Add Number Fields Legal Utah Abandoned Property Forms For Free

This includes bank accounts stocks. And other assets that have been abandoned. The state will holdMoreThis includes bank accounts stocks. And other assets that have been abandoned. The state will hold on to the property until the rightful owner comes forward in some cases heirs.

Rightful owners or heirs can claim their property in perpetuity, meaning if they find property belonging to them or a deceased relative, they are able to claim it no matter how much time has passed. In any case where there is more than one heir, the heirs can each claim their portion of the property.

After a designated period of time (called the dormancy period) with no activity or contact, the property becomes “unclaimed” and—by law—must be turned over to the state.

Utah Dormancy Periods Generally, most property types have a 3 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.

If the premises is abandoned, the landlord may take possession and try to rent it at a fair rental value. If there is personal property on the abandoned premises, the landlord may make a list of it, remove it, store it, and recover the moving and storage costs from the tenant.

If the tenant has abandoned the premises and has left personal property on the premises, the owner is entitled to remove the property from the dwelling, store it for the tenant, and recover actual moving and storage costs from the tenant.

What Do You Do With Abandoned Property? Under Utah Code Ann 78B-6-816, the landlord is required to store any abandoned property for thirty days before the items are either sold, donated to charity or thrown away.

Unclaimed property can be any financial asset owed to another business or individual. Property is considered abandoned when there has been no activity and/or contact with an owner for a specific period of time. The property type will determine the abandonment period; however, it is typically three years.

Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 180 days before the unclaimed property report is filed.