shares, or other interest. The face of

the notice shall contain a heading at the top that reads as follows: "THE STATE OF

CALIFORNIA REQUIRES US TO NOTIFY YOU THAT YOUR UNCLAIMED

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PROPERTY MAY BE TRANSFERRED TO THE STATE IF YOU DO NOT

CONTACT US," or substantially similar language. The notice required by this section

shall, in boldface type or in a font a minimum of two points larger than the rest of the

notice, exclusive of the heading, (1) specify that since the date of last activity, or for the

last two years, there has been no owner activity on the deposit, account, shares, or other

interest; (2) identify the deposit, account, shares, or other interest by number or identifier,

which need not exceed four digits; (3) indicate that the deposit, account, shares, or other

interest is in danger of escheating to the state; and (4) specify that the California

Unclaimed Property Law requires banks, banking organizations, and financial

organizations to transfer funds of a deposit, account, shares, or other interest if it has been

inactive for three years. It shall also include a form, as prescribed by the Controller, by

which the owner may declare an intention to maintain the deposit, account, shares, or

other interest. If that form is filled out, signed by the owner, and returned to the banking

or financial organization, it shall satisfy the requirement of clause (iii) of subparagraph

(A) of paragraph (1), clause (iii) of subparagraph (A) of paragraph (2), or clause (iii) of

subparagraph (A) of paragraph (6) of subdivision (a) of Section 1513. In lieu of returning

the form, the banking or financial organization may provide a telephone number or other

electronic means to enable the owner to contact that organization. The contact, as

evidenced by a memorandum or other record on file with the banking or financial

organization, shall satisfy the requirement of clause (iii) of subparagraph (A) of paragraph

(1), clause (iii) of subparagraph (A) of paragraph (2), or clause (iii) of subparagraph (A)

of paragraph (6) of subdivision (a) of Section 1513. The banking or financial organization

may impose a service charge on the deposit, account, shares, or other interest for this

notice in an amount not to exceed the administrative cost of mailing or electronically

sending the notice and form and in no case to exceed two dollars ($2).

(c) Notice as provided by subdivisions (a) and (b) shall not be required for deposits,

accounts, shares, or other interests of less than fifty dollars ($50), and no service charge

may be made for notice on these items.

(d) In addition to the notices required pursuant to subdivision (a), the holder may give

additional notice as described in subdivision (b) at any time between the date of last

activity by, or communication with, the owner and the date the holder transfers the

deposit, account, shares, or other interest to the Controller.

(e) At the time a new account is opened with a banking or financial organization, the

organization shall provide a written notice to the person opening the account informing

the person that his or her property may be transferred to the appropriate state if no activity

occurs in the account within the time period specified by state law. If the person opening

the account has consented to electronic notice, that notice may be provided electronically.

This subdivision shall become effective on January 1, 2011.

§1514. Safe Deposit Box

(a) The contents of, or the proceeds of sale of the contents of, any safe deposit box or any

other safekeeping repository, held in this state by a business association, escheat to this

state if unclaimed by the owner for more than three years from the date on which the lease

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or rental period on the box or other repository expired, or from the date of termination of

any agreement because of which the box or other repository was furnished to the owner

without cost, whichever last occurs.

(b) If a business association has in its records an address for an apparent owner of the

contents of, or the proceeds of sale of the contents of, a safe deposit box or other

safekeeping repository described in subdivision (a), and the records of the business

association do not disclose the address to be inaccurate, the business association shall

make reasonable efforts to notify the owner by mail, or, if the owner has consented to

electronic notice, electronically, that the owner's contents, or the proceeds of the sale of

the contents, will escheat to the state pursuant to this section. The business association

shall give notice not less than six months and not more than 12 months before the time

the contents, (a) The contents of, or the proceeds of sale of the contents of, any safe

deposit box or any other safekeeping repository, held in this state by a business

association, escheat to this state if unclaimed by the owner for more than three years from

the date on which the lease or rental period on the box or other repository expired, or

from the date of termination of any agreement because of which the box or other

repository was furnished to the owner without cost, whichever last occurs.

(b) If a business association has in its records an address for an apparent owner of the

contents of, or the proceeds of sale of the contents of, a safe deposit box or other

safekeeping repository described in subdivision (a), and the records of the business

association do not disclose the address to be inaccurate, the business association shall

make reasonable efforts to notify the owner by mail, or, if the owner has consented to

electronic notice, electronically, that the owner's contents, or the proceeds of the sale of

the contents, will escheat to the state pursuant to this section. The business association

shall give notice not less than six months and not more than 12 months before the time

the contents, subdivision (d) of Section 1530. (h) In the event the owner is in default

under the safe deposit box or other safekeeping repository agreement and the owner has

owned any demand, savings, or matured time deposit, account, or plan described in

subdivisions (e), (f), or (g), the banking or financial organization may pay or deliver the

contents of, or the proceeds of sale of the contents of, the safe deposit box or other

safekeeping repository to the owner after deducting any amount due and payable from

those proceeds under that agreement. Upon making that payment or delivery under these

subdivisions, the banking or financial organization shall be relieved of all liability to the

extent of the value of those contents or proceeds.

(i) For new accounts opened for a safe deposit box or other safekeeping repository with a

business association on and after January 1, 2011, the business association shall provide a

written notice to the person leasing the safe deposit box or safekeeping repository

informing the person that his or her property, or the proceeds of sale of such property,

may be transferred to the appropriate state upon running of the time period specified by

state law from the date the lease or rental period on the safe deposit box or repository

expired, or from the date of termination of any agreement because of which the box or

other repository was furnished to the owner without cost, whichever is earlier. (j) A

business association may directly escheat the contents of a safe deposit box or other

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safekeeping repository without exercising its rights under Article 2 (commencing with

Section 1660) of Chapter 13 of Division 1 of the Financial Code.

§1516. When Dividends, Profits, Interest, Etc., Escheat to State; Notice to Owner

That Interest Will Escheat

(a) Subject to Section 1510, any dividend, profit, distribution, interest, payment on

principal, or other sum held or owing by a business association for or to its shareholder,

certificate holder, member, bondholder, or other security holder, or a participating patron

of a cooperative, who has not claimed it, or corresponded in writing with the business

association concerning it, within three years after the date prescribed for payment or

delivery, escheats to this state.

