Money Owed For In Massachusetts
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The small claims court limit is between $3,000 and $10,000, depending on the state where the court takes place. Almost anyone can file a claim if they are 18 years old or older, legally emancipated, and mentally competent.
Contact the responsible state government department as the unclaimed monies may be either registered with that department or depending on the time that has lapsed, held by the department. IMPORTANT – if you discover you have lost shares, make sure you contact the company's share registry and provide your new details.
In Massachusetts, property becomes "unclaimed" when the owner can't be contacted for a 3-year period. Businesses must review their records every year for unclaimed properties. If any are found, they must make a report of them.
To file suit, you must fill out a Statement of Claim and Notice form. Get this from the Small Claims Clerk in your district. Your claim may be filed in person or by mail. However, when the papers are sent by mail to the clerk, the action is not commenced until the papers are actually received.
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.
Ing to Massachusetts Abandoned Property Law, any financial asset that has been inactive for more than 3 years is declared abandoned and turned over to the State Treasury. All uncashed checks (non-payroll) are considered Abandoned Property after 3 years, and we are required by law to due diligence on these checks.
