Michigan Notice of Intent To Scheat Unclaimed Property is a form issued by the Michigan Department of Treasury when unclaimed property, such as money, has been left unclaimed for an extended period of time. The Notice of Intent to Scheat is issued when the property custodian is unable to locate the rightful owner or the rightful owner has failed to respond to previous notices. The Notice of Intent to Scheat informs the owner of the unclaimed property that the State of Michigan intends to take possession of the property unless the rightful owner claims the property within the specified time period. The types of Michigan Notice of Intent To Scheat Unclaimed Property include: abandoned bank accounts, unwashed checks, security deposits, wages, overpayments, insurance proceeds, and other types of unclaimed property.
Michigan Notice of Intent To Escheat Unclaimed Property
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How to fill out Michigan Notice Of Intent To Escheat Unclaimed Property?
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FAQ
There is no time limit for filing a claim. Michigan Department of Treasury serves as the custodian for unclaimed property and holds the funds until the rightful owner comes forward to claim them.
Possible Penalty & Interest Charges: Penalty at 25 percent of the value of the property that should have been paid or delivered.
Holders have a legal obligation to contact the owners of unclaimed property no less than 60 days and no more than 365 days before it is turned over to the State. Due diligence is required when the holder possesses the last known valid address of the property owner and the value of the property is over $50.
Deadlines: Due Date: The due date for filing the unclaimed property annual report is the first business day of July for property reaching its dormancy period as of March 31 of that year.
The Michigan Department of Treasury is the custodian of these assets and returns them to their owners (or the owners' heirs) when they are rightfully claimed.
There is no time limit for filing a claim. Michigan Department of Treasury serves as the custodian for unclaimed property and holds the funds until the rightful owner comes forward to claim them.
Most claims require a completed and signed claim form as well as a copy of both photo identification and legal document listing social security number. To determine the specific requirements of your claim, please review the email sent to you. The items required will be listed on the claim form attachment.