(b) Subject to Section 1510, any intangible interest in a business association, as evidenced

by the stock records or membership records of the association, escheats to this state if (1)

the interest in the association is owned by a person who for more than three years has

neither claimed a dividend or other sum referred to in subdivision (a) nor corresponded in

writing with the association or otherwise indicated an interest as evidenced by a

memorandum or other record on file with the association, and (2) the association does not

know the location of the owner at the end of the three-year period. With respect to the

interest, the business association shall be deemed the holder.

(c) Subject to Section 1510, any dividends or other distributions held for or owing to a

person at the time the stock or other security to which they attach escheats to this state

also escheat to this state as of the same time.

(d) If the business association has in its records an address for the apparent owner, which

the business association's records do not disclose to be inaccurate, with respect to any

interest that may escheat pursuant to subdivision (b), the business association shall make

reasonable efforts to notify the owner by mail or, if the owner has consented to electronic

notice, electronically, that the owner's interest in the business association will escheat to

the state. The notice shall be given not less than 6 nor more than 12 months before the

time the interest in the business association becomes reportable to the Controller in

accordance with this chapter. The face of the notice shall contain a heading at the top that

reads as follows: "THE STATE OF CALIFORNIA REQUIRES US TO NOTIFY YOU

THAT YOUR UNCLAIMED PROPERTY MAY BE TRANSFERRED TO THE STATE

IF YOU DO NOT CONTACT US," or substantially similar language. The notice required

by this subdivision shall specify the time that the interest will escheat and the effects of

escheat, including the necessity for filing a claim for the return of the interest. The notice

required by this section shall, in boldface type or in a font a minimum of two points larger

than the rest of the notice, exclusive of the heading, (1) specify that since the date of last

activity, or for the last two years, there has been no customer activity on the deposit,

account, shares, or other interest; (2) identify the deposit, account, shares, or other interest

by number or identifier, which need not exceed four digits; (3) indicate that the deposit,

account, shares, or other interest is in danger of escheating to the state; and (4) specify

that the California Unclaimed Property Law requires banks, banking organizations, and

financial organizations to transfer funds of a deposit, account, shares, or other interest if it

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has been inactive for three years. It shall also include a form, as prescribed by the

Controller, by which the owner may confirm the owner's current address. If that form is

filled out, signed by the owner, and returned to the holder, it shall be deemed that the

business association knows the location of the owner. In lieu of returning the form, the

business association may provide a telephone number or other electronic means to enable

the owner to contact the association. With that contact, as evidenced by a memorandum

or other record on file with the business association, the business association shall be

deemed to know the location of the owner. The business association may impose a

service charge on the deposit, account, shares, or other interest for this notice and form in

an amount not to exceed the administrative cost of mailing or electronically sending the

notice and form, and in no case to exceed two dollars ($2).

(e) In addition to the notice required pursuant to subdivision (d), the holder may give

additional notice as described in subdivision (d) at any time between the date of last


deposit, shares, or other interest to the Controller.

§1520. Other Tangible and Intangible Property

(a) All tangible personal property located in this state and, subject to Section 1510, all

intangible personal property, except property of the classes mentioned in Sections 1511,

1513, 1514, 1515, 1515.5, 1516, 1517, 1518, 1519, and 1521, including any income or

increment thereon and deducting any lawful charges, that is held or owing in the ordinary

course of the holder's business and has remained unclaimed by the owner for more than

three years after it became payable or distributable escheats to this state.

(b) Except as provided in subdivision (a) of Section 1513.5, subdivision (b) of Section

1514, and subdivision (d) of Section 1516, if the holder has in its records an address for

the apparent owner of property valued at fifty dollars ($50) or more, which the holder's

records do not disclose to be inaccurate, the holder shall make reasonable efforts to notify

the owner by mail or, if the owner has consented to electronic notice, electronically, that

the owner's property will escheat to the state pursuant to this chapter. The notice shall be

mailed not less than six nor more than 12 months before the time when the owner's

property held by the business becomes reportable to the Controller in accordance with

this chapter. The face of the notice shall contain a heading at the top that reads as follows:

"THE STATE OF CALIFORNIA REQUIRES US TO NOTIFY YOU THAT YOUR

UNCLAIMED PROPERTY MAY BE TRANSFERRED TO THE STATE IF YOU DO

NOT CONTACT US," or substantially similar language. The notice required by this

subdivision shall specify the time when the property will escheat and the effects of

escheat, including the need to file a claim in order for the owner's property to be returned

to the owner. The notice required by this section shall, in boldface type or in a font a

minimum of two points larger than the rest of the notice, exclusive of the heading, (1)

specify that since the date of last activity, or for the last two years, there has been no

owner activity on the deposit, account, shares, or other interest; (2) identify the deposit,

account, shares, or other interest by number or identifier, which need not exceed four

digits; (3) indicate that the deposit, account, shares, or other interest is in danger of

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escheating to the state; and (4) specify that the California Unclaimed Property Law

requires banks, banking organizations, and financial organizations to transfer funds of a

deposit, account, shares, or other interest if it has been inactive for three years. It shall

also include a form, as prescribed by the Controller, by which the owner may confirm the

owner's current address. If that form is filled out, signed by the owner, and returned to the

holder, it shall be deemed that the account, or other device in which the owner's property

is being held, remains currently active and recommences the escheat period. In lieu of

returning the form, the holder may provide a telephone number or other electronic means

to enable the owner to contact the holder. With that contact, as evidenced by a

memorandum or other record on file with the holder, the account or other device in which

the owner's property is being held shall be deemed to remain currently active and shall

recommence the escheat period. The holder may impose a service charge on the deposit,

account, shares, or other interest for this notice in an amount not to exceed the

administrative cost of mailing or electronically sending the notice and form, and in no

case to exceed two dollars ($2).

(c) In addition to the notice required pursuant to subdivision (b), the holder may give

additional notice as described in subdivision (b) at any time between the date of last


property to the Controller.

