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To find out if you have cash or property, check multiple states at .UCPday.com or go directly to the Michigan's Unclaimed Property website, which offers free search options and the ability to easily and securely upload verifying documentation.
The State of Michigan requires all organizations to evaluate unclaimed property in their possession as of March 31 each year to determine if any uncashed checks or other items comprising unclaimed property have reached their dormancy period and require reporting to the state.
Claimant's picture ID ? Property owner's picture ID and social security card ? Court documents or other signed legal documents giving you authority to act on the property owner's behalf.
If after 3 months the property has not been claimed by the legal owner, the property may be disposed of in any manner by the law enforcement agency. History: 1987, Act 273, Imd. Eff. Jan.
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 365 days days before the unclaimed property report is filed.
Adverse possession allows someone to become the legal owner of property she has occupied for a certain period ? 15 years in Michigan ? even if she is a trespasser and doesn't hold title to the property.
Dormancy periods depend on the nature of the check and the state in which the check was issued and, in most cases, starts on the date the check was issued. In Michigan, the dormancy period for payroll checks is one year. For most other checks, the dormancy period is three years.
The period starts with the last time the property owner had any contact with the holder and during which the owner takes no other actions related to the property. Most unclaimed property in Michigan has a three (3) year dormant period, including: Checking and savings accounts. Cashier's, certified and registered checks.