Arkansas Due Diligence Document Request
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How to fill out Due Diligence Document Request?
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FAQ
The Auditor of the State's office keeps Unclaimed Property for the rightful owners forever. What if my claim goes inactive? It is okay. You may restart your claim at any time. Search for Property - AR Auditor ar.gov ? search-for-property ar.gov ? search-for-property
Most claims may be filed electronically at ClaimItAR.com. You may also call 1-800-CLAIMIT (1-800-252-4648) to have an Unclaimed Property Representative help you file your claim.
Arkansas Dormancy Periods Generally, most property types have a three-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.
The purpose of due diligence is to reunite property with owners rather than transferring it to the State. Send the due diligence letter via mail (or electronically with the owner's prior consent). Send the due diligence letter to the owner's address of record (or electronically with the owner's prior consent).
(A) The personal property shall be stored for no more than thirty (30) days at the owner's expense. (B) If the owner of the personal property does not take possession of the personal property and pay the reasonable expense of storage within the thirty (30) days, the personal property shall be considered abandoned. Arkansas Code § 18-27-103 (2020) - Abandonment of personal property justia.com ? subchapter-1 ? section-18-27-103 justia.com ? subchapter-1 ? section-18-27-103
Owners must be provided at least 90 days to respond to due diligence letters before a report is filed. Due diligence must be performed if the value is greater than $50 and the address for the owner appears to be accurate. For your convenience, sample due diligence letters are provided on pages 17 and 18. Report Unclaimed Property - AR Auditor AR Auditor (.gov) ? report-property AR Auditor (.gov) ? report-property
Due diligence is written notice to the owners at their last known address informing them of property that will be reported unless they respond in a timely manner to reclaim the money from the holder. Owners must be provided at least 90 days to respond to due diligence letters before a report is filed.
These situations can also be referred to as bona vacantia or simply unclaimed property. The concept of escheat maintains that property always has a recognized owner, which would be the state or federal governments if no other claimants to ownership exist or are readily identified. Escheat Definition - Investopedia investopedia.com ? terms ? escheat investopedia.com ? terms ? escheat