(d) For purposes of this section, "lawful charges" means charges which are specifically

authorized by statute, other than the Unclaimed Property Law, or by a valid, enforceable

contract.

Colorado Colorado revised statutes, 38-13-110(5)

Not more than one hundred twenty days before filing the report required by this section,

the holder in possession of property presumed abandoned and subject to custody as

unclaimed property under this article shall send written notice to the apparent owner at

his last-known address, informing him that the holder is in possession of property subject

to this article if:

(a) The holder has in its records an address for the apparent owner, which the

holder's records do not disclose to be inaccurate; (b) The claim of the apparent

owner is not barred by the statute of limitations; and (c) The property has a value

of fifty dollars or more.

Connecticut Sec. 3-65(a) Duties of holder of unclaimed property

Within one year before presumption of abandonment is to take effect in respect to any

property and if the owner's claim is not barred by law, the holder shall notify the owner

thereof, by first class mail directed to the owner's last-known address, that evidence of

interest must be indicated as required by this part or such property will be transferred to

the treasurer and will be subject to escheat to the state.

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Delaware No provision

District of Columbia (e) If the holder of property presumed abandoned under this chapter has in its records an

address of the apparent owner, the holder shall, not more than 120 days prior to filing the

report required by this section, send written notice to the owner at the last known address

to prevent abandonment from being presumed.

Florida Section 717.117(4). Report of unclaimed property.

(4) Holders of inactive accounts having a value of $50 or more shall use due diligence to

locate apparent owners. Not more than 120 days and not less than 60 days prior to filing

the report required by this section, the holder in possession of property presumed

unclaimed and subject to custody as unclaimed property under this chapter shall send

written notice to the apparent owner at the apparent owner's last known address informing

the apparent owner that the holder is in possession of property subject to this chapter, if

the holder has in its records an address for the apparent owner which the holder's records

do not disclose to be inaccurate.

Georgia Section 44-12-214.

(e) If the holder of property presumed abandoned under this article knows the

whereabouts of the owner, the holder shall, before filing the annual report, communicate

with the owner and take necessary steps to prevent abandonment from being presumed.

All holders shall exercise due diligence, as defined in Code Section 44-12-192, at least 60

days but no more than 120 days prior to the submission of the report to ascertain the

whereabouts of the owner if the holder has in its records an address for the apparent

owner which the holder's records do not disclose to be inaccurate and the property has a

value of $50.00 or more.

Section 44-12-192. Definitions.

(6) "Due diligence" means, but shall not be limited to, the mailing of a letter by first-class

mail to the last known address of the owner as indicated on the records of the holder.

Hawaii Section 523A-17. Report of abandoned property.

(e) Not more than six months before filing the report required by this section, the holder

in possession of property presumed abandoned and subject to custody as unclaimed

property under this chapter shall send written notice to the apparent owner at the apparent

owner's last known address informing the apparent owner that the holder is in possession

of property subject to this chapter if:

(1) The holder has in its records an address for the apparent owner which the


(2) The claim of the apparent owner is not barred by the statute of limitation; and

(3) The property has a value of $50.00 or more. The property should not be

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reported if it is paid directly to the owner or an account is removed from

dormancy status by owner acknowledgment.

Idaho Section 14.517. Report of abandoned property.

(5) All holders of property presumed abandoned under this section that know the

whereabouts of the owner of such property shall, before filing the annual report,

communicate with the owner and take necessary steps to prevent abandonment from

being presumed. Not more than one hundred twenty (120) days before filing the report

required by this section, the holder in possession of property presumed abandoned and

subject to custody as unclaimed property under this chapter shall send written notice to

the apparent owner at his last known address informing him that the holder is in

possession of property subject to this chapter if the holder has in its records an address for

the apparent owner which the holder's records do not disclose to be inaccurate.

Illinois Illinois Statute: Illinois compiled statutes, 765 ILCS,

Section 11 (e)

Requires that before filing the annual report the holder "shall communicate with the

owner at his last known address, if any address is known to the holder." "If the holder has

not communicated with the owner at this last known address within 60 days before filing

the annual report, the holder shall mail a letter by first class mail to the owner at his last

known address, if any address not shown to be inaccurate is known to the holder". No

mailing is required if the item has an aggregate value of less than $10.00 so long as the

item is not a security, commodity, from a safe deposit box or tangible property (See

Section 180.35, Rules and Regulations.)

Also, Section 180.40 of the Rules and Regulations allows the holder to deduct from the

amounts reported and remitted the actual costs of mailing required by Section 11(e) of the

Act. The actual costs of mailing "shall consist of the cost of envelopes, postage, and

stationary. No other costs of mailing may be deducted."

Indiana Indiana Code 32-34-1-26. Report of property presumed

abandoned.

(e) The holder of property that is presumed abandoned and that is subject to custody as

unclaimed property under this chapter shall, not more than one hundred twenty (120) days

or less than sixty (60) days before filing the report required by subsection (a), send

written notice to the apparent owner of the property stating that the holder is in possession

of property subject to this chapter if:

(1) the holder has a record of an address for the apparent owner that the holder's

records do not show as inaccurate;

(2) the claim of the apparent owner is not barred by the statute of limitations; and

(3) the value of the property is at least fifty dollars ($50).

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Iowa Iowa Code, Chapter 556.11 (5)

If the holder of property presumed abandoned under this chapter knows the whereabouts

of the owner and if the owner's claim has not been barred by the statute of limitations, the

holder shall, before filing the annual report, communicate with the owner and take

necessary steps to prevent abandonment from being presumed. The holder shall exercise

due diligence to ascertain the whereabouts of the owner. A holder is not required to make

a due diligence mailing to owners whose property has an aggregate value of less than fifty

dollars. The treasurer of state may charge a holder that fails to timely exercise due

diligence, as required in this subsection, five dollars for each name and address account

reported if thirty-five percent or more of the accounts are claimed within the twenty-four

months immediately following the filing of the holder report.

Kansas K.S.A. 58-3950. Report of abandoned property.



the holder is in possession of property subject to this act if:



(2) the claim of the apparent owner is not barred by a statute of limitations; and

(3) the value of the property is $100 or more, or is reported under K.S.A. 58-

3943 or 58-3949 and amendments thereto.

(f) The written notice shall also contain the following:

(1) Nature and identifying number, if any, or description of the funds or other

property; and

(2) the amount appearing on the records of the holder to be due the apparent

owner.

(g) If the holder is not a life insurance company, the written notice shall set forth an

additional statement that the funds or other property will be reported as unclaimed

property to the state treasurer of Kansas no later than November 1 of the current year.

(h) If the holder is a life insurance company, the written notice shall set forth an

additional statement that the funds or other property will be reported as unclaimed

property to the state treasurer of Kansas no later than May 1 of the current year.

Kentucky KRS 393.110 Holders of abandoned property to report to

department—Posting and publication of notices; exceptions

(2) The holder of property presumed abandoned shall send written notice to the apparent

owner, not more than one hundred twenty (120) days or less than sixty (60) days before

filing the report, stating that the holder is in possession of the property subject to this

section; except the holder shall not be required to mail a notice to any apparent owner

where the fair cash value of the property is one hundred dollars ($100) or less. The notice

shall contain:

(a) A statement that according to a report filed with the department properties are

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being held to which the addressee appears entitled;

(b) The name and address of the person holding the property and any necessary

information regarding changes of name and address of the holder; and

(c) A statement that, if satisfactory proof of claim is not presented by the owner to

the holder by the date specified in the published notice, the property will be

placed in the custody of the department to whom all further claims must be

directed.

Louisiana Section 159. Report of abandoned property.

E. The holder of property presumed abandoned shall send written notice to the apparent

owner, not more than one hundred twenty days nor less than sixty days before filing the

report required by this Section, stating that the holder in possession of property subject to

this chapter if each of the following applies:



(2) The claim of the apparent owner is not barred by the statute of limitations; and

(3) the property has a value of fifty dollars or more.

Maine Title 33, Chapter 41, Section 1958 (5) M.R.S.A.

Written notice to apparent owner.

The holder of property presumed abandoned shall send written notice to the apparent


the holder is in possession of property subject to this Act, if:

A. The holder has in its records an address for the apparent owner that the

holder’s records do not disclose to be inaccurate;

B. The claim of the apparent owner is not barred by a statute of limitations; and

C. The value of the property is $50 or more.

Maryland § 17-308.2. Notification of apparent owner of presumed abandoned

property.

Not more than 120 days or less than 30 days before the filing of the report required under

§ 17-310 (property valued at $100 or more) of this subtitle, the holder in possession of

presumed abandoned property shall send a written notice by first-class mail to the

apparent owner of the presumed abandoned property to the owner's last known address

informing the owner that:

(1) The holder is in possession of property subject to the provisions of this title; and

(2) The property will be considered abandoned unless the owner responds within 30 days

of the notification to the holder.

Massachusetts Chapter 200A, Section 7 A. Notice to owners.

If the person in possession of property in an amount of one hundred dollars or more

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presumed abandoned under this chapter has the last known address of the apparent owner

which the person's records do not disclose to be inaccurate, the holder shall at least sixty

days before filing the annual report send a notice by first class mail to inform the owner

of the process necessary to rebut the presumption of abandonment.

Michigan Section 567.238. Report of presumed abandoned property;

duties of property holder.

(5) Not less than 60 days or more than 365 days before filing the report required by this

section, the holder in possession of property presumed abandoned and subject to the

state's custody as unclaimed property under this act shall send written notice to the

apparent owner at his or her last known address informing him or her that the holder is in

possession of property subject to this act if all of the following requirements are met:

(a) The holder has in its records an address for the apparent owner that the holder's

records do not disclose to be inaccurate.

(b) The claim of the apparent owner is not barred by the statute of limitations.

(c) The property has a value of $50.00 or more or, if the holder filing a report

under this section is reporting for the current report year at least 25,000 properties

over $50.00 each, the property has a value of $100.00 or more.

Minnesota Section 345.41. Report of abandoned property.

(e) Not more than 120 days before filing the report required by this section, the holder in

possession of property abandoned and subject to custody as unclaimed property under this

chapter shall send written notice to the presumed owner at that owner's last known

address informing the owner that the holder is in possession of property subject to this

chapter and advising the owner of the steps necessary to prevent abandonment if:

(1) the holder has in its records an address for the presumed owner that the



(3) the property has a value of $100 or more.

Mississippi Section 89-12-23. Report to treasurer by holder of property

presumed abandoned.

(5) If the holder of property presumed abandoned under the provisions of this chapter

knows the whereabouts of the owner and if the owner's claim has not been barred by the

statute of limitations, the holder shall, before filing the required report, endeavor to

communicate with the owner and take reasonable steps to prevent abandonment from

being presumed. The mailing of notice to the last-known address of the owner by the

holder shall constitute compliance with this subsection and no further act on the part of

the holder shall be necessary.

Missouri Section 447.503.

(9) “Reasonable and necessary diligence as is consistent with good business practice”,

13 © NAUPA 2011

efforts appropriate to and commensurate with the nature and value of the property at

issue; however, the holder shall send a notice regarding the unclaimed property via first

class mail postage prepaid, marked “Address Correction Requested”. Such letter shall be

sent by the holder within twelve months prior to turning the property over to the treasurer.

Notwithstanding the provisions of this section, the holder may treat letters sent in the

ordinary course of business, first class and “Address Correction Requested” as satisfying

the definition of “reasonable and necessary diligence as is consistent with good business

practice”. The holder may treat notices regarding the unclaimed property as satisfying the

“reasonable and necessary standard” for contacting owners. If the postal service provides

the holder with additional information as part of the address correction process, the holder

shall send second and subsequent notices in the same format as the first notice to any new

address provided to the holder.

Montana Montana Code Annotated 70-9-808(5)

The holder of property that is presumed abandoned shall send written notice to the

apparent owner, not more than 120 days or less than 60 days before filing the report,

stating that the holder is in possession of such property subject to this part if:

(a) The holder has in his records an address for the apparent owner which the


(b) the claim of the apparent owner is not barred by the statute of limitations; and

(c) the property has a value of $50.00 or more.

Nebraska

Due diligence is required on all items above the Aggregate Limit of $25.00. A

notification letter should be sent no less than 60 days and no more than 120 days prior to

the intended reporting deadline.

Nevada NRS 120A.260 Communication with owner before filing

annual report.

1. If the holder of property presumed abandoned under this chapter knows the

whereabouts of the owner and if the owner’s claim has not been barred by the statute of

limitations, the holder shall, before filing the annual report, communicate with the owner

and take necessary steps to prevent abandonment from being presumed. The holder shall

exercise due diligence to ascertain the whereabouts of the owner.

2. The administrator may, by regulation, prescribe a form on which the owner may

indicate his interest in maintaining the deposit, shares or account. If a form is so

prescribed, the holder shall send the form to each owner whose balance is more than $50,

not less than 60 nor more than 120 days before the holder’s report is due. If the owner

fills out, signs and returns the form to the holder, this action prevents abandonment from

being presumed. The administrator may, by regulation, authorize the holder to impose a

charge of not more than a prescribed amount upon the owner’s deposit, shares or account

for the expense of mailing the form. In the absence of a regulation prescribing the

14 © NAUPA 2011

maximum charge, the holder may impose a charge of not more than $2.

New Hampshire 471-C:l9 Report of Abandoned Property.

V. Not more than 120 days before filing the report required by this section, the holder in

possession of property abandoned and subject to custody as unclaimed property under this

chapter, except for demutualization proceeds under RSA 471-C:7-a, shall send written

notice to the apparent owner at such owner's last known address informing the owner that

the holder is in possession of property subject to this chapter if:

(a) The holder has in its records an address for the apparent owner which the


(b) The claim of the apparent owner is not barred by the statute of limitations; and

(c) The property has a value of $50 or more.

Administrative Rule Tre 300:

Tre 303.01:

(e) Holders shall attempt to locate the apparent owner as follows:

(1) All holders shall exercise due diligence in attempting to locate apparent

owners of unclaimed or abandoned property by delivering written notice to

their last known address advising that:

(a) The holder is in possession of property subject to this chapter;

(b) The property has a value of $50.00 or more; and

(c) The holder should be contacted for recovery of the property; and

(2) The written notice to an apparent owner shall be sent no sooner than 120 days but no

later than 60 days, prior to reporting, to allow adequate time for owner response.

New Jersey R.S.46:30B-50. Notice to apparent owner.

Not more than 120 days nor less than 60 days before filing the report required by this

article, the holder in possession of property presumed abandoned and subject to custody

as unclaimed property under this chapter shall send by certified mail, and with return

receipt requested, written notice to the apparent owner at the last known address

informing the owner that the holder is in possession of property subject to this chapter if:

A. The holder has in its records an address for the apparent owner which the


B. The claim of the apparent owner is not barred by the statute of limitations; and

C. The property has a value of $50.00 or more.

New Mexico 7-8A-10.1 Exercise of due diligence; liability; notice.

A. Notwithstanding any other provision of the Uniform Unclaimed Property Act (1995)

[7-8A-1 to 7-8A-31[except 7-8A-10.1] NMSA 1978], the holder of unclaimed intangible

property in the form of checks in payment of royalty interests, working interests or other

interests payable out of oil and gas production with a value of fifty dollars ($50.00) or

more who fails to exercise due diligence in attempting to locate the apparent owner of

such property during the running of the period specified under Sections 2 [7-8A NMSA

15 © NAUPA 2011

1978] of the Uniform Unclaimed Property Act (1995) constituting a presumption of

abandonment of such intangible property, is subject to payment to the owner if such

property is successfully claimed within the time specified by the Uniform Unclaimed

Property Act or to the state of New Mexico upon payment or delivery of the property to

the administrator, interest at the annual rate of interest computed as provided in

Subsection B of Section 7-1-67 NMSA 1978 on the value of the intangible property, such

interest running from the date commencing after the first year in which the property

remained unclaimed to the date of payment or delivery.

B. Proof of exercise of due diligence to locate the apparent owner shall be:

1. evidence of written notice mailed to the last known address of the apparent

owner; and

2. proof of publication of notice to the apparent owner made between the end of

the first year in which the property remained unclaimed and the end of the third

year in which property remained unclaimed. The publication of notice required by

this subsection for property presumed to be abandoned under the provisions in

Sections 7-8-8, 7-8-9, 7-8-11, 7-8-13 and 7-8-15 NMSA 1978 shall be made at

least thirty days, but not more than ninety days, prior to the due date on which the

report pursuant to Section 7-8-17 NMSA 1978 is required to be filed.

C. Publication as required in Subsection B of this section consists of publication in a

newspaper of general circulation in the county of this state in which is located the last

known address of the apparent owner, or if no address is listed or address is out-side the

state, in a newspaper published in the county in which the holder of the property has his

principal place of business within the state. The notice shall be published at least once a

week for two consecutive weeks and shall be entitled “Notice of the name of a person

appearing to be the owner of abandoned property”.

D. The published notice shall contain:

1. the name and last known address, if any, of the person entitled to notice as

specified in this section;

2. a statement that information concerning the unclaimed property may be

obtained from the holder of the property;

3. the name and address of the holder of the property; and

4. a statement that if proof of claim is not presented by the owner to the holder

and the owner's right to receive the property is not established to the holder's

satisfaction before the expiration of the period specified by the Uniform

Unclaimed Property Act for the presumption of abandonment, the intangible

property will be placed in the custody of the state of New Mexico and subject to

escheat to the general fund of the state.

E. The provisions of this section shall not apply to the United States or any agency or

instrumentality of the United States or to the state of New Mexico or any agency or

16 © NAUPA 2011

political subdivision of the state.

F. Any holder of property that has been presumed to be abandoned for more than three

years as of January 1, 1990, shall not be presumed to be negligent by failure to publish a

notice in a newspaper of general circulation as required by this section.

New York Section 1422. Mailing of notice to owners of record.

§ 1422. Mailing of notice to owners of record. 1. Any holder of

unclaimed funds which is not otherwise required to perform owner

notification mailings under the provisions of this chapter shall send,

not less than ninety days prior to the applicable reporting date for

such unclaimed property, a written notice by first-class mail to each

person appearing to be the owner of property listed in a report of

abandoned property required to be filed under the provisions of this

chapter, at the address of the owner as it appears on the books and

records of the holder; provided, however, that the foregoing

requirements shall not apply where (a) the holder does not have an

address for the owner; or (b) the holder can demonstrate that the only

address that the holder has pertaining to the owner is not the current

address of the owner.

2. Where notice is required by subdivision one of this section, each

holder shall, with respect to property listed in such report whose value

is in excess of one thousand dollars, send a second written notice to

the owner by certified mail, return receipt requested not less than

sixty days prior to the applicable reporting date for such unclaimed

property, provided that no notice pursuant to this subdivision shall be

required where: (a) such holder has received a claim from the owner of

the property; or (b) the original mailing was returned as undeliverable.

3. The written notice required by this section shall advise the owner

that the property to which the owner appears to be entitled will be

reported as abandoned property and will be remitted to the state

comptroller unless such property is claimed by an entitled party before

the required remittance date.

4. The failure of any holder of abandoned property to comply with the

requirements of this section shall not in any way affect the reporting

of abandoned property pursuant to the provisions of this chapter.

5. Costs paid to the postal authorities by holders of unclaimed

property to provide such written notice by certified mail, return

receipt requested, may be deducted from the property as a service

charge.

17 © NAUPA 2011

North Carolina Section 116B-59. Notice by holders to apparent

owners.

(a) A holder of property presumed abandoned shall make a good faith effort to locate an

apparent owner.

(b) The holder shall send written notice, by first‑ class mail, to the apparent owner, not

more than 120 days or less than 60 days before filing the report required by G.S.

116B‑ 60, to the last known address of the apparent owner as reflected in the holder's

records, if the value of the property is fifty dollars ($50.00) or more.

(c) The notice must contain:

(1) A statement that, according to the records of the holder, property is being held

to which the addressee appears entitled and the amount or description of the

property;

(2) The name and address of the person holding the property and any necessary

information regarding changes of name and address of the holder;

(3) A statement that, if satisfactory proof of claim is not presented by the owner to

the holder by the following October 1 or, if the holder is an insurance company,

by the following April 1, the property will be placed in the custody of the

Treasurer, to whom all further claims shall be directed.

North Dakota Chap 47-30.1-17 (5)

States that not more than 120 days before filing the Unclaimed Property report, the holder

in possession of property presumed abandoned shall send written notice to the apparent

owner at the owner's last known address, informing the owner that the holder is in

possession of property subject to abandonment, if:



B. The claim of the apparent owner is not barred by the statute of limitations; and

C. The property has a value of $50 or more. Also, Chap 47-30.1-06(1) states that,

regarding matured time deposits at a banking or financial organization, the holder

must send certified mail, return receipt requested, at least once every five years to

the owner before abandonment can be determined.

Ohio Section 169.03 Reporting unclaimed funds; notice to owner.

(D) The holder of unclaimed funds under this chapter shall send notice to each owner of

each item of unclaimed funds having a value of fifty dollars or more at the last known

address of the owner as shown by the records of the holder before filing the annual report.

In case of holders providing life insurance coverage, this notice shall also be mailed to

each beneficiary at the last known address of the beneficiary as shown by the records of

the holder, except that the notice to beneficiaries shall not be mailed if that address is the

same as that of the insured and the surname of the beneficiary is the same as that of the

insured. The holder shall not report an item of unclaimed funds earlier than the thirtieth

18 © NAUPA 2011

day after the mailing of notice required by this division.

The notice required by this division shall set forth the nature and identifying number, if

any, or description of the funds and the amount appearing on the records of the holder to

be due the owner or beneficiary, and shall inform the owner or beneficiary that the funds

will, thirty days after the mailing of the notice, be reported as unclaimed funds under this

chapter. A self-addressed, stamped envelope shall be included with the notice, with

instructions that the owner or beneficiary may use the envelope to inform the holder of

the owner's or beneficiary's continued interest in the funds, and, if so informed before the

date for making the report to the director, the holder shall not report the funds to the

director. The notice shall be mailed by first class mail if the item of unclaimed funds has

a value of fifty dollars or more but less than one thousand dollars and by certified mail,

return receipt requested, if the item of unclaimed funds has a value of one thousand

dollars or more, unless the holder has verified that the last known address of the owner or

beneficiary as shown by the records of the holder is not accurate. For purposes of this

section, a holder has verified that the last known address of the owner or beneficiary is

not accurate by documenting at least two of the following:

(1) The owner or beneficiary failed to respond to a first class mail notice sent to

the last known address of the owner or beneficiary.

(2) A first class mail notice sent by the holder to the last known address of the

owner or beneficiary was returned as undeliverable.

(3) An electronic or manual search of available public records failed to confirm

that the last known address of the owner or beneficiary is accurate. The holder

shall maintain documentation of its search efforts. If a search of public records or

databases identifies a more recent address for the owner or beneficiary than the

address in the holder's records, the holder shall send notice to the owner or

beneficiary at that more recent address in accordance with this section.

A holder that sends a notice by certified mail, return receipt requested, may charge the

item of unclaimed funds up to twenty dollars for providing that notice.

If there is no address of record for the owner or beneficiary, the holder is relieved of any

responsibility of sending notice, attempting to notify, or notifying the owner or

beneficiary. The mailing of notice pursuant to this section shall discharge the holder from

any further responsibility to give notice.

Oklahoma Section 60-661. Report of abandoned property.

E. Not more than one hundred twenty (120) days before filing the report required by this

section, the holder in possession of property presumed abandoned and subject to custody

as unclaimed property under the Uniform Unclaimed Property Act (1981) shall send

written notice to the apparent owner at the owner's last-known address informing him that

the holder is in possession of property subject to this act if:


holder's records do not disclose to be inaccurate,

19 © NAUPA 2011

(2) The claim of the apparent owner is not barred by the statute of limitations, and

(3) The property has a value of Fifty Dollars ($50.00) or more, or the property has

a value of less than Fifty Dollars ($50.00) reportable pursuant to paragraph 4 of

subsection B of this section. The holder is not required to send written notice to

the owner if the holder has previously attempted to communicate with the owner,

or otherwise exercised due diligence to ascertain the whereabouts of the owner.

The mailing of notice by first-class mail to the last-known address of the owner by

the holder shall constitute compliance with this subsection and, if done, no further

act on the part of the holder shall be necessary.

Due diligence is now required for recurring payments regardless of value.

Oregon O.R.S. 98.352 Report of abandoned property.

(5) If the holder of property presumed abandoned under ORS 98.302 to 98.436 and

98.992 knows the whereabouts of the owner and if the owner’s claim has not been barred

by the statute of limitations, the holder shall, before filing the annual report, communicate


The holder shall exercise due diligence to ascertain the whereabouts of the owner.

Oregon Administrative Rules 141-045-0061. Actions Required of Holders Before

Reporting

(1) As soon as it appears that an account with a value of $100 or more is inactive, but not

later than August 31 of the report year, each holder shall exercise due diligence in making

a reasonable, good faith effort to:

(a) Confirm that an account is in fact inactive;

(b) Notify the owner that the holder will report the account to the Department as

unclaimed property: and

(c) Locate the owner.

(2) In exercising due diligence under subsection (1) of this section, a holder may:

(a) Verify that the owner has not communicated in writing with the holder

concerning the asset;

(b) Verify that the owner has not otherwise indicated an interest in the asset as

evidenced by a memorandum or other record on file prepared by an employee of

the holder;

(c) Verify that the owner does not own other accounts in the holder's organization

about which the owner has communicated with the holder (for example, the Trust

Department of a financial institution could contact other departments of that

institution): or

(d) Where the account is that of a credit union member, verify that the member

has participated in voting during a regularly scheduled credit union meeting.

(3) If a holder is unable to locate an owner, the holder may exercise due diligence under

subsection (1) of this section by:

(a) Verifying that the owner is not a current employee of the holder;

20 © NAUPA 2011

(b) Reviewing telephone books to verify address and telephone number;

(c) Verifying that the owner is not a well-known individual or organization (for

example, Department of Treasury, IRS); or

(d) Any other effort the holder may take to find an owner.

(4) A holder shall retain records or documentation of its compliance with the

requirements of this section for three years and make the records or documentation

available for inspection by the Department upon request.

Stat. Auth.: ORS 98.302 - 98.436 & 273.045

Pennsylvania No provision

Province of Quebec Public Curator Act, Article 26. Notice of unclaimed

property

A debtor or holder of property that becomes unclaimed property within the meaning of

this Act shall, within six months preceding the latest date by which the property must be

transferred to the Public Curator pursuant to article 26.1, give the interested party at least

three months’ written notice describing the property and indicating to the interested party

that the property will be transferred to the Public Curator if it is not claimed within the

allotted time.

Exception: The debtor or holder is not, however, required to give the notice if the debtor

or holder cannot, by reasonable means, ascertain the interested party’s address, if the

value of all the property not claimed by interested party is less than $100, or order cases

determined by regulation.

Article 26.7 List of property

Every debtor or holder of unclaimed property must keep in the establishment of the

debtor or holder an up-to-date list of the property containing the name and last known

address of the interested parties and, where applicable, the date on which the property was

transferred to the Public Curator.

Commonwealth of Puerto Rico No provision

Rhode Island Section 33-21.1-17. Report of abandoned property.

(e) Not more than one hundred and twenty (120) days before filing the report required by

this section, the holder in possession of property presumed abandoned and subject to

custody as unclaimed property under this chapter shall send written notice to the apparent

owner at his last known address informing him that the holder is in possession of property


(i) The holder has in its records an address for the apparent owner which the

holder's records do not disclose to be inaccurate,

(ii) The claim of the apparent owner is not barred by the statute of limitations, and

21 © NAUPA 2011

(iii) The property has a value of fifty dollars ($50.00) or more.

33-21.1-34. Interest and penalties.

(e) The holder in possession of property who fails to comply with the notice provisions

required under subsection 33-21.1-17(e) shall pay civil penalty of ten dollars ($10.00) for

each account for which the statutory notice as required by subsection 33-21.1-17(e) is not

given.

South Carolina Section 27-18-180. Persons holding intangible or tangible

property, presumed abandoned and subject to custody, shall

report to administrator.

(E) Not more than one hundred twenty days before filing the report required by this


as unclaimed property under this chapter shall send written notice to the apparent owner

at his last known address informing him that the holder is in possession of property


(1) the holder has in its record an address for the apparent owner which the



(3) the property has a value of fifty dollars or more.

South Dakota Chapter 43-41B-18. Report of abandoned property.

(a) …The holder of unclaimed property shall, before filing the annual report required by

this section, communicate with the owner and take necessary steps to prevent

abandonment from being presumed by exercising due diligence to ascertain the

whereabouts of the owner. This shall include, but is not limited to, the mailing of notice

to each person having an address if said person is entitled to property of the value of fifty

dollars or more presumed abandoned under this chapter.

The mailed notice shall contain:

(1) A statement that according to the records of the holder, property is being held

to which the addressee appears to be entitled;

(2) Information regarding any changes of the name of the holder; and

(3) A statement that the property will escheat to the state.

(e) The holder in possession of property presumed abandoned and subject to custody as

unclaimed property under this chapter shall, between the time of the commencement and

the termination of the applicable dormancy period, send written notice to the apparent




holder's records disclose to be accurate;

(2) The claim of the apparent owner is not barred by the statutes of limitation; and

(3) The property has a value of fifty dollars or more.

22 © NAUPA 2011

Tennessee T.C.A. Section 66-29-113.

(f) Not more than 120 days or less than sixty (60) days before filing the report required by

this section, the holder in possession of property presumed abandoned and subject to

custody as unclaimed property under this part shall send written notice to the apparent


subject to this part if the holder has in its records an address for the apparent owner which

the holder's records do not disclose to be inaccurate and the property has a value of $50 or

more. The holder shall exercise due diligence to ascertain the whereabouts of the owner.

The Treasurer shall promulgate rules and regulations to clarify the provision of this

subsection with respect to the duties of holders.

Regulation: 1700-2-1-.19. Duties of Holders.

Before filing the annual report of property presumed abandoned, the holder shall exercise

due diligence to ascertain the whereabouts of the owner to prevent abandonment from

being presumed. "Due diligence" is defined herein as the degree of care which a

reasonable prudent man would exercise in the normal course of business operations.

(a) Evidence that the location of the owner cannot be ascertained may be the

return of a first-class or superior mailing sent to the owner’s last known address.

(b) First-class or superior mailings to owners in the ordinary course of the holder's

business which are not returned as "undeliverable" shall constitute contact with

the owner, and shall constitute an indication of interest in the property in

accordance with Section 3(a)(3) of the Act. Examples of such mailings include,

but are not limited to, computerized statements of account and statements of

interest earnings required by the Internal Revenue Service.

Texas No provision

Utah Section 67-4a-301. Report of abandoned property -- Notice.

(3) Not more than 120 days before filing the report required by this section, the holder in

possession of property considered abandoned and subject to the state's custody as

unclaimed property under this chapter shall send written notice to the apparent owner at

that owner's last-known address informing the owner that the holder is in possession of

property subject to this chapter if:

(a) the holder has in its records an address for the apparent owner which the

holder's records do not disclose to be inaccurate; or

(b) the property has a value of $50 or more.

Vermont Section 1220(6)(e)

If the holder of property presumed abandoned under this chapter has in its records an

address of the apparent owner and if the owner's claim has not been barred by the statutes

23 © NAUPA 2011

of limitation, the holder shall, not more than 120 days prior to filing the report required

by this section, send written notice to the owner at his or her last known address to

prevent abandonment from being presumed. Such written notice shall not be required if

the value of the property is less than $25.00.

Virgin Islands Section 668. Report of abandon property.

(e) Not more than 120 days before filing the report required by this Section, the holder in

possession of property presumed abandoned and subject to custody as unclaimed property

under the Chapter shall send written notice to the apparent owner at his last known

address informing him that the holder is in possession of property subject to this Chapter

if:

(i) The holder has in its records an address for the apparent owner which the


(ii) The claim of the apparent owner is not barred by the statute of limitations; and

(iii) The property has a value of $50.00 or more.

Virginia Section 55 -- 210.2. Definitions.

"Due diligence" shall include, but not be limited to, the mailing of a letter by first-class

mail to the last known address of the owner as indicated on the records of the holder.

Section 55 -- 210.12. Report and remittance to be made by

holder of funds or property presumed abandoned; holder to

exercise due diligence to locate owner.

E. If the holder of property presumed abandoned under this chapter knows the

whereabouts of the owner, the holder shall, before filing the annual report, communicate


All holders shall exercise due diligence, as defined in Section 55 -- 210.2, at least sixty

days prior to the submission of the report to ascertain the whereabouts of the owner if (i)

the holder has in its records an address for the apparent owner which the holder's records

do not disclose to be inaccurate, and (ii) the property has a value of $100 or more.

Washington RCW 63.29.170. Report of abandoned property.

(5) After May 1st, but before August 1st, of each year in which a report is required by this


as unclaimed property under this chapter shall send written notice to the apparent owner

at the last known address informing him or her that the holder is in possession of property


(a) The holder has in its records an address for the apparent owner which the


(b) The claim of the apparent owner is not barred by the statute of limitations; and

(c) The property has a value of more than seventy-five dollars.

West Virginia Chapter 36-8-7. Report of abandoned property.

24 © NAUPA 2011


owner, not more than one hundred twenty days or less than sixty days before filing the

report, stating that the holder is in possession of property subject to this article, if:

1. The holder has in its records an address for the apparent owner which the


2. The claim of the apparent owner is not barred by a statute of limitations; and

3. The value of the property is fifty dollars or more.

Wisconsin Chap 177.17(5) Wis. Statutes

States that not more than 120 days before filing the Unclaimed Property report, the holder

of property presumed abandoned shall send written notice to the owner at the owner's last

known address, informing the owner that the holder is in possession of property subject to

abandonment, if all of the following exist:


holder's records do not show to be inaccurate;

B. The claim of the apparent owner is not barred by the statute of limitations, and

C. The property has a value of $50 or more.

Wyoming Statute 34-24-118. Report of Abandoned Property.

(e) Not more than one hundred twenty (120) days before filing the report required by this

section, the holder in possession of property deemed abandoned and subject to custody as

unclaimed property under this act shall send written notice to the apparent owner at that

owner's last known address informing the owner that the holder is in possession of

property subject to this act if:

(i) The holder has in its records and address for the apparent owner which the


(ii) The claim of the apparent owner is not barred by the statute of limitations; and

(iii) The property has a value of fifty dollars ($50.00) or more.

25 © NAUPA 2011

Sample Due Diligence Letter

XXXNAMEXXX

XXXADDRESSXXX

XXXCITY<STATE<ZIPXXX

Dear XXXSALUTATIONXXX:

It is the policy of (INSTITUTION NAME) to review and to update our account records regularly.

Our records of your (savings/checking) account-XXXXXXXXXXXX indicate no transactions as of

(LAST ACTIVITY DATE) for the (REPORT PERIOD).

According to state law we must report this inactivity and remit these funds to the state treasurer if

there has been no customer-generated activity in (SPECIFIED TIME). To prevent us from

reporting and remitting your account to the state’s Unclaimed Property office, please check the

appropriate box below, sign and date your response, and return this letter as soon as possible in the

envelope provided.

The address information you have on file is correct, and I am aware of the account.

Please change the account holder name(s) and/or address to:

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

I wish to close this account. Please send a check for the close-out amount to:

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

_________________________________________________________ ________________ Signature Date

Your assistance is appreciated. Please contact our office if you have any questions.

Sincerely,

Your Bank Officer

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